Select the Best Health Insurance Plan for seniors

How to Select the Best Health Insurance Plan for People Above 60?

With the steady rise in healthcare costs, it can be difficult for senior citizens to pay their medical bills. Over the years, life expectancy of an average Indian citizen has increased with improved and advanced healthcare products and services. Senior citizens who don't have a stable income may not be able to afford timely and adequate healthcare. This is why, a senior citizen health insurance policy will come in handy. Here is a guide on how to select the right mediclaim policy for people over 60:

·         Entry age: When comparing various health insurance policies, choose one that has an entry age of 60 to 80 years, so that you can buy a health cover for your parents even after they have crossed 60.

·         Renewal age: Check the maximum renewal age of the policy which is the age till which one can renew the health insurance policy. Choose a policy with the maximum renewal age.

·         Insurance coverage: Ensure the health insurance policy offers coverage against a large number of illnesses including pre-existing conditions. Such illnesses are covered after a long waiting period, so choose a policy with a lower waiting period and a wider coverage of illnesses including medical conditions like diabetes, cancer, etc.

·         Sum assured: Private insurance companies offer a higher sum assured on mediclaim policies for senior citizens compared to public sector insurers. A higher sum assured is preferable as it will largely cover the individual against medical emergencies.

·         Network hospitals: Choose an insurer with a high number of network hospitals, particularly in your location. In the case of a medical emergency, your parent can avail cashless hospitalisation in one of the network hospitals in the vicinity.

·         Insurance premium: As the insurance premium of a policy is dependent on the age of the individual, the insurance premium for a senior citizen will definitely be high. Opt for an individual senior citizen health insurance plan instead of a family floater plan.

When selecting a health insurance policy, it is important to first assess the insurance requirements of the individual, take his or her medical condition into account, compare various policies from top insurance providers in the country, and finally, read the policy document carefully for inclusions, exclusions, waiting period, and claim process.