Deciding upon which health insurance to buy is a crucial decision for everyone, but it is more important for senior citizens of our country. As a person's age increases, healthcare costs increase manifold and paying out of pocket can be hefty and not within the comfort zone of the average Indian. Not having an adequate cover will mean that elderly people will have to spend their entire savings on healthcare, which will mean lesser spend on themselves, friends and families. Therefore, having an adequate health cover is the need of the hour for old age people as it helps to safeguard their health, save money and create a shield of protection
• Healthcare is expensive: Healthcare costs are rising by the day and before you know even a seemingly normal illness might run into thousands or even lakhs at a good hospital. With cashless facility being provided at most hospitals it is easy to avail treatment at a reputed hospital without hurting your pocket by opting for a good health insurance plan.
• Resources are limited: As a senior citizen, the cost of medical expenditure might be more than the paying capacity of many people. As the probability of claim is high at this age, insurance is a good fall back option to have.
• Seniors need more care: Age increases and so does the need for insurance due to fragile health and ailing conditions. It is advisable to buy insurance when you are young, so that the waiting periods are exhausted and you receive no claim bonus as well.
However, while buying health insurance as a senior citizen, you must always remember the following:
• Assess your own requirements: First and foremost, start off by assessing your own requirements. If you have a certain pre-existing illness or you are prone to a critical illness, get your health insurance cover accordingly. If there is any other type of health cover you already have (as part of your child’s family floater plan, as a rider in another insurance policy, etc) calculate your sum assured accordingly.
• Compare: Next, you need to compare available health insurance plans. It is only by comparing that you will be able to locate the best plan at the best rate. So, do not make the mistake of buying a senior citizen health insurance plan without running an online comparison first. While making the comparison, make sure that you include the add-ons or features you want in the filters.
• Check the expenses: Find a plan that is both comprehensive as well as economical and stay covered in a wholesome manner. But do not compromise by opting for a cheaper plan having lesser features or inadequate coverage with lower sum assured as the ultimate objective of insurance is to stay protected.
• Lifelong renewability: As a matter of fact, some health insurance providers decide to terminate your health insurance cover after you reach a certain age. Try not to buy a plan that has such a clause. Rather, look for a health plan with a lifelong renewability feature and keep your health secured forever.
• Cover for your spouse: If you have a dependent spouse and children, opt for a plan that covers both.
There are some very good covers available, explore senior citizen health insurance plans and find the most appropriate cover for yourself.
Health is of paramount importance. It is the first thing which we should insure among a list of things. Only a healthy body can live a successful and happy life.The writer is CEO of RenewBuy.com.