Over the years, science has made so many contributions to health care that life expectancy has risen dramatically. The medical cost of treatment has also skyrocketed. This can put a serious dent in any family’s pocket. You want to guarantee that your relatives have the best medical care and give them the best chance of overcoming the illness or any other medical condition. If you have elderly family members, you know that these expenses will only increase with time. It is ideal to plan for these expenses ahead of time.  When times like these arise, health insurance is a lifesaver.

Health Insurance for Senior Citizens

In order to alleviate the stress of medical emergencies for senior citizens, or any individual over the age of 60, it is essential that they have health insurance. Similar to regular insurance, the premium for having regular health insurance is higher than that of someone younger.

Things to consider before buying a Health Insurance

Health Insurance Policy Coverage –

Most companies offer family coverage for their employees, including your parents. If you want to add a top-up on this, it will cost a lot. Your parents can also purchase a health insurance policy, which will help cover multiple hospitalisations, etc.

In-patient Hospitalisation –

Expenses for in-patient hospitalization are covered if the insured is hospitalized for more than 24 hours. Senior citizens may have sub-limits on certain procedures, so make sure you read the documents carefully and choose a policy that provides the best in-patient benefits.

Post Hospitalisation expenses –

You might incur expenses post-hospitalisation as well, such as follow-up after discharge, dressings as outpatients, etc. Make sure you check what is eligible and what the limit is.

Day care hospitalisation –

Some medical procedures do not require 24 hour hospitalization, instead they are treated and the patient is discharged on the same day, such as cataract surgery, angiograms, dialysis, etc. Most medical expenses are covered by insurance, but some insurers may limit the length of hospitalization. Rather than being rudely surprised when you exceed the limit, it is best to be aware of this beforehand.

Pre-Existing illness

Before investing in a health insurance policy, you should review the following points regarding pre-existing illnesses

Waiting period –

Depending on the insurer, there may be a waiting period before you can access the benefits

related to pre-existing conditions. Most insurers have reduced the waiting period for these

conditions for one year. As the elderly will need treatment for these conditions, a short

the waiting period is beneficial.

Co-payment Clause –

It is common for the insurer to cover most of the expenses, but some policies require you to share a

percentage of them. There is an interconnection between the waiting period and the co-payment. If

the waiting period is short, then the co-payment will be high, and vice versa.

Sub-limit –

Certain treatments have a sub-limit set, meaning the reimbursement or claim is capped at a certain

amount for such treatments.

Exclusions –

Additionally, certain medical treatments may not be reimbursable or claimable. Knowing these

details helps you avoid confusion.

Premium and benefits –

Ideally, you want to purchase a policy with more coverage and benefits at a lower cost.

Claim Process –

Make sure your insurance policy has a good claim process, so you won’t struggle to get it started. It

should be seamless and straightforward. Ask the insurer about its success rate in processing claims.

Network Hospitals –

Be sure to check how many hospitals the insurance company has arrangements with when selecting

an insurance provider. In times of medical emergencies, this can come in handy for cashless claim

settlement.

Choose an insurance policy that best suits your needs and the needs of your parents using these tips. When faced with an unexpected situation, health insurance is an essential investment plan that can minimize financial strain and stress. Would you like the help of an expert to help you navigate the unknown and determine what action you should take? Reach out to IMMPL award winning financial planners in Mumbai, Bangalore, Hyderabad or remotely today.