The elder ones, especially our parents, are an integral part of our lives. They are the ones who have always taken care of our needs and other things during our budding stage of life. By the time we grow and become mature, we find themselves at their elder stage. Hence, it becomes our turn to express gratitude towards them. Considering their life expectancy with the advancement of medical facilities and technologies, senior citizen health insurance seems to be the best gift for our elderly parents that have crossed the age of sixty years.
A good health insurance policy becomes handy for the senior citizens as this helps them deal with all of their health problems and treatments without draining out their hard-earned savings. This is not as simple as it sounds when it comes to buying a policy for senior citizens. One has to bear in mind certain points while buying the policy. In this blog, we will try to discuss a few of them to facilitate understanding them closely.
With the evolution of medical facilities and technology, the cost of treatment is increasing rapidly. Hence, it becomes important to choose a policy with a maximum cover guarantee. Nowadays you can get the coverage as per your requirement ranging from 1 to 25 lakhs. Depending on your need you can choose the maximum sum assured by paying the extra premium accordingly. This will definitely prove a boon to your elders in covering their expensive medical treatments.
Any pre-existing diseases at the time of buying health insurance might be taken care of. Most of the insurance companies either not cover them or pose a long waiting period for its coverage. As this will become a problem in the long run, you should always opt for the policy with lesser waiting periods and coverage to all the pre-existing diseases.
This is one of the important points which one should keep in mind while opting for a policy. This is the time period allotted to the policy buyer in which they can go through all the terms and conditions of the policy. This is one kind of a review-return policy in which you can return your policy after review and not satisfied with its terms and conditions along with the benefits offered. Always prefer the insurance company which offers this service.
One drains their whole life savings in treating themselves and paying hefty medical expenses. And this becomes an even more serious issue when it happens with the senior citizens as they even do not have a steady source of income also to meet out the medical expenses. Hence, it becomes important when you choose the policy for your elderly parents as the same should offer cashless hospitalization with a maximum number of network hospitals.
Availing swift and seamless claims is the major reason for buying a policy especially for senior citizens. Elderly people just can’t afford to go desk-to-desk for claim settlement and pass through multiple layers for getting the same settled. It is always recommended to buy an insurance policy which is offering fewer formalities for claim settlement and has a good claim settlement ratio, among others.
This is one of the vital and key elements while buying an insurance policy for your parents or any senior citizens as this helps you retain all the benefits while porting out to another insurance company. Most of the policies are portable between 40 to 60 days prior to the expiry of the existing policy.
As the cost of medical expenses is increasing very drastically and expected to go out of control in the years to come, having health insurance not only becomes important to senior citizens but also for individuals. But ensure that you keep the aforesaid points in mind before buying a policy for your elderly parents or any senior citizens as this will help you relish the benefits without any difficulty.