A health insurance plan, important as it is for the young adult to middle aged individuals, becomes even more important for people as they grow older and achieve senior citizen status. Many systemic conditions like diabetes, high blood pressure and other skeletal diseases like arthritis are more prevalent in persons aged 60 years and above. Senior citizens are also people who have mostly retired and thus, from a financial point of view, a good health insurance plan can save them from worrying about medical expenses.
However, it is to be noted that there are vast differences in premiums, sums insured, diseases covered and even eligibility in health insurance plans for senior citizens as compared to regular health insurance policies. Given below are some key aspects of health insurance plans for senior citizens that one must consider carefully before signing up for them.
Age
The entry age of an insurance policy refers to the age upto which a person is eligible to be granted a health insurance policy. It is one of the most important factors when considering a health insurance plan. Health insurance for senior citizens have entry ages ranging from 60-80 years, with some insurance providers also allowing an age of more than 80 years. It is also expected that the higher the entry age, the more will be the premium to be paid.
Insured amount
As older persons are more likely to develop illnesses, they will require higher medical expenses. So, it is important to choose a health insurance policy that provides greater coverage. Do note, however, that for senior citizens, insurance premiums can be very high if the sum insured is higher.
Coverage
A good senior citizen health insurance plan is one that covers a wide range of illnesses, which also include critical illnesses. So do not settle for insurance plans that have limited illnesses covered. Go for a plan that can be used for a majority of expected illness common in old age.
Support for pre-existing medical conditions
Some health insurance plans do not cover the expenses of any illnesses that were present at the time of signing the health insurance policy, at least not immediately. Depending on the terms of the insurance policy, there may be a waiting period for pre-existing medical conditions. So, choose a health insurance policy that has good support for existing medical conditions since critical illnesses or hospitalization are most likely to occur as a result of existing conditions themselves.
Premium amount
It is commonly known that higher premiums are charged for health insurance of senior citizens. So, it is advisable to factor in the pros and cons of paying a high premium in exchange for health coverage. A medical test is done, and the premium is calculated based on the results. Senior citizens that are relatively healthier with no existing conditions are likely to pay lower premiums and higher insured sums.
Conclusion
Thus, apart from life insurance, a good health insurance for senior citizens is of utmost importance for people older than 60 years of age. A careful understanding of the terms of the policy document is vital to form the right expectations and not get any unwanted surprises when the time comes to claim the policy. With the right health insurance, senior citizens can live their retirement days in peace and not worry about medical expenses.
