Quick Tips to Buy Health Insurance for Senior Citizens
Life expectancy of a person has grown significantly over the last few decades. This tremendous chance is due to improved medical services and hospitalization facilities. However, these medical advancements to enhance the life expectancy come at a cost; a cost that might not be affordable to everyone. Furthermore, the cost becomes an issue if you have retired from services and living on a pension scheme. So how do you cover such unexpected healthcare expenses?
Senior citizens find it difficult to cover the unexpected medical expenses as they have limited income. For them, a health insurance policy is recommended. However, insurers do not readily offer such plans to senior citizens owing to their uncertain health. To get the right policy when you are above 65 years old, or for your old parents, here are a few tips to buy online health insurance in India:
1. Know the Entry Age
Most of the health insurers are known to offer insurance policy to individuals who lie in the age group of 60 to 80 years. However, certain insurers are known to limit the entry age of availing a policy to 69 years. Be wary about the entry age clause put forth by insurers before buying a policy.
2> Renewal Age
This is defined as the age at which a person can renew an insurance policy. Generally, insurers fix this age limit at or around 90 years of age. However, the renewal clauses and age vary from insurer to insurer.
3> Cover for Pre-existing diseases
Whether you are buying a health plan for yourself or your old parents, take a note of the clauses for pre-existing diseases. Insurers do not offer direct reimbursement for pre-existing diseases; there is a waiting period of months or years before you could file a claim for any such disease.
4> Be Aware of the Premium
As the threats associated with life increase with age, health risks increase and the cost of medical treatment rises. Moreover, senior citizens have greater probability of fallen ill and getting hospitalized. Thus insurers are known to charge a higher premium as compared to regular health insurance plans.