As compared to young generation, health insurance is must for elderly people because of the simple reason, age. Person should know that age increases one’s vulnerability to illnesses as well as to physical conditions. Therefore, a medical emergency could lead in various financial crisis, unless insured under a suitable health insurance policy.
Due to higher loss ratios, majority of insurance companies in India are less excited to give senior citizen mediclaim policies. But, the situation is changing now.
Recent regulations issued by IRDA had asked general insurers to extend the maximum entry age limit for a healthcare plan. It has helped to grow the number of health insurance products for senior citizens.
Many insurers have designed insurance products specifically for senior citizens. Most policies are available with copayment clause and some plans do not require health checkup needed at the time of policy payment.
Based on the policy type and insurer, features of healthcare plans differ. Senior citizens should consider buying online health insurance. First, in case person is not very confident about his health, then opt for a medical checkup and submit certificate of good health to a respective insurer.
Secondly, it is important that good hospitals near the insured person’s location included under the list of network hospitals. Long distance journey to reach the network hospital during medical emergencies is not good. Do not forget to consider waiting period for pre-existing diseases which is also an important factor while purchasing this insurance product.
Keep the pre-existing cover less to avail the maximum benefits. Co-payment options help to decrease the premium amount to be paid by the insured person. Carefully read and clearly understood each clause of senior citizen health insurance policies. Sometimes, simple clause has certain hidden implications. Therefore, it is advisable to consult the insurance expert to make the right decision.
As the Indian insurance market is flooding with varieties of insurance products, so go through all the options and then select the best plan that fits your needs and budget. Compare online quotes from a number of various insurers in terms of cost, benefits and features.