7 Tips to help in picking up best health insurance for senior citizen

Tips to help in picking up best health insurance for senior citizen-minTips to help in picking up best health insurance for senior citizen


Health insurance refers to insurance coverage done by the insurer, which includes the payment for surgical, medical and sometimes, even dental expenses. Generally, health insurance allows coverage at any particular age, be it an individual in his middle ages or someone who has just become a senior citizen. However, the need for health insurance increases as one reaches an age where the chances of being affected by infirmity increases. Here are few tips on picking up a best health insurance for senior citizens.

Also Read: What is Incurred Claim Ratio in Health Insurance?

Why Senior Citizens need to opt for health insurance?


A person who has crossed 60 years of age resides in a stage where he is more vulnerable to various diseases than any other middle-aged person. Therefore, with the significant hike in the medical expenses, availing a senior citizen health insurance plans helps one to lead a relaxed life. Moreover, with the extra benefits available under the policies for senior citizens, opting one becomes a compulsion.

7 Tips to help in picking up best health insurance for senior citizen


Senior citizen health insurance plans are designed to offer monetary help to senior citizens in case of a medical need. With a number of senior citizen health insurance policies available, choosing the best policy can be a bit of a task. You need to carefully evaluate all the essential aspects and the available options and then, make a versed decision. The following tips can help you in buying the best senior citizen health insurance plans:

#1 – Age of the insured


Age is considered to be the most crucial factor in senior citizen health insurance plan. In case an individual’s age exceeds the permitted limit of the policy, he cannot avail the benefits. However, in many cases, it has been observed that the restrictions associated with age vary from one company to another. Some companies provide health insurance even at the age of 80. Therefore, it is suggested to go for plans with long coverage tenures and no maximum age limit.

#2 – Pre-existing illness or pre-existing diseases

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Most of the companies do not provide coverage for pre-existing medical conditions. Pre-existing medical conditions refers to the illness that a person is suffering from before taking the insurance. It can include health issues such as diabetes, cancer, asthma and high blood pressure. Thus, senior citizens often find it difficult to buy health insurance policies. However, there are several senior citizen health insurance policies that still offer coverage if the illness is not terminal or critical. Thus, it is advisory to buy policies keeping in mind the medical conditions of the person.  

#3 – Check the features of the insurance policy


The most important thing that you must consider before purchasing a policy is its features. Senior citizens need higher coverage, support and flexibility. Thus, senior citizen health insurance must include a number of features. There shouldn’t be a requirement of co-payment for critical ailments such as kidney transplants, cancer, cardiac problems etc. The insurance policy should be renewable and must include a high-class room facility. Features such as daycare cover, OPD cover, air ambulance support, etc. can make the policy more valuable to the senior citizens.

#4- Analyze the waiting period


The waiting period in a policy inhibits the insured person from getting the risk cover for a particular period. Once the waiting period is over, the person becomes eligible for getting the appropriate insurance cover. For senior citizens, the waiting period for a pre-existing ailment varies from around one year to 4 years. Thus, policies with lesser waiting periods are most appropriate for the senior citizens.

#5 – Individual policy Vs Floater policy


It is very important to choose between the individual policy and the floater policy. Under the floater policy, the age of the eldest member is taken as a base for the premium. Once the insurance gets claimed, the cover amount gets reduced. Thereby, the remaining members left are exposed to the remaining amount. Health insurance is needed more often by senior citizens, as they have more chances of falling ill. So, floater policy can be more preferable for senior citizens.

#6 – The amount assured under the insurance policy


Senior citizens have more health risks than younger people. So, they require a sufficient amount of cover for health insurance. There are several companies that limit the maximum amount of health cover allowed to senior citizens. Thus, before buying a senior citizen health insurance policy, you must access the ailments as well as the future risks of the policy. Select a policy that suits your exact requirements.

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#7 – Compare different health insurance plans


It is very important to compare different health insurance policies. As there are a dozen policies available, you must choose the one keeping in mind your requirements. Compare the different plans and choose the one which has minimum restrictions, maximum coverage features and low premium rates.

Choosing a senior citizen health insurance policy might be a tedious process, but proves very beneficial at the hour of need. The tips mentioned above and a thorough understanding will help an individual in choosing an insurance policy that best suits their requirements.

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Suresh KP

Tips to help in picking up best health insurance for senior citizen

Suresh KP

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