Why are we specifically talking about health insurance for senior citizens in India? In recent years people have become more aware and concerned about both staying healthy, as well as ensuring financial security. We are all aware of rising health care costs and are taking steps to protect ourselves against the impact. However, we can see in the preceding generation, people who did not think about it for a variety of reasons. Many were employed in public sector or even private sector jobs which came with some health insurance provision.
Families were still seen as support systems even for financial cushions when needed. These are rapidly changing and people may awaken to the rude reality of discover that health benefits will vanish with employment and fear that they may be too old to get independent cover.
This is not true and hence there is no need to worry. It is very possible to access products designed for senior citizens. There are 6 important aspects to be considered while looking at which is the best health insurance for senior citizens:
- Pre-acceptance medical screening: Different insurance providers have different levels of “stringency” or conditions that they specify for whom they will cover. Older people meanwhile are even less likely to want the hassle of going in for a battery of tests. So, you should look at what screening if any the insurer is asking for
- Pre-Existing Disease (PED) Inclusion: By this age, you would already be aware of any lifestyle or health issues or conditions that the person in question has. You can look at which plan allows for these specific conditions. One should select Senior Citizen Health Insurance that allows pre-existing conditions, such as cardiac issues, diabetes, etc.
- Minimum Waiting Period: All policies have minimum waiting periods for different conditions. The policy holder needs to wait through that period before being eligible to avail the cover.
- Co-pay: Health insurance plans for senior citizen are likely to have co-payment clauses, which means that a certain percentage of the cost would need to be borne by the policyholder. You should check if the plan you are looking at has such a clause. Even if it does, you may decide that the percentage of the cost the insurer is willing to cover is worth the premium you pay
- Exclusions: Common exclusions under Health Insurance for Senior Citizens include injuries due to self-infliction or alcohol consumption, pregnancy or infertility treatment and cosmetic surgery. These are some challenges of taking a plan at a later age where such issues may have already surfaced. You should check what things are not covered in a plan
- No maximum entry age limit: It is easier to go for plans that do not specify a maximum age limit to become a policy holder
Yes, the premium for senior citizen health insurance is likely to be relatively higher of course since it is a function of age, but you can still look at relative options keeping in mind the above factors. Depending upon where the policy holder may have retired to, standard factors like quality of network hospitals of the insurer would continue to be important as well as the Claim Settlement Ratio(CSR).
Sana.Insure provides comprehensive information on a variety of Senior Citizen Plans. It makes buying the best plans for senior citizens online an easy task, with customized suggestions as per the policy holder’s medical needs and budget. Moreover, you can easily view the list of network hospitals associated with the selected insurance company online itself.
SANA.Insure facilitates easy online comparison between numerous policies, selection of the right plan for your requirements, and online purchase of the best health insurance for senior citizens or health insurance for parents who are elderly. The Relationship Managers assist you with claims handholding, so you do not have to spend your precious time with troublesome paperwork. Instead, you can relax while SANA.Insure takes care of it for you.
You can get in touch over WhatsApp chat on 8278271818 or call on 1800 202 8118 to connect with a Health Insurance Expert at SANA.Insure.
About the Author:
Mr. Srinath Mukherji, Co-Founder of SANA Insurance Brokers Pvt. Litd. (SANA.insure), has over 35 years of global experience in Management and IT consulting, and as a successful entrepreneur in retail financial services, including microfinance and housing finance. He is passionate about leveraging information technology at optimal value, to delight customers. He has a B. Tech from IIT Kanpur and PGDM from IIM Ahmedabad. The views expressed in this article are his own.