In today’s world, medical insurance is very important for everyone. Especially for senior citizens, it is a necessity to have a health insurance plan. The charge for all treatment and therapy is increasing each year and without a medical insurance plan, it is very difficult to cover the costs. Sadly, almost 75% of Indian people pay money from their own pocket for medical treatment. In recent years, it has been estimated that many companies have stopped offering medical coverage for the guardians of the employees. This has made health insurance for senior citizens a mandatory one.
Need For Medical Insurance For Senior Citizens
Most of the senior citizens are widely dependent on their retirement money for taking care of themselves. It is restorative expenses are becoming higher each year. Since there is always a chance for illness with age, monetary help is required for elderly people. Any medical coverage they might have had while they were working must have stopped after they retire. When living with people above 60 years of age, medical insurance is a mandatory requirement. Taking medical insurance or coverage acts as a shield to protect against any unforeseen circumstances in the form of money. In India, there are many insurance companies that provide these facilities and one can avail these services by signing up for them and paying the required premium amount.
Factors To Be Considered Before Taking Health Insurance Plan
Before taking up health insurance for the senior citizens at home, it is important to take into consideration certain factors. Given below are some of the factors you need to keep in mind before signing up for a policy.
Minimum Age Required
For senior citizen plans, the entry age usually is between 60 to 80 years. Even though this is applicable to most of the insurance service providers, it will be a good idea to check with the insurance company about the minimum age or entry age.
Coverage For Any Illness Before Taking The Policy
Because the policy is for senior citizens, some of them might already have pre-existing illnesses. The insurance policies taken should be able to cover those illnesses as well. Almost all of the policies in the market offer coverage with respect to certain terms and conditions for pre-existing illnesses as well. It is vital to read through these terms and conditions in details before signing up for the policy.
Amount Of Premium To Be Paid
One of the biggest misconceptions about medical insurance, especially in the case of senior citizens is that the policy is very expensive and a huge premium will have to be paid. However, this is not the case. There are many insurance service providers that provide this facility for a nominal fee. There are also websites that can offer advice on the type of policy and what would be the premium amount.
Age Limit For Renewal
The health insurance plan covers people up to 90 years of age. However, in certain cases, it could be different. This has to be checked with the service provider so as to avoid any confusion in future.
Assured Sum
A common confusion in the insurance sector is the difference between the Sum assured and sum insured. Both are completely different in their meanings. Sum Assured refers to the pre-defined amount that the insurance provider would pay in case of any unfortunate circumstances. Sum Insured is the maximum liability limit for the insurance company. Always check the difference between these two before taking up the insurance policy.
Provision For Co-Instalment
Co-Installment means there is a pre-determined amount of money that the policy provider will retain in case of any unfortunate circumstances. For example, if the provision says 80% – 20% then, twenty percentage of money will be retained and 80% of the policy proceeds will be returned to the policyholder.
Sub-Limit
Some health insurance companies might have a set limit for certain treatments. It is important to understand this. Sometimes, the overall coverage limit might be above 1 Lakh but if the pre-determined limit is only 20,000 for a waterfall surgery, then the coverage amount will be only 20,000. It is critical to understand if there are any sub-limits of the policy you are taking.
Alternative Treatments
While some policies might not cover alternative treatments such as Ayurveda or homeopathic therapy, some do. If the patient prefers alternative therapy the policy should be able to cover these treatments. Check if this information is mentioned in the policy booklet.
No Claims Loading
Some insurance companies increase the premium amounts if any claims are made on the policy. It is usual that the premium increase with the increase in age. However, premiums cannot change due to the fact that the customer has made claims. If the policy does work this way, it does not serve the purpose of decreasing your expenses.
