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Health insurance for senior citizens : tips to follow before buying

Health Insurance For Senior Citizens : Tips To Follow Before Buying

Getting a health insurance policy for the senior most member of the family is the most toughest thing to do in a state when the health care cost for them is the highest. Senior citizens are generally in a state where they need the highest amount medical care and which is very costly. if they don’t have a health insurance cover in place then that can be very dangerous from the perspective of financial health and accept their retirement benefits a lot.

Lot of people prefer not to buy a senior citizen health insurance primarily because of two basic reasons , one being they are very costly and secondly the hassle of getting multiple medical test done before getting a  health insurance application accepted by the insurer is also very tiresome.

Read also : Should You Look At Buying Health Insurance For Your Parents At The Age Of 60

One of the most common thing that one needs to keep in mind if you are buying a health policy for their parents who already have attended the age group of 60 or above please don’t include them as member in  your regular family health insurance plan.This is because the premium of a family insurance policy largely depend on the age of the senior most member of the group who are part of the plan. Plus there medical requirements for a person at a very old age are very much different when compared to lot of the young members of the family. So you always need separate plan for your parents if they are above the age of sixty and this applies to the person who is the proposer and also fall in the senior citizen category.

Few things which are very important from the perspective of buying a health insurance policy for senior citizens are:

  1. Always look for a plan which offers the entry on a plan at the highest possible age. This also increases the horizon of uptil how many years you will stay covered under the plan.
  2. Look for policies with the least waiting for pre-existing ailments and certain chronic diseases. This is an age where people generally come with a baggage of pre-existing ailments and which makes thing more deteriorating as the person ages.So less waiting period makes more sense to a senior citizen health insurance plan.
  3. Co-pay option in a senior citizen  health insurance plan should not considered as an hindrance towards not accepting a particular plan subject to the condition the waiting period is less and there is a maximum leverage on entry age side.
  4. Always keep a check on the sub limits on the various expenses which are very important when a claim is raised.Sum limits are the common normal for all these type of policies so do consider keeping in view of the policyholders current health conditions.
  5. This may the not be called as one of  important reasons to be considered while buying a health insurance plan but it should be important for a senior citizen policy. The reason is the number of networked hospitals of your insurer i a city where the policyholder resides.

The above mentioned facts may be something you should consider if you are buying senior citizen health insurance policy for yourself or your parents.If you are buying for your parents anyways you can always claim the extra tax exemption of Rs.30000 against Section 80D and which can be used a way to find the real price that you are paying for the health plan