According to a report by the Union Ministry of Family and Health Welfare, released in January 2020, about 23% of the population above the age of 60 are affected with multi-morbidities, and the severity increases with age. Also, the extent of disease contraction is higher in elderly women as compared to men. However, the risks are high for both genders falling under the age group beyond 45. Also, with the rising cost of healthcare treatments in the country, the expenses incurred can go up in Lakhs.
This is why having a health insurance plan that covers the medical needs of senior citizens is a must. Numerous insurance providers offer health insurance for senior citizens, but there are only a few that cover all the extensive needs of the customers. At the same time, having an affordable cover is very important to have a balanced lifestyle that does not levy a huge burden on you. Hence, it is best to opt for a plan that offers high coverage at affordable premiums.
Here is a checklist of the same-
– The coverage age of your plan must go up to 80 years. Several insurance providers only cover up to 70 or 75 years for senior citizens. But with a plan offering coverage up to 80 years, you can continue the same policy without the worry of it lapsing by the time you turn 70.
– Your plan must cover pre-existing ailments. However, one must note that all insurance covers have a waiting period after which the insured individual can avail of the benefits on pre-existing ailments. This can range from anything between one to three years.
– Your plan must come with a cashless treatment facility that enables you to settle the claim amount at the hospital itself, without the need of paying cash first and reimbursing it later. The cashless treatment facility can only be availed in one of the insurer’s chains of network hospitals. In case you opt to get treated at a hospital that does not come under the list of insurer’s network hospitals, the claim can always be reimbursed later.
– Your plan must cover pre-and-post hospitalization expenses. This is the period before and after the hospitalization term during which medical costs are incurred in disease detection and recovery. Make sure all the expenses of such kind all also covered in the insurance cover.
– Your insurer must provide an option to choose a sum insured of your choice. This provides flexibility and helps you buy a plan based on your budget.
– Your plan must offer a No Claim Bonus, every year that your policy goes unclaimed. ellen pierson net worth. This bonus is applicable while you renew your policy and provides additional benefits with lower premiums.
– Make sure your insurance provider offers the flexibility to port your insurance cover whenever required. This means that in case you are unsatisfied with your current insurance cover/provider, you can always opt for another insurance provider by porting your current plan.
– Lastly, ensure that ambulance charges are covered under your insurance plan.
While these are the basic things that one must focus on while buying health insurance for senior citizens, there are several other critical points that one must ensure.
By making sure that your insurance cover provides all the above benefits, you can buy a plan that will help you in crucial times during a health emergency on all grounds. If you are looking for such a plan that covers all benefits, you can visit Bajaj Finserv’s website to know in detail about the Senior Citizens Health Insurance Plan.