While selecting a health insurance plan for parents or any elderly family member, for that instance, there are several aspects one must consider. One such aspect is to exclude senior citizens from family floaters and opt for an independent policy specially designed for them, i.e., a senior citizen health insurance policy. This will aid in ensuring that your elderly member is sufficiently covered in any medical crises without relying on the coverage of the family’s health insurance plan.
This article shall look into the benefits of health insurance for elderly members and what one must look for while purchasing medical health insurance in India.
What do you mean by senior citizen health insurance?
An elderly or senior citizen health insurance policy is a comprehensive health insurance plan specifically custom-fit to the requirements of the individual above the age of sixty. As sixty and above age is very critical for health, insurance companies offer specific add-ons and specifications for such health insurance plans. Further, since these individuals are high-risk clients, the premium for such a policy is generally higher. Few companies also offer health insurance on a co-pay basis.
Therefore, if an individual is diagnosed with a specific condition, the insurance company will cover a percentage of the cost. At the same time, the insured has to account for the remaining.
The most crucial factor the insurance company uncompromisingly considers is the individual’s age. So when buying a health policy for your parents or any senior citizen, look for a plan that offers ample coverage for the most prolonged period, as health is critical as you age. Also, one must be aware that health insurance policies can’t be extended past the age of 80; therefore, a wise planner will find a health insurance plan that allows an entry between the age of 60 and 80.
- Co-pay clause
Senior citizens are more prone to illness as they age, which is why insurance companies introduced the idea of co-pay to mitigate the cost of risk. So during a medical emergency, the insurance company shall cover a certain percentage of the agreed-upon cost, and the family bears the rest expenses. Therefore, while looking for a health insurance policy for senior citizens, reviewing the co-pay clause carefully is essential to avoid any sudden expenses later.
- Comprehensive coverage with minimal exclusion
Above 60 is a critical age as this age is not so tolerant towards illness because of a variety of factors such as weakened immunity, chronic illnesses, growing age, or there are other external factors such as accidents. Therefore it is essential to have health insurance that offers comprehensive coverage with minimal exclusion. A good health insurance plan will be the one that offers the most coverage, if not all, such as medical issues that are usually faced during that particular age.
- Sub-limit clause
A sub-limit clause is another essential clause one must consider while purchasing a health insurance policy for senior citizens. With the help of this clause, the insurance company limits the coverage offered on a particular day. Therefore this clause becomes a concern while purchasing a health insurance policy. For instance, if a policy covers certain aspects, such as room charges, and it allows only 5000 rupees per day, then the policyholder needs to bear additional charges beyond this particular amount. Therefore, while reviewing the policy, policyholders must check this clause & make sure to choose a policy with minimal or no sub-limit clause.
- Claim settlement ratio
This is crucial when purchasing a health insurance policy for parents. This ratio reflects the likelihood of your insurance company accepting your request to avail of your cover, as it denotes the percentage of claims filed corresponding to the percentage of claims accepted. Therefore, any health insurance plan for senior citizens with a claim settlement ratio of between 80-90% is a decent percentage.
When you choose a health insurance plan for senior citizens, whether your parents or grandparents, it is important to take into consideration aspects like the person’s age, the co-pay clause, whether comprehensive coverage with minimal exclusion is provided or not, whether there is a sub-limit to the policy & also the insurance companies claim settlement ratio.
It is also important to remember that you purchase an independent health insurance plan rather than relying on family health insurance, as it will ensure you have adequate coverage exclusively for them. With all these considerations, one can select the best health insurance plan for senior citizens & peace of mind during health emergencies.
People Also Ask
How to choose health insurance for elderly parents?
It is important to consider aspects such as the person’s age, the co-pay clause, whether comprehensive coverage with minimal exclusion is provided or not, and whether there is a sub-limit to the policy & insurance companies’ claim settlement ratio.
Is it worth buying health insurance for parents?
Yes, especially when they are above 60 years of age, as they are prone to issues such as chronic diseases and external factors such as accidents.
Which health policy is good for parents?
If they are above the age of 60, then go for a senior citizen health insurance plan, but until that, you can cover them in your family floater.