Given the current medical inflation, health insurance is a must-have cover for individuals at an advanced age, and if they happen to be your parents, the need of buying a senior citizen health insurance becomes more aggressive.
With age, not only our experience increases, but the list of medical ailments also increases. As the older people are more susceptible to ailments, it is essential to buy a comprehensive senior citizen health insurance for your parents. Moreover, even if your parents are covered under a corporate health insurance policy, the cover would cease to exist post-retirement. Therefore, it is imperative to purchase a senior citizen health insurance.
While buying a health insurance for parents is important, what is more, essential is that you choose the correct policy. Here are some crucial factors which you should know if you are buying health insurance for your parents –
1. Entry Age
Most of the health insurance companies in India offer Mediclaim policies for senior citizens who fall in the age bracket of 60-70. It means you can purchase a health insurance policy for your parents even after they have crossed 60, in case you haven’t taken it yet. However, not all health insurers follow the same entry age guidelines, and therefore, it is essential to compare all the available health insurance policies options before taking the move.
A particular mediclaim policy may look attractive due to various facts, but if the entry age is not low for your parents, it’s not useful to purchase it.
2. Renewal Age
Renewal age is the time till which you can renew a senior citizen health insurance policy. As the age-limit varies from one insurer to another, it is best to carefully check it before choosing a Mediclaim policy for your parents.
3. Coverage Available
Make sure the senior citizen health insurance policy which you plan to buy, offers extensive coverage. The plan should cover a large number of ailments, particularly pre-existing Illnesses. Usually, pre-existing ailments are those which an individual may have been suffering from the past.
Though such ailments are usually covered after a waiting period of 2 or 3 years; it is useful to review your policy document to comprehend the conditions carefully. Further, make sure critical ailments and other health conditions, like diabetes, heart issues, etc.; are also covered under the policy.
4. Sum Insured
As the health insurance company would compensate you up to the sum insured of the policy only, it is essential to ensure that the sum insured is sufficient. As we grow old, we start developing various health issues, and therefore, it is essential that the coverage is sufficient enough to cover the medical expenses. Further, considering the medical inflation rate, it is necessary to have a sufficient sum insured to deal with medical bills.
Needless to say, while buying a senior citizen health insurance policy, go for the highest sum insured cover.
5. Network Hospitals
In the health insurance segment, network hospitals are those where the policyholder can go and get cashless treatment. Though health insurers would cover those medical expenses which are incurred at non-network hospitals; you would be able to enjoy a treatment without arranging money for paying medical bills in-network hospitals.
While choosing a senior citizen health insurance policy, make sure the insurer has a wide network of hospitals, particularly near your vicinity. Go with that health insurance policy which has tied up with a good number of multi-specialist hospitals.
The premium of a health insurance policy increases with age, and therefore, the senior citizen health insurance policy doesn’t come cheap as risk element is high for this section and insurers charge premium rates accordingly. For all the criteria listed above, choose the senior citizen health insurance policy which comes with a low premium, all other factors being the same.
As said above, parents may need health insurance more frequent, therefore, instead of including your parents in a family floater health insurance policy, go with a separate senior citizen insurance policy for them.
To conclude, these are some of the basic things which you need to remember while purchasing a senior citizen health insurance policy for your parents or the eldest member of your family. Analyse your requirements and carefully weigh all your alternatives in order to buy the best policy.