People who are looking for health insurance for their senior citizen parents, or senior citizens who want to buy health insurance for themselves, should consider the following points which will help them to buy the right policy:
- Age: Most health insurance companies offer policies for senior citizens, but they limit the entry age to 65. It means, once you cross this age, you are not eligible to buy the policy. So make sure you have the policy before this limit is over.
- Renewal clause: Choose a plan that offers a lifetime renewability option so that coverage is available till late in life.
- Pre-existing ailments: If the senior citizen is suffering from pre-existing diseases, the insurer will cover the same after completion of one or two years. However, there are some insurers, which do not cover pre-existing diseases at all. Therefore, it is better to check the same before buying the policy.
- Co-payment: It is the amount that has to be paid by the policyholder at the time of claim. In the case of senior citizen policies, the co-payment limit can go to 20%. Therefore, you should choose a policy that comes with a low co-payment limit.
As the world’s population ages, the need for health insurance for aging parents is becoming increasingly important. Many people are concerned about rising costs of healthcare, especially for elderly individuals who may require more frequent medical attention. Additionally, as people live longer, they may develop chronic conditions that require ongoing care and treatment.
Another factor driving the need for health insurance for aging parents is the changing nature of family dynamics. With more people working and living far away from their parents, it can be challenging to provide care and support without adequate financial resources.
Moreover, healthcare costs are rising at a faster pace than inflation, and without insurance, cost of treatment can be unaffordable. The need for emergency care, hospitalization, surgery, or medication can cause a significant financial burden for families.
Therefore, many people are seeking health insurance for their aging parents to ensure that they have access to the healthcare they need without incurring significant financial strain. By having adequate insurance coverage, families can rest assured that their loved ones will receive the care they need without having to worry about the cost.
Case Study of insurance for Senior Citizens
Rahul was at home when he got the call from his friend Sharan. Who told him about his father’s coronary artery bypass surgery. He required Rs 50,000 for medicines and other expenses. Without a second thought, Rahul withdrew Rs 50,000 from his bank account and rushed to the hospital. While Rahul was sad after meeting Sharan at the hospital, his situation compelled him to think about his father who was 62 years old at that time. What would happen if, God forbid, his father got hospitalized due to some illness? How would he arrange money for his medical treatment? Rahul immediately called his other friend Deepak to know how he managed to pay the hospital bill of Rs 5 lakhs on his father’s hospitalization last month.
Deepak told him that he paid hospital bills, thanks to the senior citizen health insurance policy which he bought three years ago for his father. The policy had a waiting period of two years for pre-existing ailments for heart ailments. When his father was in the hospital last month due to a heart issue, the policy covered all expenses. By that time the waiting period was already over. The policy comes with lifetime renewability clause means, his father will continue to enjoy the health coverage throughout his lifetime.
Inspired by Deepak’s smart move, Rahul also bought a senior citizen health insurance policy for his father. Thankfully, his father did not have any pre-existing ailment; and therefore, the insurer offered the policy with a low co-payment clause
