Isn’t a health insurance plan
important? If the rising incidence of diseases does not motivate you towards buying
a health plan, the increasing cost of medical treatments would sure do. Most of
us, being an average middle class individual, find it hard to afford the huge
medical costs and so rely on a health insurance. Insurers too understand the
requirement of a health plan and so provide plans which are great on features
and affordable on pockets. Thanks to the constant innovations in the health
insurance industry, today, health plans are also available for senior citizens.
Yes, you heard me right. You can now buy a health insurance policy especially
for your aged parents or for yourself if you are old and do not have a health
insurance cover.
Senior citizen health plans
are offered by many insurance companies. These plans are designed keeping in
mind the needs of senior citizens. Thus, they have low or no waiting period and
also provide a comprehensive cover. With the spate of senior citizen health
plans available in the market today, do you know how to select the best one?
Look for these parameters
when comparing senior citizen plans to choose the best one:
·
Coverage
amount:
When you are old, you face a higher probability of seeking
medical attention. Health insurance companies know this health risk and limit
the coverage available. The plan’s coverage level should be an important
consideration when you are buying a senior citizen plan. As the medical costs
are high, you should, ideally, look for health plans which allow you a decent
amount of cover.
·
Scope of
coverage:
Not only is the coverage amount important. The scope of
coverage is important too. While normal health plans might provide you with a
comprehensive coverage option, senior citizen ones restrict the coverage
because of the health risk you present. So, when choosing the best plan ensures
that the plan has all the important coverage features. Some useful features
include domiciliary coverage, day-care procedures coverage, low co-payment
rate, organ donor cover, etc.
·
Waiting
period:
Illnesses or ailments which you are affected with at the
time of buying the health plans are called pre-existing illnesses. These
illnesses are not covered by the plan for initial few years. This is called the
waiting period. Senior citizen plans also have this waiting period clause albeit
the tenure is low. To choose the best plan, go for the plan with the lowest
waiting period so that your existing ailments are covered at the earliest.
·
Renewal
age:
IRDA has allowed health insurance plans to be renewable
lifelong. While most health insurance provide lifelong renewability, some
senior citizen plans do not. When you choose a plan, make sure that the plan
has lifelong renewability so that you can enjoy continuous coverage.
·
Premium
rate:
This is very important, isn’t it? Since senior citizen
health plans cover older individuals who have a higher health risk, the premium
is, obviously, a bit high compared to normal health insurance plans. However,
to appeal to an average customer, insurance companies charge reasonable
premiums. Compare the premium rates of the plans you are considering and settle
for one which has the lowest rate without compromising on coverage.
·
Discounts:
Yes, you can avail discounts too in your health insurance.
Senior citizen plans allow discounts for including your spouse in the cover,
for buying the policy online and also for paying a two or three year premium at
once. The rate of discounts varies across different plans and the best one is
the plan with the highest discounts. After all, good discounts are good for
your pockets too, isn’t it?
A senior citizen health insurance plan is a good option for
covering you or your parents in older ages. Bear the above-mentioned points in
mind when comparing the available plans so that you buy the best one among the
rest. Go online, compare the best family floater health insurance in India for
yourself and your spouse and buy a senior citizen plan today.
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