Growing old is an inevitable process and sometimes a crippling process too. The less stress we get during those times, the peaceful we live. The healthcare prices of the country have continued to rise and become expensive for the lakhs of Indian middle-class families.
The cost of healthcare, particularly in private hospitals, is on the higher side for many families. And the lack of awareness about health insurance plan increases the burden on the pockets of many.
The bills are usually paid by the family savings and not by the cash-free feature provided by the insurance companies. We will give an overview of the things that one should consider before buying health insurance for senior citizens and why there is a need for health insurance, especially in a country like India.
Factors To Consider
Pre-Existing Diseases
Usually, this factor comes after the policy has been continued for more than two years. Some diseases are mentioned in the policy. Therefore, it is advisable to check the form thoroughly before filling as the senior citizen has more chances of having pre-existing conditions than a younger policyholder.
If you miss out on any pre-existing disease, then the probability of the settlement claims falls drastically, and you may have to cover the expenses from your pocket.
Waiting Period
Do check out the waiting period mentioned in the health insurance policy for senior citizens. There are many diseases for which the waiting period is applicable. For instance, Covid-19 health insurance packages have a waiting period of 15 days. After getting the health insurance policy the policyholder catches the virus within 15 days, the insurer won’t settle the claim.
Hospital Network
It is essential to look for an insurer who has a better hospital network so that your parents won’t have to travel much for any medical requirements. Also, check that the health insurer has a tie-up for a cashless facility with the nearest hospital. Have a look at the Bajaj Finserv websiteto choose from the best insurance providers.
Premiums
Another important consideration is the premium while buying the insurance policy for senior citizens. The insurance companies usually charge higher for senior citizens as they are at a higher risk.
The premiums for senior citizens’ health insurance depend on various factors such as family history, lifestyle, etc. One should always compare the premiums against the coverage offered by the insurer.
Post Hospitalization Expense
Post-hospitalization Expense is another factor that you can look for while applying for health insurance for senior citizens. Many insurers cover the expenses of the policyholder even after they are discharged from the hospital. The vital thing to look for here is the time frame, which is generally 60-90 days.
Sum Assured
Sum assured is the total sum that the insurer assures to give out when the person is being hospitalized. The higher the sum assured, the higher is the premium. It would be to always go according to your budget and never overdo it.
These are the factors that a potential policyholder should keep in check and research well on these subject lines before opting for any insurance policy for senior citizens. You may find just the right health insurance policy on the Bajaj Finserv website.
The Need For Senior Citizens Health Insurance
The first and foremost need for health insurance is caused due to rising healthcare rates, and the insurance policy provides a cover for the increasing rates. The financial stress-taking capacity reduces at a certain age, so it is better to stay away from such stress and have peaceful cashless treatments.
Conclusion
Buying health insurance looks like a tedious task. Still, it becomes more accessible when the points mentioned above are kept in mind, and the premiums are compared carefully along with the coverage offered by the insurers. While scoping for a new health policy, do not always go for the cheapest one but provides more benefits.
