Health problems are part of life and nothing is certain as it can strike anyone at anytime. However as person ages, possibilities of health problems also increase. And with rising medical treatment cost, it has become very essential for an individual to buy health insurance for the whole family especially when parents or seniors are part of it. However, when an individual wants to purchase a policy for his/her parents then lot of terms and conditions come into play. This is because, profit margins of insurers takes a hit when it comes to claim settlement. And since senior citizens are more likely to get health problem due to age and for insurance companies this is loss making. On the other hand, it is difficult to bear the cost if senior person has no income source, so dependency increases.
Considering this, companies have come up with specialized insurance plans for parents with age greater than 60, which of course are expensive due to the above mentioned reason. Check out cheapest heart surgery in world offered in India.
So what are the various terms and conditions set by insurance companies for elderly people?
- Coverage of pre-existing diseases is after certain years only. This means that, if someone suffering from any disease buys a policy today and gets hospitalized next month then insurance company will not reimburse.
- Pre-existing diseases are covered minimum 1 year after.
- Pre-medical tests are mandatory to uncover pre-existing disease.
- Certain pre-existing ailments are covered only after paying additional premium.
- Cover is provided upto a certain age only. i.e. somone with an age of 80+ years will not get claim even if they’ve got cover.
- Annual premium is high. Read where you can get low cost medicines in India.
Things to keep in mind before buying medical insurance for senior citizens:
- Never hide health problems while giving details during buying of policy. In case of any fault, your policy will be cancelled moreover the premiums you have paid over years is also gone.
- Verify till what age, cover will be provided. And even if there is a maximum age limit, opt for a plan which guarantees renewal.
- Check out the list of exclusions. This is the most important point.
- Don’t rely on group insurance even if they cover parents. This is because, if you lose your job then the group policy gets terminated. And buying a policy will result in higher premiums.
- Amongst all the illnesses critical problems related to heart, kidney, liver and others are most expensive to treat. So while buying check all the terms with regards to critical illnesses.
- Check whether health check-up is arranged or not.
- Daily hospitalization cost is covered or not.
- Check for claim settlement history of the insurer. This will give fair idea on reputation of the company.
- Check how fast claims are settled and also on ambulance charges.
- Check whether doctors, surgeons, anesthetists are covered or not.
- There are many medical tests/procedures are carried out after hospitalization which costs high depending on the hospital. If your provider covers these charges, then it’s an added benefit.
Which insurance companies offer health insurance especially for seniors?
Here is a list of companies offering insurance for seniors along with the name of the plan:
- Apollo Munich – Optima Senior
- Apollo Munich – Easy Health Plan
- Religare – Senior Citizen Insurance
- New India Assurance – Senior Citizen Mediclaim Policy
- Bajaj Allianz – Silver Health Plan for Senior Citizens
- National Insurance Company – Varishtha Mediclaim for Senior Citizens
- ICICI Lombard – iHealth Plan
- Star Health – Senior Citizen’s Red Carpet
- Max Bupa – Heart Beat Silver
- United India – Senior Citizen Insurance
Buying health insurance for seniors is very essential in order to avoid financial trouble and choosing the best plan too needs special consideration.