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Senior Citizen Health Insurance – How to Make it Affordable

by janeausten
senior citizen health insurance

In comparison to youngsters, elderly folks are more likely to be diagnosed with diseases. Health issues associated with oldage require expensive and ongoing therapy. If you purchase a policy for senior citizens, you won’t have to worry about the cost of treatment and medical care associated with aging-related health issues.

What is Insurance for Senior Citizens

Senior Citizen Health Insurance provides coverage for medical costs incurred by those over 60. The elderly can receive services for preventive health checks as well as cashless hospitalisation at any network hospital mentioned in the insurance policy. It includes coverage for pre-existing conditions, hospital bills, acute illnesses, pre- and post-hospitalization costs, and coronavirus therapy. 

Now that many new standard plans have higher entry ages, senior citizens can also buy these policies. How should an elderly citizen choose which of the two options will function better?

Senior citizen plans usually cover-

  • Pre and post-hospitalization expenses
  • Ambulance charges
  • ICU charges
  • Surgeon’s fees
  • Diagnostic tests

Senior special plans tend to check more right boxes for senior citizens because they are tailored to their needs as they age. Senior Citizen Health Insurance plans also provide coverage for transplant and organ donation costs.

Why do you need health insurance for senior citizens?

The possibility of ailments rises as you grow older. As a result, elderly people end up paying a lot for their healthcare needs. 

However, it is essential to note that usually elderly people do not have a steady stream of income as they are retired at this phase of tehir lives. 

That makes it quite challenging for them to balance the expenses of their regular needa as well as their medical charges. 

This is the primary reason behind teh need to invest in a solid senio health insurance policy. 

This policy also helps people close to the policyholders. Your parents’ health issues will take a toll on your psychological health and can be finacially taxing as well. 

You can better manage your and your parents’ finances by having health insurance for your parents. 

What does a Health Insurance Plan for Senior Citizens cover?

A typical senior citizen health policy will cover the follwoing:

Hospitalization Expenses: This plan covers hospitalization costs such as room rent, fees of physicians and nurses, the price of medicines and other necessities, ICU booking fees, the cost of surgical supplies, and operating room fees. Additionally, it covers the price of orthopedic implants, artificial limbs, prosthetic devices, diagnostic tests etc.

Day Care Treatments: There are many procedures that do not require prolonged stay at the hospital and can be performed in a few hours such as chemotherapy, dialysis etc. These procedures are covered.

Pre- and post-hospitalization costs: All expenses related to tre- and post-hospitalization are covered.

Organ Donor Expenses: Senior health plans usually always cover costs arising from the procedure of organ donation and transplant. 

Ambulance Fees: Ambulance fees (withing a pre-determined cap) to transport the patient to the hospital are also included. 

Pre-existing Conditions: After a set waiting period, any pre-existing conditions of the senior insured are likewise covered. Some senior citizen mediclaim policies additionally cover the cost of AYUSH therapy received in a government-recognized hospital or institute.

Domiciliary Hospitalization Coverage: If the senior patient’s doctor recommends in-home care, their insurance provider will also cover the costs associated with such care.

How to choose an affordable and good senior health insurance

Choose policies with fewer pre-existing conditions Waiting Time

The likelihood of a medical issue developing is increased in older people. Therefore, after a shorter waiting period of 1 or 2 years, you must choose a health plan that covers pre-existing conditions.

Choose lifetime renewability.

The cost of senior adults’ health insurance rises as they get older. In order to avoid having to find a new policy for your parents when they get older, you must choose a health insurance plan that offers lifetime renewability.

Pick an insurance provider with an extensive list of network hospitals. 

A cashless policy is also preferable because elderly people may need a few trips to the hospital. As the insurance provider will pay the bill amount, your elderly parents will be able to receive treatment at a network hospital without having to pay cash.

You need a health plan with free medical examinations.

Regular medical checkups are the only way to detect sickness at an early stage, and an early diagnosis of a condition can assist save the patient’s life. As a result, you should pick a health insurance plan that provides senior folks with free medical checkups.

Plans that offer the No Claim Bonus 

MAke it a point to select a senior health insurance plan with the no-claims bonus perk. If you do not file any claim in a year, there next year your sum insured will increase without the premium being hiked.

Decide against co-payment.

Many senior health insurance policies include a co-payment requirement that entails paying a predetermined portion of the claim amount. Therefore, you should pick a plan without a co-payment provision.

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