*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
When it comes to health insurance, the most important age segment gets missed, and that is the senior citizen age segment. More often than not, it is senior citizens who need health insurance more than other age groups.
Previously, health insurance providers were being reluctant about providing health insurance to senior people in the society, considering the risk factor associated. Hence, they preferred offering insurance to the age groups that had lower susceptibility for getting ill or developing medical conditions.
But times have changed, so the insurance industry. Lifestyle diseases are affecting people of all ages. Health insurance companies have changed focus and are now going big on the senior citizen segment purely because this segment has takers, not because of convenience, but because of need.
Promoted by the IRDAI and also endorsed by the government, the idea to serve senior citizens with health insurance policies has spawned numerous health insurance policies. Catering to the different financial and medical needs of senior citizens, the various health insurance policies now for senior citizens have come of age.
The following is a look into some of the best health insurance for senior citizens:
These insurance policies are specially tailored for people above 60 years of age. Not only do these policies provide financial aid during times of medical emergency, but they also have free medical checkups and cover miscellaneous costs too.
There are certain factors that play a pivotal role in choosing the right health insurance policy for the senior people in the society. These are:
Understand coverage requirements, health concerns, take stock of existing medical conditions before choosing the best health insurance. Take stock of health concerns of dependents who are to be enrolled in the policy. Check if the plan has copayments, sub-limits, a cap for ICU charges, a cap for room rents etc. Select a plan that has coverage for requirements that are essential because different people have different requirements. Some people may not want coverage for ambulance or in-house expenses. Some people do. Therefore, assess what is one’s requirement for coverage before moving forward.
Some insurance policies require copayments, which could range from 10% to 20% of the sum insured. If the copayment percentage is high, assess if the benefits outweigh the high copayment amount. If not, choose a policy that has a lower copayment percentage or no copayment at all.
Some best health insurance policies have higher waiting periods for pre-existing as well as certain classified medical conditions. Assess if such waiting periods are feasible. If no, choose a policy that has low waiting periods or no waiting periods.
Insurance policies can cover pre-existing diseases. But not all of them. If the insurer has pre-existing diseases, then it is a good idea to choose a policy that covers these diseases. Even if the waiting period is high, it is worth taking a policy that offers coverage for pre-existing diseases.
Senior citizen health insurance providers have varying entry age criteria. Some insurance policies may have maximum age limits up to which the health insurance policy is in force. It is recommended to choose an elderly best health insurance scheme that offers lifetime renewal facility.
The easiest way of buying health insurance for your elderly parents or the senior citizens is through online. It takes less time, minimal or no documents and most importantly safe as well. All you need is an active net connection and your credit/debit card. Online buying process also provides the option to compare various plans offered by different health insurer. This will give a comparative analysis of plan before buying one. Once the plans are compared, one can check the premiums and coverage that best suit the requirements. The last step is to choose the right policy and pay the premium. The payment process is done through a secured payment gateway where premium amount gets deducted automatically after providing the necessary account details.
Additionally, one can buy the policy through Paisawiki.com as well. The steps for the same are mentioned below:
Ans: It depends on the insurance provider. Average minimum entry age is 60 years.
Ans: There are few. But the premiums are very high and may not be feasible.
Ans: IRDAI guidelines stipulate allowed maximum waiting periods only. It’s per the discretion of insurer to define waiting periods in their policies.