With the ever-rising price of healthcare in India, getting your elderly family members comprehensive health insurance is an essential and thoughtful decision. With advanced age comes the risk of physical ailments of both minor and major nature.
Having good health insurance offers financial and mental peace of mind by covering costs for hospitalisation, medication and more. In this blog, we will explore the important parameters to look out for when purchasing senior citizen health insurance.
What is a Senior Citizen Health Insurance?
Senior citizen health insurance is a type of health policy that offers specialised financial coverage for medical treatments specific to senior citizens over 60 years. An average senior citizen health plan could include coverage benefits like annual health check-ups, critical illness coverage, day care treatments, etc.
How to Buy Health Insurance for Senior Citizens?
In today’s digital era, you can easily buy medical insurance for parents or other aged family members online. This also allows you to compare insurance plans and premiums from various companies before getting one. Listed below are a few principles to take note of:
- Assess Healthcare Needs: Start by considering the medical history, existing ailments, and speculated ailments the person can suffer from. This knowledge helps you in choosing the right coverage and plan.
- Compare Different Plans and Understand Policy Terms: Look into the price and coverage provided by different insurance companies to find the best medical insurance for senior citizens. Also, garner an in-depth idea of the policy terms, claims, and other factors like waiting periods, co-payment clauses, network hospitals, additional services and more.
- Check Insurers Reputation: Go for insurers that have visibly high CSR (Claim Settlement Ratio) and positive reviews. This creates a sense of security during sensitive times.
- Use Online Premium Calculators: Many insurers provide free online insurance calculators on their website. This allows you to explore and calculate for yourself the price for your desired coverage. All you have to do is just fill in the basic details and the services you wish to add.
Benefits of Buying Medical Insurance for Parents
- Coverage for Hospitalisation and Treatments – Covers the payment of hospital bills and medical treatments caused by ongoing ailments.
- Secure Quality Care – Having good coverage allows you to opt for good facilities at the best hospitals in your city.
- Annual Health Check-ups – Some plans also provide free health checkups annually. This is particularly good for nearing age 60 or above as it helps in the early detection of diseases.
What to Look for in Medical Insurance for Senior Citizens
The best medical insurance for parents above 50 years in India should come with a list of facilities that include:
- In-patient treatment
- Annual Check-ups
- Domestic hospital set-ups
- Pre-hospitalisation and post-hospitalisation
- Critical ailments coverage
- Organ Donor Expense
- Restore benefit
When getting medical insurance for your parents, make sure that your plan at least offers the above-mentioned facilities alongside your chosen add-ons.
To Wrap Up!
Health insurance for senior citizens is essential, especially for financial security in an era of rising medical costs. The best medical insurance for senior citizens ensures a long and comfortable life for your parents or in-laws.
