When it comes to health insurance, IRDA has mandated all the insurance companies to provide policies for the people up to 65 years of their age. Furthermore, insurers introduce dedicated individual policies specific to senior citizens, in which the waiting period is usually minimized for pre-existing diseases. Where regular policies come with a waiting period of 3-4 years, senior citizen plans offer maximum 1-2 years of the waiting period.
Senior citizens have some policy addition options when they buy health insurance. Here is the list of things that need to be considered by senior citizens- Pre-existing Diseases and Waiting Period Many times, pre-existing diseases are not covered in health insurance plans. Else, a waiting period of 2-4 years has to be passed only after which such ailments are covered, that too with the confirmation that the ailment is not critical. Thus, one must consider the list of pre-existing diseases covered by the plan and covered up to what severity. Critical Illness Cover Many insurers offer critical illnesses policies as a separate product, or sometimes it is provided as an add-on to the policy with additional premiums. Specific-Disease Sub-Limits Senior citizen health insurance comes with sub-limits for specific illnesses like cataract surgeries, and so on. To avoid such situations of claim rejections, sub-limits of multiple plans need to be compared. Age, premium and sum insured Health insurance policies for senior citizens are in force until the age of 90 of the individuals. It is better to buy health insurance earlier as the premium increases along with age. The sum insured can be chosen of at least Rs.5 Lakh, as the medical costs have touched the sky. Network Hospitals Health insurance providers have a list of network hospitals where the insured can get the treatment and get the reimbursement from the insurer by submitting the bills. Many times, cashless treatment is also offered where the insurer settles the payment directly. One should definitely check the list of network hospitals before buying a policy. Medical Check-Up The insurer conducts a medical check-up before issuance of the policy where several tests are conducted, based on the health of the insured person. Co-Payment Many health insurance companies offer co-payment option where the insured person bears a part of medical expenses. Here the insurer is safeguarded in case of claims, and the premium is also lowered down as per the percentage of the co-payment. These are some of the aspects to be considered by an elder individual when it comes to buying health insurance.
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February 2022
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