Making sure your loved one’s age healthily becomes increasingly significant as they enter the boundary of senior citizenship. So, amidst everything you do to take care of your senior parent, obtaining suitable health insurance for senior citizens becomes the most imperative concern.
From guaranteeing complete coverage to offering peace of mind, a health insurance plan for elderly adults is a blessing in disguise. So, if you are planning to make financial plans for your parents, it’s time you consider these parameters before buying a medical insurance policy for seniors.
Your Older Parent’s Age
Even the best features available in insurance coverage aren’t useful if the senior person’s age exceeds the limit. Insurers provide health coverage for people between 60 to 80 years of age. And some health policies within a specific entry age. You also need to consider the renewal age, i.e., the time or age when the insured can renew the health insurance policy.
Already Existing Health Conditions
If your senior adult has a pre-existing medical condition, you need to inform the insurance company. A few plans exclude health coverage for the already existing conditions, while others may cover them after the waiting period.
Waiting Period
Medical insurance for senior citizens usually has a certain waiting period. You need to find a policy that comes with a shorter waiting period, specifically if the senior citizen has a pre-existing condition.
Co-Payments And Sub-Limits
Now, what are sub-limits? Simply put, some companies offer these options where the insurer covers a specific amount for the expenses. On the contrary, in certain co-payment clauses, you need to pay a minimum percentage of the amount claimed. So, you must understand these terms and assess whether they coincide with your financial abilities.
Exclusions in the Policy
A comprehensive review of the policy lets you know about the exclusions that aren’t covered. A few exclusions include substance abuse therapy, cosmetic treatment, and self-inflicted injuries for those having suicidal intentions or mental disorders. Understanding these exclusions helps you prevent sudden surprises while applying for a claim.
Riders
Insurance companies or providers can offer add-ons and riders that give more benefits. Accident injuries, critical illness, spouse coverage, and more are the most common riders. Look for these riders before investing in your senior parent’s insurance plan.
Lifestyle Needs
A senior citizen’s lifestyle might be different from yours. So, before you opt for mediclaim for senior citizens, knowing how they live their daily lives is imperative. Does your elderly adult love travelling? Are your parents into homoeopathy or Ayurvedic treatments? Look for a policy that aligns with one or two such lifestyle needs.
No-Claim Bonus
Another thing you need to check is whether your insurance company offers a no-claim bonus. It is a reward from the company that offers a discount on the premiums or a higher sum insured for each year when you do not claim the benefits.
Wrapping up
Choosing medical insurance for older adults requires careful research and planning. So, make a well-informed decision that protects their health and financial stability. Consider the above parameters and get comprehensive coverage.
