Health Insurance for Senior Citizens

When we reach senior age, we need to take care of ourselves more than ever before. This includes protecting our health with the right health insurance. In this article, we will discuss the different types of health insurance available for senior citizens and how to choose the right one to fit your needs.

What is Health Insurance for Senior Citizens?

Health insurance for senior citizens is a type of insurance policy that provides coverage for medical expenses, treatment, and hospitalization costs of individuals aged 60 or above. The policies are designed to cater to the specific needs of senior citizens, as they are more likely to require medical attention and specialized care due to aging-related health issues.

There are two types of health insurance policies available for the senior citizens: Indemnity Based Policy and Defined Benefits Policy. Indemnity Based Policy refers to the policy which reimburses the actual amount of medical expense incurred by the policyholder, whereas Defined Benefits Policy refers to the policy which offers fixed payouts for predetermined ailments.

Indemnity Based Policy

An Indemnity based policy provides the policyholder with the freedom to choose the hospital or medical facility of their choice. The policy, however, requires the policy holder to bear the expenses at the time of treatment and then get reimbursed later. The benefits of an indemnity policy include:

• Flexibility to choose a hospital based on your preference
• No restriction on the amount of medical expense incurred
• No capping on room rent, ICU charges, doctor’s fee, etc.

The downside of an Indemnity based policy is that it can be more expensive than a Defined Benefit policy. The premiums are higher, but the policyholder has more control over their healthcare expenses.

Defined Benefits Policy

A Defined Benefit policy, on the other hand, provides fixed payouts for predetermined ailments. This type of policy is less expensive than an Indemnity-based policy. The benefits of a Defined Benefits policy include:

• Fixed benefits for specific medical conditions, regardless of the actual expenses incurred
• Lower premiums than Indemnity based policy

The downside of a Defined Benefits policy is that the policyholder may not have the freedom to choose the hospital or medical facility of their choice. Additionally, if the policyholder’s expenses exceed the defined benefits, they will have to pay the additional expenses out of their pocket.

How to Choose the Right Health Insurance Policy for Senior Citizens

Choosing the right health insurance policy for senior citizens can be a daunting task. Here are some factors you should consider when selecting the right policy:

Medical History and Pre-existing Conditions

When selecting a health insurance policy for senior citizens, you should consider their medical history and pre-existing conditions. Some policies may not cover pre-existing conditions or may have a waiting period before they cover them. Ensure that you choose a policy that covers pre-existing conditions with minimum waiting period and has provisions to cover additional ailments.

Coverage Amount

The coverage amount is an important factor when selecting a health insurance policy. Ensure that the coverage amount is sufficient to cover the medical expenses of senior citizens. Consider the policy that offers a high sum assured, as it will help the policyholder in case of a major medical emergency.

Network Hospitals

The policyholder should consider the network hospitals before choosing a policy. Ensure that the policy covers the network hospitals that are close to the policyholder’s residence. The policyholder should also check if the policy allows cashless hospitalization in the network hospitals.

Premiums

Premiums are an important consideration when selecting a health insurance policy. Ensure that the policy premiums are affordable and fit into the policyholder’s budget. Compare the premiums of different policies and choose the one that offers the best value for money.

Frequently Asked Questions (FAQ)

1. What is the ideal age to start a health insurance policy?

It is advisable to start a health insurance policy at an early age when the premiums are lower and the policyholder has fewer pre-existing conditions. However, a policy can be purchased at any age, and senior citizens should get one as soon as possible to protect themselves from medical expenses.

2. Can a health insurance policy for senior citizens be renewed?

Yes, most health insurance policies for senior citizens can be renewed. It is recommended to renew the policy on time to avoid any lapse in coverage.

3. Can the policyholder switch to a different health insurance policy?

Yes, the policyholder can switch to a different health insurance policy if they are not satisfied with the current policy. However, ensure that you consider the waiting period and pre-existing conditions clauses before switching the policy.

4. How does cashless hospitalization work?

Cashless hospitalization means that the policyholder can avail of medical treatment at any of the network hospitals without paying cash. Instead, the insurance company directly settles the bills with the hospital.

5. Do health insurance policies cover pre-existing conditions?

Most health insurance policies cover pre-existing conditions after a waiting period of 2-4 years. However, some policies may not cover pre-existing conditions or may have a longer waiting period. Ensure that you check the pre-existing conditions clause before purchasing the policy.

Conclusion

Choosing the right health insurance policy for senior citizens is essential to ensure that they receive the best healthcare possible. Consider the factors mentioned above and choose a policy that provides the best value for money. Remember to renew the policy on time to avoid any lapse in coverage.