How to choose the best Health Insurance Plan for Senior Citizens?

Best Health Insurance for Senior Citizens: A senior citizen health insurance plan is designed to cater to the health-related needs of elderly people.  It serves as a financial guard against medical expenses that incur due to unforeseen medical emergencies. You only need to pay the premium each year to the insurer to get the sum insured which will meet high medical costs during hospitalization. This type of health plan can be availed by the ones who have acquired at least 60 years of age.



Choose the best Health Insurance Plan for Senior Citizens

Adequate sum insured: 
Due to ill health, senior citizens need frequent medical attention that increases medical bills. So when you are seeking a senior citizen health plan, it is essential to primarily assess the health condition of the person you are buying the plan and also consider the factor of health uncertainty while judging an adequate sum insured for a senior citizen. It is advisable to choose a right sum insured under the plan, considering health condition, treatment & surgery costs, medical inflation, etc.

Illnesses covered: 
People at an old age have higher chances to have some pre-existing illnesses. When going to buy a health plan for seniors, firstly you should get a medical screening to ascertain the illnesses they are suffering from and then check the number of illnesses that are covered under the health plan, you want to buy. Make sure the health plan you choose, offers coverage for all existing illnesses and major illnesses as well.

Age limit: 
Most of the insurers offer senior citizen health plan who are aged 61 years or above. Some insurance companies offer health plans for senior citizens aged up to 80 years. Some plans have restricted entry age and some plans put no age restriction for buying the health plan. It’s thus advisable to compare different health plans and choose the one which fulfills your criteria. You should choose a senior citizen health plan that offers coverage from your current age to the maximum number of years possible.

Renewal: 
For senior citizens, health policy renewal is a crucial factor that you should consider before buying. You need to check the age up to which the health plan you want to buy can be renewed. Different plans have different age limits for renewal. You need to choose the one, considering your age and health conditions. It’s advisable to pick a health plan that offers lifetime renewability, so you remain covered for your entire life.

Co-payment:
 It refers to a percentage of the claim amount that will be borne by the insured and the rest of the amount will be paid by the insurer. People usually opt for co-payment while buying the policy, as it will reduce the premium amount. However, with a co-payment clause, you might not get a complete coverage against specific illnesses.

Waiting period: 
Insurers usually offer coverage for pre-existing illnesses or other specified illnesses after some waiting period. When it comes to buying a health plan for senior citizens, you need to check the waiting period and pick a plan that has a lesser waiting period.

Read Also Tips To Choose The Best Health Insurance

Coverage under Senior Citizen Health Insurance:

In-patient hospitalization expenses: A senior citizen health plan offers coverage towards the medical expenses incurred upon hospitalization for more than 24 hours. It usually covers room rent, ICU charges, nursing, medical practitioner, surgical appliances, operation theater charges, etc.
Pre-hospitalization expenses: Expenses related to your medical treatment when incurred before the actual hospitalization is covered for 30 days to 60 days, as specified in the plan. It may include doctor’s visit, cost of medicines, laboratory tests, etc.
Post-hospitalization expenses: Expenses related to your medical treatment incurred after discharge from the hospital is covered for 60 days to 180 days, as specified in the plan. It usually includes follows up with doctor, medicines, diagnostic tests, etc.
Daycare procedures: Certain procedures/ treatments don’t require 24 hours of hospitalization because of technological innovation are also covered. Every insurer specifies the number of daycare treatments covered under the senior citizen health plan.
Domiciliary treatment: The medical treatment when taken at home under medical advice which otherwise requires hospitalization is covered under the senior citizen health plan.
Hospital daily cash: A fixed amount as hospital cash allowance is payable on a daily basis, depends on the policy terms. This cash benefit can be utilized to meet expenses that are not covered under the health plan.
Organ donor: Medical expenses incurred towards the treatment of the organ donor during an organ transplant are covered.
Ambulance cover: Expenses incurred towards ambulance service, when used to carry the insured to the hospital for hospitalization. The amount covered depends on the terms specified under the policy.

Tax Benefits under Senior Citizen Health Insurance Plan
Upon paying the premium amount under the senior citizen health plan, you can avail a tax deduction of Rs 50,000 (w.e.f 1st April 2018). Till the financial year 2017-18, this limit was Rs 30,000. If you are paying the premium for a senior citizen (yourself, spouse & parents), you are eligible to avail the tax benefit under section 80D of the Income Tax Act 1961.

Read Also How To Avoid Common Health Insurance Distress

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    Mistakes to Avoid when Buying Health Insurance Policy online
    1. Inadequate medical cover: The top mistake that people do when buying a health insurance policy is choosing an insufficient cover. Remember, your future health problems are not predictable. At the same time, you will also be aware of your existing health condition. Therefore, considering both, you should try to choose a cover that will help you to save a fair amount of money at the time of your hospitalisation and medical care.
    2. Low premium: People mostly think of paying a less premium to save money from their monthly expenses or to reduce their burden. But at the same time remember that the lower the premium lower will the cover also be. Therefore, you can expect a higher cover at the time of an emergency, and you may need to rush to arrange the lacking money. This may turn to be a hassle later too.
    3. Check the fine print: It is essential to check the insurance policy's fine print before you choose. By going through the fine print, you will get to know the details about the cover offered for the insurance policy you are going to buy. Moreover, this fine print will also tell you about any exclusions, and thus you will become aware of what you can claim and what you cannot.
    4. Compare the insurers: Many people ignore the importance of comparing the insurers, and they just compare one or two policies offered by just one insurer. But only by comparing the details thoroughly between the policies offered by different insurers, you will get a good idea about which medical policy can serve you the best and especially during an emergency.
    5. False medical history: Always avoid giving false medical history about your health. This will only put you into trouble at the time you go for a claim when you are seriously fallen sick. Moreover, by exhibiting your medical history, you are not going to pay a higher premium amount. Indeed, it is only going to remain the same. Therefore, to avoid any problems later, it is good to tell complete and correct details about your medical history at the time of buying a health insurance plan.
    6. Cashless hospitalisation: It is not always the fact that you can immediately get the hospital's medical facilities by taking the cashless hospitalisation option. Sometimes, some hospitals may ask you to pay some initial amount and then check your health insurance features for the cashless treatments. Therefore, you should thoroughly check the features and become aware of how such an option can be used without any defaults.
    7. Co-pays: When you choose the premium, some insurance company will also give you an option of co-pay, which implies that you will pay some pre-determined amount at the time of claiming the insurance company will pay the insurance and the rest. However, this option will no way affect your sum assured by anyways.
    8. Too many riders: This is another mistake that many people do. By choosing too many riders, you will pay a higher premium amount also, and at the same time, if those rider options are not used, they become no use after the policy expires. It is always recommendable to choose only the riders that are suitable for you, and you will seek at the time you buy health insurance online.
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