Factors to Consider while choosing Health Insurance for Senior Citizens

To get the best senior citizen health insurance policy, one needs to study all aspects and then choose. There are a lot of things that vary from policy to policy. These factors seem small, but largely influence the outcomes of the insurances. Usually the people from 60 to 80 years are considered senior citizens, in India. There are special health insurance policies for them, keeping in mind the various aspects according to their age and condition. Though, there still might be a few things that need special attention when trying to choose a comprehensive health insurance.

Major factors to keep in mind:

  1. Extent of content:

The foremost thing to know is how much cover the insurance policy will provide. While most of the insurances cover the range of 1-2 lakh, it is basic to understand the maximum limit offered. This limit might change depending upon medical inflation. Depending on medical condition, financial status, etc. the extent of content can be considered.


  1. Co-payment:

Co-payment or copay is a fixed amount for a covered service, paid by the policyholder to the insurance company. It is expected to analyze the co- payment percentage and clause, before choosing a policy. Usually, if the co-payment percentage is high, the lesser would be the insurance premium.


  1. Consideration of Pre-existing diseases:

Senior citizens might have previous medical conditions, which become a huge factor when choosing a policy. The policies differ in terms of coverage and sum assured based on the health conditions of the senior citizens. Make sure that the policy you apply for isn’t neglecting your medical conditions and at the same time is not providing appropriate cost of insurance because of previous health conditions.


  1. Broad hospital networks:

The insurance company or the policy that is claimed, should have varied network hospitals. It might so happen, that in hurry the patient is admitted to a hospital that does not have the connectivity with the company. Choose a policy that covers most major hospitals along with a list full of medium to small range hospitals as well.


  1. Waiting period:

When applying for a medical policy, there is a certain time period known as the ‘Waiting Period’. During this time span the pre-existing medical conditions are not considered. The policy holders have to wait for this time to get over, after which their policy would cover both, their previous and present health conditions. Make sure this time period is less when you compare with other policies before choosing.


  1. Premiums:

These are the monthly payments done by the policyholder. The premiums also differ from policy to policy. It might so happen that two policies have the same coverage but one has more premium than the other. Which is why, it is preferred to analyze each and every aspect before choosing a policy.


  1. Renewal ceasing age:

It is better to increase the length of health insurance, keeping in mind the increasing life expectancy rate. Presently, the average life expectancy rate in India is 65 years, while in the next few years it can rise up to 75 years. Lifetime renewal can also be a good policy characteristic.

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