Health insurance: How to choose a plan for senior citizens

Compare the health plans available online on various factors such as coverage, inclusions, exclusions, price and riders/ add-ons

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To pick the right policy, it is imperative to evaluate all the essential aspects and options, and then take a well-informed decision. (Representational photo/IE)

The best way to make your aging parents feel cared for is to give them a health insurance policy. A customised health insurance for senior citizens is critical as it assures them that they are independent financially and will be taken care of in case of critical illness. With several health insurances for senior citizens available at your disposal today, comparing and selecting a good one could be a cumbersome and daunting task. To pick the right policy, it is imperative to evaluate all the essential aspects and options, and then take a well-informed decision.

Medical expenses
Paying off medical bills could be strenuous for the senior citizens, particularly with the increase in treatment costs for minor as well as major illnesses. Though getting sick is expected with ageing, you could still plan for ensuring that all the critical medical expenditures are taken care of in a systematic way. The health insurance policy would pay for the hospitalisation charges which include doctor’s fees, cost of medicines, nursing, etc. Health insurance policies for senior citizens also offer cashless hospitalisation facility across the network of hospitals. The healthcare policy would also cover the costs associated with procedures which don’t require any hospitalisation. Most health policies cover pre-existing diseases, subject to specific terms and conditions. Under Section 80D of I-T Act, the premium paid towards health insurance is allowed as a tax exemption.

Choosing for senior citizens
More often than not, health insurances for senior citizens come with their own limitations like stringent medical checkups, exhaustive exclusions, and high premiums to coverage. Therefore, it becomes imperative to look out for specific variables, while buying health insurances for senior citizens. Keeping the following in mind while selecting health insurance for senior citizens can help you get the best out of a health insurance plan:
At the time of buying the health insurance policy for your parents, you should know their medical history. However, they may also be unaware of existing medical conditions. In such situations, it would be tough to rely merely on their own understanding of their medical history. Before giving such crucial information to an insurance company, it’s always better to do a cross-verification. There are various senior citizen health insurance plans which are available online today. It’s essential that you compare these various schemes. Comparison between these health insurance policies could be done on various factors such as coverage, price, inclusions, exclusions and riders/ add-ons.

Proposal form, medical check
While selecting a health insurance policy, feed in the accurate and relevant information. Incorrect and irrelevant information can cause problems and the insurer could reject the application. An insured may have to undergo medical screenings after the proposal form is submitted. The doctors on the insurance firm’s panel would then verify the information which is related to medical conditions of the insured. Based on policyholder’s health, a few medical tests may be required. There are a few senior citizen health insurance policies which don’t require such pre-policy medical screenings.

Health insurance for senior citizens allows the aged to live comfortably and safeguards them from potential healthcare costs. Make it easy, safe and secure for both them and yourself, by getting them a health insurance policy. Choose the best policy for keeping them protected from any unexpected health risks.

-Source: Tax Guru

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