Come old age, come a dozen health issues and complications. With medical costs only increasing it becomes increasingly difficult, post-retirement, for one to take care of their health with only a meagre pension. You might think that a senior citizen health insurance plan is an answer but, before opting for it one needs to consider the following points.
Here’s what you need to know if you are planning to buy a senior citizen health insurance plan:
Age factor for health insurance: Most insurance companies have an upper age limit of 60 or 65 years for enrolling in their plans. But here are some private companies, though, that provide a senior citizen insurance plan for the age group of 60 to 80 years. Only a few allow the insurance renewal facility up to the age of 90 years. Since each company varies with regards to the age factor for health insurance, don’t forget to compare and choose the one with the highest upper age limit. Critical Illnesses health insurance plans have a more restrictive upper age limit – 50 to 60 years.
Senior citizen plans and the premium: The thumb rule is that the more advanced your age is at the time of purchasing a health insurance, the bigger the premium. This implies that senior citizen plans are expensive because the older you are, the more is the frequency and chances of you getting ill, hence the more risk the insurance company takes upon itself by insuring you. There are senior citizen plans that ask for a low premium but at the price of reducing the number of diseases and medical costs covered by the plan to a large extent.
Senior citizen insurance plan and sub-limits: An inevitable feature of senior citizen insurance is that despite having a sizable amount of sum insured, you can only claim the amount specified by the company for your medical expenses irrespective of the medical bill. A sub-limit is a specified cap mentioned by your insurer, beyond which you can’t claim. This especially holds true for low premium senior citizen health insurance plans. Plus, many pre-existing diseases are covered by the plan only if an additional premium is paid.
Senior citizen insurance plan and co-payment: This compulsory feature states that irrespective of how large the sum assured might be you have to pay at least 20% on your own for each and every claim you make. You have to make co-payments or share the medical costs with the insurance company for every claim.
As you may have noticed, it’s always more beneficial and cost-effective to buy a health insurance as early as possible. Don’t delay your financial security. Consult the financial experts at ManipalCigna today. Plus, if your parents don’t have a health insurance, they have no fear. With our family floater option, you can share your health insurance benefits with them as well and take care of all their health needs.