The medical inflation rates in the country have been seeing an uptick pushing up the cost of availing healthcare facilities. While healthcare cannot be ignored, health insurance is a way to ensure financial coverage is available to combat the soaring treatment costs. This becomes all the more crucial when you have elderly parents whose reliance on medical treatment is higher.
As age increases, the reliance on external medication increases and that’s when a health insurance policy comes to the rescue to cover the rising treatment costs. Even if your parents are covered in a group health plan or family health insurance, it may not be sufficient as these plans cater to different needs which may not be specifically focused on ailments for the elderly. Hence, a senior citizen health insurance plan is the right choice.
What is health insurance for senior citizens?
Health insurance for senior citizens is specifically designed to cover age-related ailments. The entry age for such plans is high thereby allowing elderly individuals to opt for a health cover. Other features of senior citizen policy include coverage for ailments that are mainly age-related, inclusion of pre and post hospitalisation coverage, day-care treatments, etc.
What factors to look for when buying health insurance for senior citizens?
There are myriad health insurance plans when it comes to choosing a policy for your parents. But, these are few pointers that you must keep in mind:
- Cover for in-patient hospitalisation
It is termed as in-patient hospitalisation when the patient is admitted to the medical facility for a period of more than 24 hours. When buying a senior citizen health cover, it is essential to consider such facility as a part of the insurance plan as the treatment at such old age is often for a prolonged duration. Also, the treatment that are required at such age are often for a longer duration and hence must be included in the insurance coverage. In-patient hospitalisation covers all hospital expenses which include the surgeon fees, specialist fees, cost of medicines, nurses and the like. *
- Fewer restrictions for post-treatment costs
While most senior citizen plans cover in-patient treatment, it is not enough. You must also keep consider the post-treatment cost of any ailment. It is not only essential to seek the right medication when admitted to the hospital but also later when discharged. Hence, a health insurance policy that offers post-treatment coverage comes handy. Generally, plans that offer post-hospitalisation coverage are valid for a duration of 60-90 days. *
- Lower restriction on day-care treatments
Day-care procedures are those treatment that do not require a hospitalisation for more than 24 hours. Although most insurance companies offer coverage for day-care treatment in their senior citizen plans, it is important to know the ailments that are covered to not be restrictive in nature. *
Apart from the above factors, waiting period for coverage of ailments, co-payment terms for compensation, sub-limits on coverage of different ailments and exclusions in the policy must be kept in mind when selecting a policy.
* Standard T&C Apply
Bottom line
These are some of the crucial considerations to remember when buying a health insurance plan for senior citizens. While the different components of the plan impact the insurance prices, a health insurance premium calculator can be useful in estimating its impact on the premium. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.
