Senior Citizen Health Insurance: How To Ensure Your Parents Are Insured Right
Healthcare inflation has risen at 12-18% per annum in India. It is no surprise that as age progresses, the immune system of people gets weaker, thus requiring frequent medical visits and health screening. Sometimes, this can disrupt the ongoing family budget. How can this be countered?
Proper medical insurance for senior citizens can help counter the issue. Medicines will not get cheaper, but we can ensure that our parents are well insured in their golden years.
Have you checked for these vitals in your senior citizens insurance plans?
When choosing the best medical insurance for senior citizens, one must check if these requirements are met in the policy:
Health insurance options within the budget
Approximately two to three decades from now, insurers would prepare high-cost plans for senior citizens once they hit sixty years of age. But the ecological changes leading to a higher incidence of diseases have fueled the priority to include senior citizens health insurance within budgets. With plenty of options afloat on the market, choose one that suits your budget.
Health cover for comorbidities
A large segment of people above sixty now suffers from high blood pressure, diabetes, and other ailments. This has created the need for medical insurance for senior citizens to cover chronic illnesses and comorbidities for those above sixty-five years of age. Hence, make sure the medical insurance you choose for your parents includes cover for comorbidities.
Standard plan or special?
There are two types of medical insurance for senior citizens: standard plans with higher entry age and senior specialized plans that offer basic healthcare check-up facilities. The latter includes coverage for pre and post-hospitalization costs, ICU charges, medication, and surgeon’s fees, while the former is more towards bearing organ donation and transplant expenses required with maximum age progression. The choice is solely dependent on your parents’ needs. You can compare and choose what suits you best by browsing the options available here https://www.turtlemint.com/health-insurance/senior-citizen-health-insurance/
Does your medical insurance for senior citizens include this?
When it comes to medical insurance for senior citizens, myths abound. One of them is that coverage provision is implemented from Day one. Those who have insured their parents’ right, will know that no other medical coverage allows coverage from Day one except for accidental coverage. Similarly, many other things need to be known before buying insurance for elders. Here are the most important requirements you should check if they are included in medical insurance for your parents:
Cover for critical illnesses
While finalizing medical insurance for senior citizens, check plans that cover major illnesses that affect senior citizens like cancer, dementia, arthritis, heart diseases, respiratory disorders, pneumonia, Osteoporosis, etc. Although most conditions will not be covered, something is better than nothing. Also, you must be keenly aware of your parents’ health conditions to choose an insurance cover for critical illnesses that are most relevant to their necessities.
The premium is the monthly or annual installments that you have to pay to the insurance providers in exchange for the medical benefits. The more the cover, the higher the payments. So, ensure if you are paying for the most demanded health benefits for senior citizens.
Waiting Period for pre-existing ailments
No matter how much you pay as a premium, there is always a certain pre-established waiting period before you can avail of health coverage for your parents’ pre-existing medical conditions. Go for one that has a shorter waiting period.
The easiest way of ensuring your parents are insured right is to consider the cover for the medical insurance for senior citizens you are paying for. Remember, the right medical insurance for senior citizens is crucial for your parents and is also easy on your pockets in the future. So, choose wisely.