The requirement of adequate health protection holds important not only to during the working life of individuals but even more post-retirement. Many of us simply neglect this crucial part or if not then falls under the trap of various other third-party agents that recommend us the one which is not suitable for us. And hence this is where senior citizen health Insurance plans come to the fore, as these are meant exclusively for senior between who are under passing the age of 60 to 80 years.
Why do you need a Senior Citizen Health Insurance Plan?
Despite so many insurance companies like Myaarpmedicare offering the range of health insurance plan, there is only around 21.6 crores of people in India (lesser than 1/5 of the total population in India) who are covered under the Health Insurance plan in this age. And among those who are covered, out of than 67% are covered by the public insurance company according to the data of 2018 compiled by the Central Bureau of Health Intelligence.
Significant Reason That Highlights the Need for Buying a Health Insurance for Senior Citizens:
- According to a Cross-National Survey conducted by National Sample Survey Office (NSSO) on health in the first of 2017, the cost for a medical treatment rose at a doubled pace of growth overtaking the inflation in both rural and Urban India over the past decade.
- In another survey India has been found to lead the segment of chronic disease, heart disease, cancer,etc. and that cause of death and their occurrence has been detected increasing over the last decades.
- The popularity of the elderly in India has been expected to reach around 300 million by 2050. This is why there is the requirement of having a realistic shift in the way elderly lives their lives.
It is well known that as you age, the risk of contracting disease increased because your organ also gets aged as of you. And since after retirement people usually do not have a regular income to meet their medical treatment, it becomes must have a thing in their life. These the key reasons for having financial security in the form of senior citizen health Insurance program, and to face the medical emergency, it becomes extremely important.
Things you should consider while buying a Senior citizen health Insurance Plan
When you extend your hand for the senior citizen health insurance plan in the market today, you will find that there is no paucity of health insurance plan available. Which is why you should be aware of some of the aspects that you need to understand and must keep in mind before you opt for buying the health insurance plan for you.
- Pre-existing Diseases
- Network Hospitals
Generally, Health insurance companies offer the Insurance health plan for the people between the ages of 60-80 years.
However, there are very few plans which have a limit on the entry age of insured but provides the lifelong renewability. When you research, there is even the insurance available for the senior citizen without any age limits.
Find out those programs and choose one of a similar kind for you that provides the renewability without any entry age restriction which is comprehensive medical coverage.
Another aspect is the coverage of medical plan especially in the case of Citizen Healthcare Plan as you need to be sure that the plan provides enough cover for your medical requirement. For senior citizens, having a better critical illness cover is mandatory and this is because the chance of developing the critical illness increased with the age. Before subscribing the plan, you should thoroughly review all the terms and conditions including benefits, coverage,and exclusions. There is the other cause link to the benefits which we often overlook and this cause only becomes the deciding factor at the time of your claim reimbursement.
- Pre-existing Diseases
Pre-existing diseases means the disease before buying the policy. When an Insuring person has a pre-existing disease, then it will only be covered after the completion of a waiting period that can be usually of one or two years of the policy. However, some companies do not cover even the pre-existing disease at all. So, make sure you properly find out the Insurance plan covering the pre-existing disease coverage before your purchase.
The insured is required to pay a fixed amount known as co-payment when he opts for hospitalization and availing the medical treatment. The co-payment amount is fixed at the time when you are purchasing the plan. Even though the co-payment percent varies between 10-20 percent.
When it comes to the premium of health insurance for the senior citizen, it is comparatively higher and the reason for this is an associated risk with it. Therefore it is best to compare the premium of different health insurance policies which offers the required cover. And then choose the one suitable from the sea of insurance.
Health insurance companies have some criteria and limits for certain illness or treatment. So, check out the sub-limits better while buying a plan.
- Network Hospitals
This is one of the main criteria of health insurance choices. Before choosing the plan, make sure that the insurance plan you are purchasing should have a wide network and this is preferable especially in case of senior citizens. You should also check whether the hospital list includes your preferred hospitals nearby or nearest to your vicinity.
Health Insurance plans are a great way to secure you and your family against severe medical emergencies and special the last and least years or your life. Hence it becomes your sensible step in choosing the proper Insurance plan especially when this is the case of Senior citizen health Insurance case.