As you grow older, your susceptibility to diseases increases. These diseases involve heavy out-of-pocket expenditures that can eat into your savings. Thus getting an insurance cover to provide for medical bills is a wise decision. But it is overwhelming to navigate the complicated world of health insurance as senior citizens often have unique health concerns.
Whether you are nearing retirement age or are already a senior citizen, this article will provide you with the information you require to make informed decisions about your insurance plan. It will explore the benefits of mediclaim policy available to senior citizens and how to choose the right plan for your needs.
Benefits of Medical Insurance for Senior Citizens
Health insurance helps cover the cost of necessary medical treatments, such as prescription drugs, hospital stays, and doctor visits. Its advantages are as follows:
Peace of Mind
Knowing that you have insurance can provide peace of mind and reduce the stress of worrying about how to pay for unexpected medical expenses.
Preventive Care
Many mediclaim plans offer coverage for preventive care services, such as flu shots and cancer screenings, which can help seniors maintain their health and prevent serious illnesses.
Financial Security
Insurance can provide financial security for senior citizens and their families, helping to protect them from the high costs of medical insurance care. It also reduces the tax liability of the policyholder as premiums paid are deducted under Section 80D of Income Tax Act.
Convenience
The cashless plans enable you to get treated at network hospitals without paying from your pockets. You can thus avoid the hassle of arranging for funds in an emergency. Moreover, you can also access treatment at home, as domiciliary treatment is covered under most senior citizen plans.
Factors to Consider Before Buying Medical Insurance for Senior Citizens
To buy the right policy, you must compare health insurance plans of different providers and note down the pros and cons of each. Then, you must carefully analyse the policies based on the following elements:
Coverage
Choose a plan with extensive coverage of inpatient care, pre and post-hospitalisation expenses, ambulance charges, doctor's consultation fees, and pharmacy bills, among others. The policy must also give you the option to buy additional riders like the critical illness cover.
Cost
Your earning capacity might be limited when you age. Therefore you must select a plan which is cost-effective. The co-payment obligations should be minimum. Look for discounts and cashback offers on online portals. Also, read through the no-claim bonus clause.
Claim Settlement
Premium payments are considered an investment, and they earn future rewards in the form of claims. If a claim is denied, the purpose of insurance is defeated. You should therefore choose a company that has a high claim-settlement ratio. Minimum documentation requirements should be preferred.
Renewability
Go for a plan that has lifetime renewability to avoid having to look for a new plan after a specific age limit. Limited renewability proves costly as insurance rates increase with age.
Pre-existing Illness
Check the waiting period, after which the plan will provide protection for pre-existing conditions. This is crucial as there are higher chances that senior citizens suffer from these ailments and require such protection.
Customer Service
Health insurers usually have a customer service team to assist and help with any questions or concerns you have. The quality of customer service must be top-notch so that grievances are addressed promptly.
Flexibility
Some insurance plans allow you to see out-of-network providers and have little to no restrictions on out-of-network care. They must be preferred. Moreover, you must check whether the policy allows you to restore the sum insured amount and by how much. This re-fill benefit will protect you from medical inflation.
Conclusion
Insurance is essential to maintaining good health, and it becomes even more vital as we age. However, the wrong policy can lead to an unnecessary financial strain in the form of premium payments without sufficiently meeting the requirements. The buying decision should thus be made prudently. Niva Bupa health insurance for senior citizens is an excellent choice as the insurance provider has a good reputation, vast experience, and positive public perception.
