The benefits of investing in health insurance are well known. What is trickier for many people is choosing the right plan for the right age group or category. After all, you would want your health insurance to offer adequate coverage in the time of your need.
If you are contemplating buying health insurance for your elderly parents, then look for senior citizen health insurance plans. These plans are specifically designed to meet the needs of people in that age group. However, senior citizen health insurance comes at a high premium cost, and there are many reasons for that.
Reasons for the high premium
One of the most obvious reasons for the health insurance premiums for senior citizens being high is the need for hire coverage. Ageing comes with multiple complications and lower immunity. To be specific, senior citizens who are 60 years or older are prone to more health severe conditions compared to youngsters. It means their insurance should cover a wider range of disorders to be effective. Therefore, many health insurance providers offer senior citizen health insurance to cater to their specific requirements.
Since health insurance policies need to be more inclusive and must cover a wider range of age-related conditions, the premium cost goes up.
Common things to note
As you get older, it becomes more important to have a good health insurance policy. However, finding the right policy can be a challenge, especially if you are a senior citizen. Here are some tips to help you choose the right senior citizen health insurance policy:
When you are on senior citizen health insurance, there are a few things you should look for to make sure you are signing up for an effective plan.
- Critical illness coverage is the primary and the most basic factor present in senior citizen health insurance plans. Unlike the younger generation, for aged people, the approach towards healthcare should focus on critical illnesses as they are more prone to such issues.
- Make sure psychiatric care is covered by insurance. This type of mental healthcare package is usually underestimated and goes unnoticed until an actual problem appears.
- Domiciliary care is another aspect mandatory for senior citizens.
- Some health insurance plans accommodate Ayurveda, Siddha, and homoeopathy treatments as part of AYUSH treatment options. Buy a policy that covers all necessary treatments.
- Daycare procedures and periodic complementary health checkups should also be a part of the plan. Looking for the inclusion of bariatric surgery is also advisable.
- Ensure the co-payment portions are suitable and there are no hidden rules about room rent and ICU rent.
- The Claim Settlement Ratio of the insurer should be high and the premium should be moderately affordable for the range of aspects covered.
Note that senior citizen health insurance policies usually come with the No Claim Bonus feature. Therefore, if there is no mention of it in the policy document, then discuss it with your insurance agent. Also, check the list of network hospitals to know if your preferred hospitals have a tie-up with your insurer.
Go through the clauses referring to pre-existing diseases, and speak to your insurance agent to find out the waiting period for each pre-existing disease. If you are looking for a new senior citizen health insurance plan, then the pre-existing condition is the first question you will be facing. If your parents or your loved ones have any pre-existing conditions, ensure the plan has a lower waiting period.
Is the high premium worth it?
It is no secret that health insurance premiums have been on the rise in recent years. This is especially true for senior citizen insurance plans, which are usually more expensive than plans for younger people. So, the big question is, are senior citizen health insurance policies really worth high premiums? The answer to this depends on several factors such as the health of the senior citizen and the type of coverage that is needed.
Senior citizens require an exclusive healthcare insurance plan that covers a wider range of health conditions, has a lower waiting period and allows coverage of many outpatient expenses. All these make health insurance for senior citizens more expensive. Remember, the wider the coverage, the higher the insurance premium cost.
You can consider including your elderly parents in your family floater plan as a more economic option. But, that comes with the risk of inadequate coverage for other family members as senior citizens would need increased medical attention. Besides, the added benefits of a senior citizen policy are often lacking in other types of health insurance policies including a family floater plan.
Conclusion
It is not about the price but about how pre-existing conditions are treated under insurance categories. On that note, you should already be looking for the right health insurance policy for yourself and your family. As mentioned earlier, it is advisable to look for an exclusive senior citizen policy rather than going for an all-in-all plan for better coverage and benefits. As medical inflation is happening at an unprecedented pace, it is only wise to opt for the right insurance policy as soon as possible.
Disclaimer: The above information is for illustrative purposes only. For more details, please refer to the policy wordings and prospectus before concluding the sales.
