The health insurance sector is known for its dynamics where newer and innovative products are launched by insurers to secure individuals. There are disease-specific plans, critical illness plans, hospital cash plans and senior citizen plans which are few examples of innovations in the health insurance sector.
Senior citizen plans have gotten impetus because of the segment these plans cover – senior citizens. While normal health insurance plans exclude older individuals from taking the plan, specific health insurance plans for senior citizens help older individuals to avail health insurance coverage for themselves.
Features of senior citizen health plans
Senior citizen plans have some common features which are as follows:
The coverage amount is restricted
Though health insurance for senior citizens provides health coverage to older citizens, the Sum Insured allowed under the plans is limited in nature. Usually, these plans provide coverage up to a maximum amount of Rs.5 lakhs. So, if you are a senior citizen and looking for a high coverage amount you cannot avail it under a health insurance policy for senior citizens. You should compare insurance policies on the coverage amount offered.
Every senior citizen health insurance plan has a co-pay clause under the plan. According to this clause, for every instance of claim, you would have to pay a specified portion of the claim from your own pockets and the plan would then pay the rest. For instance, if the plan has a co-pay of 20%, 20% of each claim would be borne by you and the rest 80% by the insurance company.
Senior citizen health plans, usually, have sub-limits on their coverage features. The room rent, cost of specific surgeries, etc. have sub-limits which are expressed as a percentage of the Sum Insured chosen. The most common instance of sub-limit can be found on cataract treatments. Compare insurance policies to find the respective sub-limits.
Premiums, though a tad bit high, are affordable. Since coverage is limited, the insurance quote not very high under these plans. As such, older individuals who have a limited source of income can easily afford a health insurance policy for senior citizens.
Senior citizen health plans are available for individuals aged 60 years and above. However, there are some plans which have a minimum entry age of 50 years. As far as maximum maturity age is concerned, there is none. You can renew health insurance for senior citizens, lifelong. This is a good feature of the plan as it not only covers older individuals, renewability is also allowed lifelong.
Pre-acceptance medical tests
Since senior citizens are being covered under these plans, the insurance company usually insists on pre-policy health check-ups. These health check-ups should be undertaken by the insured and based on the reports of such tests, the plan is issued. The cost of medical check-ups is either borne completely by the health insurance company or partly by the company and partly by the policyholder.
Importance of senior citizen health insurance plans
Senior citizen health insurance plans are very important when coverage of older people is considered. Since senior citizens need frequent medical assistance and such assistance costs dearly, a senior citizen health plan becomes important.
So, if you are a senior citizen and buy a health plan for yourself or you want a plan for your parents choose and renew health insurance plans for senior citizens and enjoy coverage lifelong. To find the best insurance policy, look at the coverage features and insurance quote. The best insurance policy would be the one which has the best of both.