Falling sick and spending frequently on medical treatment is a routine for most senior citizens. Of course, health insurance plans are available to take care of their finances at such times. But it all boils down to the efficiency of the plan – how much health coverage does it provide in exchange for the premium one needs to pay? What’s more, senior citizen health insurance plans often come with certain clauses restricting coverage to an extent. So, put on your lens and examine the policy details like a hawkeye. Let’s do the same with us and choose the right senior citizen health insurance plan.
Mantra for an Effective Senior Citizen Health Insurance Plan
High coverage amounts, lower premiums, coverage for maximum illnesses are some of the things one should seek in a senior citizen health insurance plan. We’ve demonstrated the importance of each of these below. Take a look!
High Health Insurance Coverage
Constant visits to the doctor and tall subscriptions often lead to enhanced expenses. So, don’t compromise on the coverage amount for the sake of lower premiums. Eventually, you may have to pay a lot more than expected in times of medical emergencies. As of now, senior citizen health insurance plans come with a sum insured (coverage amount) ranging from INR 5-25 lakh.
Lower Health Insurance Premiums
The premium amount offered to senior citizens remains higher than those to young people. Senior citizens often fall sick and require medical attention, thereby raising the possibility of frequent health insurance claims. Factoring in the same, insurance companies keep the premiums relatively high. But even then, you could find a plan offering you a comparatively lower premium yet not compromising on the coverage. Stitch such a deal with the insurer ASAP.
How to Deal with the Co-payment Clause of Senior Citizen Health Insurance?
Co-payment clause applies to almost every health insurance plan dedicated to senior citizens. Signing this clause would mean sharing the health insurance claim with the insurance company. You need to pay the agreed co-payment amount before the insurance company settles the remaining sum. An insurer can have a co-payment clause of 10-30%. That means you need to pay 10-30% of your treatment costs first before the insurance company settles the remaining sum. Although the premium reduces with the same, one should ensure the payment clause amount remains minimized. Even a 20% co-payment amount can be enormous in absolute numbers if the treatment lasts long.
Coverage for Diseases That Senior Citizens Normally Have
The scope for getting affected by diabetes, blood pressure and related problems is high for senior citizens. Studies often show these people pick such ailments quicker than their young counterparts. So, picking the plan covering these ailments is elementary.
Coverage for Critical Illnesses a Must in Senior Citizen Health Insurance
Besides diabetes and hypertension, senior citizens can also have heart attack, kidney problems, cancer, etc. The treatment cost of these illnesses can be very high. A plan covering the same helps immensely. The best part with critical illness insurance is the lump sum amount disbursal upon the diagnosis of any of the ailments specified in the policy contract.