With rising medical costs, it is becoming increasingly difficult for salaried people in India to make both ends meet. The scenario for elderly people is even worse as they are more prone to frequent illness and more often than not the nature of their illness is serious and thus triggers huge medical expenses. Therefore, senior citizens in India are in sheer need of a medical cover and of late many health covers have come into existence that are solely designed for them.
If you have elderly parents at home, you should avail senior citizen health plans for them. You can not only remain financially protected against high cost of treatment but you can also save tax of over Rs. 10,000. Hence you should start finding a suitable health cover for your parents now. Here is what you should look for while searching for the best senior citizen policy in India.
Look For Plans With Lifetime Renewal Option
Many health insurance plans for senior citizens cease to offer coverage after a certain age. However, chance of falling sick increases as the age advances so you should look for a policy that comes with lifetime renewal option. These health covers will protect your parents financially in time of medical emergencies throughout their lives.
Search For Health Policies That Don’t Require Medical Tests
Usually, people over 45 years of age have to undergo medical tests to avail health insurance plans in India. However, there are some policies that don’t ask for such tests up to 69 years of age of the applicants. You should look to grab one of these health policies for your parents. In case you live in a different city or country due to your professional commitments and cannot take your parents for medical tests, your parents might find it difficult to manage everything on their own. By availing such a plan you or your parents don’t have to face the ordeal of going through medical tests.
Waiting Period For Pre-Existing Conditions
Most senior citizen health policies impose long waiting period to cover pre-existing ailments. You need to find out plans with minimum restrictions. Some plans cover pre-existing diseases for an increased premium while some other policies cover them only up to a percentage of the entire sum insured amount. You can compare these plans and select any of them if you find it beneficial and cost-effective.
Check Out The List Of Exclusions
Typically, the list of exclusions of a senior citizen policy is longer than that of a regular health policy. However, you still have to be on the lookout for a plan that excludes minimum number of diseases so that majority of your parents’ health risks will be covered.
Select The Right Coverage & Compare Premiums
The treatment cost is usually higher for a senior citizen as the nature of ailments is more serious and complicated. Therefore you shouldn’t compromise on the coverage amount and opt for a substantial amount so that you can rest assured that the entire medical cost will be taken care of. You also have to keep in mind that with each passing year, medical expenses will continue to rise. So, you should go for that amount that you consider enough to cover your parents’ medical needs now and in coming years.
Once you determine the coverage amount, you have to compare senior citizen health plans in terms of premiums. Usually, the premium is higher for a health cover for senior citizens and the higher your chosen sum insured amount, the higher will be the premium as well. By comparing you can trace out the plan with lowest premium for the coverage you seek.
If you check these aspects out you can surely get a cost-effective and quality health insurance policy for your senior citizen parents.