With the increasing number of diseases, health insurance has become essential and isn’t just an option. Its importance increases even more as years pass. Some youngsters tend to worry about their parent’s health requirements as well, especially when they’re senior citizens. They can purchase custom-made health insurance keeping in mind the necessities of the elderly. It is advisable to purchase it as early as you can, to avail benefits later in life.
Let us now look at the advantages of having a senior citizen health plan:
- Coverage for pre and post hospitalization is offered
- Higher sum insured benefits
- The process of Claim Settlement is not tedious
- Coverage is provided for ambulance expenses
- Coverage for pre-existing ailments, once the waiting period is completed
- You receive annual health check-ups
- Tax benefits available on higher insurance premium amount
- Avail cashless hospitalization
- Coverage for costs arising from treatments such as chemotherapy, dialysis, etc.
Points to consider before purchasing a senior citizen’s health plan
Before you buy a senior citizen health insurance plan, here are the things to consider:
- Choose the plan and make a comparison
In India out of the various plans available online, it becomes a bit difficult to understand which plan to go for. Therefore, it is advised that you go through all the plans available and compare them. Later, you can choose the one that best suits your requirements. The comparison bit will depend on factors like coverage, add-on covers, price, etc.
- Check medical history
Before you purchase health insurance for senior citizens, you must know their complete medical history. Maybe an old person does not know about the several medical conditions that they suffer from. Therefore, it is better to cross-check the information as you cannot rely completely on their knowledge about medical history.
- Fill in the details in your form
When you select the policy, fill in the necessary details as well as correct information. Inaccurate or incomplete information might be a cause of trouble, which means that your application might get rejected.
- Get a medical check-up done
You might have to visit the clinic to get a medical check-up done, once you’re done submitting the -proposal form. Details related to your medical check-up would get verified by your insurance provider. Additionally, your insurance company will also conduct a few check-ups, if needed.
One must purchase senior citizen health insurance for the following reasons:
- Saves you from falling into debt
This could be a reason for a huge financial problem in your family. In a situation like this, if the elderly person does not have senior citizen insurance, then they will have to pay all the medical expenses on their own, making it tough to manage the household expenses along with the other expenses.
- Hassle-free planning
As you age, there are chances of you falling ill. However, you must ensure that your medical expenses are looked after in a well-planned manner.
- Vulnerability to diseases
Once the person retires, they would wish to use their pension or all the interest earned from savings. But these aren’t sufficient, as you grow old.
Now, there are different types of health insurance policies that you can choose from. Only make sure to consider your needs and do the analysis accordingly.