For most people, growing old means facing more health problems. Apart from the impact on your physical and mental health, this can damage your financial health significantly. Managing the medical costs at an older age when you have a limited source of income can be immensely stressful. Hence, it is best to invest in a financial instrument such as medical policies for senior citizens to avoid such a situation.
Mediclaim policies for senior citizens can relieve the financial burden caused by recurrent medical bills. These insurance policies are tailored to the needs of the elderly and cover their medical expenses.
It is important to know what features are available in a mediclaim policy so you can make the right purchase decision.
Here is the list of features that you should look for in mediclaim policies for senior citizens:
The insurer provides in-patient hospitalisation coverage for medical expenses incurred by the policyholder after they have been admitted to the hospital for more than 24 hours. It should cover all hospital costs, including doctor and specialist fees, nurse fees and medication costs.
Insurance providers offer a lifetime renewal option for mediclaim policies for senior citizens. This is one of the best features since it allows individuals to remain covered under the policy without any age restrictions.
Cashless Claim Facility
When a policyholder chooses a cashless claim option, the insurance company will cover the majority of the hospitalisation costs. If a senior citizen or their family members are admitted to a network hospital and use a cashless claim, they will not have to worry about organizing finances to receive treatment.
Make sure you choose an insurance provider with a wide network of hospitals such as Care Insurance. They have 16500+health care providers serve cashless medical services across the globe.
Look for a policy that provides substantial coverage including costs for procedures that do not require hospitalization. There are plans that cover hospitalization charges including the cost of medicines, doctor’s fees, ambulance charges, nurse and more.
Make sure to check if there are any limitations on the day-care hospitalization or post-hospitalization expenses under the mediclaim policy for senior citizens. Other than this, you should also be aware if there is a co-payment clause in the plan. Hence, it is important to read the policy document carefully at the time of purchasing mediclaim policies for senior citizens.
Shorter Waiting Period
It is always in the policyholder’s best interest to choose a health plan with a shorter waiting period.
Policy with Less Sub-Limits
A sub limit is a limit on how much a policyholder can claim for a certain operation or expense. Several senior citizen medical insurance policies have sublimits. In-patient hospitalisation, for example, is covered under some plans, although there are limits on doctor payments.
Coverage for Pre-Existing Illnesses
One or both of your parents may have a pre-existing sickness. So, when purchasing a policy, look for pre-existing sickness terms and conditions, such as whether certain pre-existing illnesses are covered, the waiting period for each of them, co-payment limitations, and so on.
The cost of mediclaim policies for senior citizens can be significantly higher than it is for younger people.
However, when looking for such a policy, do not consider price as the only deciding factor. Instead, go for a policy that offers the best set of benefits for the least amount of premium.
Furthermore, several insurers have begun to accept monthly premium payments as per IRDAI regulations, which alleviates the pressure of making a large payment all at once.
In case you are buying a mediclaim policy for your parents, make sure you choose a reputable insurance provider that can be trusted to take care of their needs when the time comes.