If there is one thing that is inevitable in life, it is the process of aging. Every person will eventually experience wrinkles and deteriorating health. No matter how natural it all is, as children, we never want our parents to go through it all. However, we don’t have much say in the matter. All we can do though is make sure that our parents are taken care of in the best way possible. And the simplest way to ensure that is to invest in a health insurance policy for your parents.
As you know, with age come various health complications. And the cost of medical care is substantially higher when the patient is a senior citizen. This is where a senior citizen health insurance policy comes to your parents’ aid. Instead of having to burn through their life’s savings or your salary, their medical issues can be resolved using the coverage offered by senior citizen health insurance plans.
Now that we have managed to convince you to seriously consider looking into a health insurance policy for your parents, you will be delighted to know that there are a plethora of Mediclaim policies for senior citizens you can choose from. However, choosing one can prove to be a daunting task, especially if you are new to it all. This is where we come to your rescue. Mentioned below are a few things you should consider while choosing the best health policy for senior citizen.
Age is an important factor when it comes to choosing a health insurance plan for senior citizens. The best insurance policy for senior citizens in India is the one that allows entry at any age, offers the longest tenure coverage and causes no obstacles when it is time for renewal.
- Sum assured
With age, medical emergencies may become frequent as well as expensive. In such a scenario, it is always better to opt for a policy with a higher sum assured.
The senior citizen medical insurance plans you choose should cover a broad spectrum of illnesses, especially critical illnesses.
- Waiting period
When there are pre-existing illnesses at the time of policy purchase, senior citizens have to accept a waiting period. Only after the waiting period is completed, does the insurance plan activate. While this is normal procedure, you should make it a point to choose an insurance policy with the shortest waiting period.
- Co-payment clause
Most policies require the insured to pay a certain percentage of the coverage to the insurer at the time of claim settlement. Make sure you pick a policy with a reasonable co-payment clause.
- Broad hospital network
No senior citizen should be deprived of medical care because the insurance company does not have a tie-up with the hospitals in the vicinity. Choose an insurance company with a broad hospital network.
Choosing a good health insurance policy for your parents will allow them to live a stress-free life. Make sure you speak to an expert before coming to a decision. And while you are looking for a health insurance policy for senior citizens, compare term insurance plans for yourself as well.