As a family, we feel like that a household is incomplete without our grandparents. They are like the guiding figures that the younger generation looks up to for guidance. They are the ones that pass on traditions and good values to others. That is why we need everything in our power to ensure their blessings are a constant presence in our lives.
To ensure that your old family members live a completely healthy life, you need to invest in health insurance for senior citizens. These plans are designed in such a way that they provide complete protection to your ageing loved ones when they are critically ill or need immediate medical attention. It is always better to buy a separate plan for senior citizens as their medical needs are different from those of young people.
So, if you are looking to buy health insurance for senior citizens, here are some things you need to keep in mind.
- Waiting period
This is one of the most important aspects of health insurance for senior citizens. The waiting period is when the policyholder is required to wait before the insurer pays for the medical expenses incurred. It usually lasts up to 4 years, depending upon the insurer’s policy for pre-existing illnesses. Be sure to learn about the waiting period before buying a health insurance plan.
- Pre-existing illness coverage
The elderly family members may already have pre-existing medical conditions before you buy the policy for them. Therefore, it is important to check the conditions covered by the insurance provider before investing. The health insurance for senior citizens that you eventually buy should provide comprehensive coverage against these illnesses.
- Alternative treatment options
Earlier, a health insurance provider would only cover allopathic treatment options. However, over the years, insurance policies have also started integrating alternative treatments known as AYUSH. These treatments are offered in conjunction with your regular treatment to offset the ill effects of harmful medications. Since older people are likely to be on a lot of medicines, it is important to buy a policy that covers these treatments as well.
- Cashless facility
Most health insurance providers have a network of hospitals on their panel. When policyholders go to one of these hospitals, they can avail the cashless facility free of cost. A cashless facility means that the insurer will settle the paperwork and bills directly with the hospital. However, make sure your preferred hospital is a part insurer’s hospital network. This hospital should also be easily accessible to you in your hour of emergency.
- Additional services
In case of a medical emergency, you have to look beyond hospitalization. There are a lot of other things required to ensure proper and timely treatment. These are known as additional or ancillary services like ambulance, testing facility, doctor consultation, etc. Not including these services in your insurance plan can quickly put a dent in your savings. However, you can avoid that by investing in a policy that pays for hospitalization and pre and post-operative care.
How to Buy Health Insurance for Senior Citizens?
When you want to buy a health insurance for senior citizens, these points alone will be a good starting point. Additionally, you can also use online tools to compare the policy offered by different providers to pick the maximum benefits at the lowest premium.
At the same time, you should check the insurer’s claim settlement ratio. This is a veritable indicator of the insurance provider’s credibility. As a rule, you should look for a company that has CSR in the high 90s. For instance, Care Health Insurance’s CSR is 95.2% which means that the company settles more than 95% of the claims raised in a year and can therefore be trusted.