For the elderly, getting a perfect Health insurance plans for senior citizens is critical, as medical expenses keep creeping up every year, it is rising at the rate of a whopping 15% every year. However what is important to note is that Indians are paying around 75% of their medical expenses from their own pockets.
Some of them may depend on their son’s daughter’s health insurance plan provided by their companies. But that may not prove to be sufficient. So, instead of depending on someone, buy an insurance plan for those unforeseen rainy days. So what are the points to consider while selecting health insurance plans for senior citizens? Find out more about the health tips for older adults here.
Top Reasons for Seniors Citizens to Invest in Health Insurance Plans
Health comes first and in order to avoid a situation when you can’t treat a disease just because you do not have ready money, can be debilitating. Yes, you need to keep aside a major chunk of your savings for health insurance, if you are still not convinced take a look at some of the reasons below.
- The medical costs are spiraling upwards and giving stiff competition to the average inflation rate.
- Your retirement money dwindles away and there is no steady source of income after retirement.
- Sometimes senior citizens are financially dependent on their children.
- Seniors may be suffering from chronic conditions and you require a sizeable amount for treating it.
- In many cases, an employer’s health insurance plans stop to exist after retirement.
Look out for Clauses While you Choose Senior Citizen’s Health Insurance Plans:
While selecting the right insurance plan for yourself, ensure that you look out for the following clauses,
- Co-payment clause: This clause needs you to pay a certain amount in the claim amount while the rest will be paid by the insurance company. For example, in an 80%-20% clause, the policyholder will bear 20% while the insurance company will bear the remaining percentage.
- Sub-limit: Most insurance companies offer sub-limits, in their insurance clauses. Some companies have limits set for specific health conditions, for example, though they may offer an upper limit of 3 lakhs in total, for certain illnesses such as a cataract operation the limit may only turn out to be 30,000. Of course, you may opt for Health insurance companies who may offer policies minus any sub-limits but be prepared to pay an extravagant premium for the same.
- Pre-existing diseases: You need to check if the existing diseases are covered by the policy. In some policies, all the existing diseases may be covered and in some, the policyholder has to wait for a few years before making a claim.
- Waiting period: The policyholder requires to be patient as there is a certain waiting period before you can claim the expenses. The only saving grace in the waiting period isn’t long, usually, it is 30 days.
- Alternative Treatments:While most insurance companies only offer coverage for conventional treatments, there are some which offer coverage for alternative treatments on the lines of homeopathic, ayurvedic and so on.
Top Mediclaim Policies for Senior Citizens
Some of the more popular health insurance offerings are as follows,
- Star health’s Red Carpet plan
- Apollo Munich’s Optima Senior
- Max Bupa’s Heartbeat
- ICICI Lombard’s iHealth plan
- National Insurance’s Varishtha Mediclaim
- New India’s Senior Citizen Mediclaim
- United India’s Senior Citizen Plan:
- Bajaj Allianz’s Silver Health:
Find which one works best for you, evaluate your purpose first and get a clear idea exactly why you require the particular insurance plan, check out the clauses and then select the perfect insurance plan customized to your needs.