During old age, health is the first companion that starts to desert individuals. Not only does it make an individual sick and weak, but it also wipes out his/her savings due to high treatment expenses. Therefore, it is of dire importance that senior citizens should think about suitable health coverage in advance.
In the market, you’ll come across several providers that offer health insurance plans to their customers. But there is one problem with it. Standard health insurance has a cap on entry age (maximum 65 years) and may not serve senior citizens well in terms of health care benefits. That’s where Senior Citizen Health Insurance comes into the picture.
It’s specially designed for people above the age of 60 years and provides all the health care benefits that a senior citizen may need to live freely. The maximum entry age of such plans may even go up to 85 years.
Factors You Should Consider Before Buying Senior Citizen Health Insurance
In the past 1-2 years, several companies have introduced senior citizen health plans that have their pros & cons. As it’s a matter of health and investment, you blindly can’t trust and go with a certain provider. Proper research is required before it. To make it easier for you, here are some of the key factors that you should focus on before making your decision.
● Health history of your parents
It is better to have an idea of the medical state of your parents so that you can get the policy that provides relevant coverage. If your parents are heart patients, it doesn’t make sense to buy health insurance for your parents that doesn’t offer coverage against it.
● Coverage amount
The coverage amount of 10 lakhs won’t be enough if your parent has cancer and needs regular treatments. The amount will quickly dry up, leading you to break your savings. So, based on the illness/potential illness, you should choose the coverage amount.
● Easy Claim Process
At the time of a medical emergency, you need the support of an insurer who offers a quick and easy claim settlement. Along with that, its CSR should be good as well. According to the experts of PolicyX.com, a higher CSR means that you are in good hands and the insurer will clear your claims on time.
● Network hospitals
Many insurers provide an amazing benefit of cashless treatments in network hospitals. During emergencies, when easy cash is not available, such treatments are quite useful. But what’s the benefit of being associated with an insurer who has zero network hospitals in your area? So, to save time and money, go with an insurance company that has some network hospitals surrounding your area.
In the end...
Offering financial support to your old parents can at times become a bit challenging, especially in the case of medical emergencies. Therefore, it's always better to prepare yourself in advance. Your parents have always stood by you and acted as your support system right from your birth. Now it's your chance to return the favor