We experience more health issues as we grow. And at a specific age, it may become worse. So we need health insurance for the need. But is it that easy to purchase health insurance for old age people or senior citizens?
Here I am going to tell you 4 tips to keep in mind while purchasing Health Insurance for senior citizens. But once we enter into senior citizens category
#1 Waiting period in health insurance
All health insurance have it’s own guidelines and conditions. Waiting period is one of the most common general exclusion. There are normally three waiting periods we have to consider while purchasing health insurance.
#1 Less waiting period for Pre-existing health complaint
What is pre-existing health complaints?
If someone already has some health issues on going like blood pressure, diabetes, thyroid, cholesterol .., etc, or someone had undergone any major operations or surgery before purchasing a policy. Such health issues or a complaint are called as pre-existing health complaints.
In short, Health Issues that are present before purchasing policy are called Pre-existing health complaints.
What is waiting period for Pre-existing health complaints mean?
If someone already has any health complaint, Insurance providers do not cover them for a specific period of time. In insurance language, they call it a waiting period. For example, If someone has diabetes as a pre-existing illness. Then the waiting period will be applicable to diabetes. That means treatment related to that will only cover after a specific period of time if we continue policy without any break or lapse.
Why less waiting period?
For senior citizens at such age group they normally get diagnosed with some kind of health issues. Most common are diabetes, blood pressure, thyroid.
So it will be counted as pre-existing illness. Also there are more chances to need treatment regarding this illness in such age. So it’s important to look for senior citizens health insurance with less waiting period for pre-existing health complaint.
#2 Less cost sharing or co-payment
What is cost sharing or co payment?
You may have countered the above question while going through medi-claim policies. Cost-sharing or co-payment means at the time of claim settlement we have to pay some percentage of the bill and some percentage company will bear.
Some companies cover 100% below 60 age. But once we cross 60 they start applying co-payment. Like 20% co-payment, 10% percent co-payment so we have to bear this percentage amount at the time of claim settlement.
It is very important to look after this factor according to our financial condition. But in most cases, purchasing a policy with less co-payment is a good decision.
#3 Life time renewal and No extra loading
While purchasing health insurance for senior citizens. It is important to understand we may need cover from the policy at any time. So we must purchase a policy which will be lifetime renewal and without any break. Ensuring safety until the max-age.
Some policies apply loading on a premium we are paying. Loading means we have to pay extra for some health complaints or if there is any claim in previous year. So always chose a policy which applies no loading or may apply less loading which will be affordable.
#4 Look for an alternative to getting vast coverage in affordable premium rate
At this age for senior citizens, Price or premium amount is at top. So to get the best policy at the affordable premium rate we must compare at least 4-5 insurance products and then select best from that.
You can ask for EMI options too. As premium being high at this age, Its important to understand how stable we are financial. So installment can reduce the burden and can turn out to be a good investment.
Along with there is an option to increase the sum insured in less premium. We call it as a top-up plan. For senior citizens, we can purchase a base plan of less SI and then purchase top-up or super top plan over that to get max coverage at affordable prices. You can read about top-up and super top-up plan in detail here.
By keeping these 4 points in my, Anyone can easily purchase a good health insurance plan for senior citizens. As senior citizens are our responsibility.