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Comparing Various Senior Citizen Plans — What You Should Look For?

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The cost of healthcare facilities has gone up considerably. While affording them became a challenge, thankfully, the insurance sector grew by leaps and bounds, offering a way to deal with medical inflation. Today, customers have many options, and sometimes, the choices can confuse them. For instance, choosing the right senior citizen health insurance plan can be overwhelming for many. But worry not; there are a few factors you should consider when buying one. By making a well-informed decision, you will be able to pick a senior citizen insurance policy that will suit your needs and budget.

Things to consider when comparing senior citizen plans

Comparing senior citizen health insurance plans is vital, as it will help you pick the plan that offers maximum coverage at affordable premiums and, most importantly, meets your requirements. So, here are factors you must consider while making a comparison –

1. Sum insured:

The sum insured is the maximum amount you can claim during a policy year. With senior citizens at greater risk of contracting infections and diseases, they must buy a policy which offers a high sum insured to cover all their health-related expenses.

2. Comprehensive coverage:

Choose a senior citizen insurance policy that offers comprehensive coverage during your golden years, including hospitalisation, pre- and post-hospitalisation, domiciliary care, daycare treatments, emergency ambulance, and AYUSH treatments.

3. Waiting period for pre-existing conditions:

Most senior citizens suffer from pre-existing conditions like diabetes, hypertension, heart issues, etc., and all health insurance plans, including senior citizen healthcare plans, have a waiting period of up to 3 years to claim the benefits. However, some insurers waive the waiting period with a high premium or reduce the waiting period. While comparing senior citizen health insurance plans, look for an insurer who offers this benefit.

4. Network hospitals:

Insurance providers collaborate with some hospitals, which are called network hospitals of the insurer. If you get treated in any network hospital, you can avail of cashless hospitalisation which saves you from the burden of arranging funds during a medical emergency. So, opt for an insurer with a wide network of hospitals.

5. Co-payment:

Co-payment in health insurance means you have to pay a part of the claim amount while the insurer pays the rest. As the risk is shared, the premium will be lower. When you compare plans, check the co-payment clause of the policy.

6. No Claim Bonus:

Choose a senior citizen health insurance plan with a No Claim Bonus (i.e., NCB) feature. If you don’t make any claims during the policy tenure, you can earn NCB, which is a discount on the premium or increase in the sum insured at no extra cost. The discount can go up to a maximum of 50% after five consecutive claim-free policy years.

7. Policy inclusions and exclusions:

Comparing plans on the basis of policy inclusions and exclusions will help them pick the most suitable plan.

8. Claims process:

When buying senior citizen health insurance, you must check the claims process and claim settlement ratio (CSR) of different insurers. An insurance company with a high claim settlement ratio should be a priority because the CSR speaks volumes about the insurer’s financial health. The higher the ratio, the higher the chances of your claims being settled quickly.

9. Company reputation:

The insurance company you choose must have a good performance record and happy customers. By comparing multiple senior citizen health insurance plans based on reviews and ratings by existing customers, you will be able to find the best one that meets the very purpose of health insurance.

Benefits of Senior Citizen Health Insurance

Senior citizen healthcare plans are designed to provide maximum benefits to people aged 60 and above. Let’s take a look at some key benefits –

• Financial security:

The rising medical costs can easily deplete the savings of senior citizens in times of medical emergencies. A senior citizen health insurance policy will ensure you get the best possible treatment without getting stressed over the hospital bills. You can focus only on recovery instead of worrying about the financial aspects.

• Tax benefits:

Senior citizens are eligible for a tax benefit of up to INR 50,000 under Section 80D of the Income Tax Act.

• Coverage for pre-existing diseases:

Pre-existing conditions are covered after a waiting period of 1-3 years; this can vary from insurer to insurer.

• Coverage for critical illnesses:

Senior citizens are at a greater risk of contracting critical illnesses, like cancer, stroke, and kidney failure, due to their age and weakened immunity. Treatments are expensive, and the best part of most senior citizen healthcare plans is that they cover critical illnesses.

• Preventive health check-ups:

Senior citizen insurance plans offer preventive health check-ups. This will help in diagnosing potential health risks and getting treated in the initial stages.

• Daycare procedures:

Certain procedures, like cataract surgeries, chemotherapy, and dialysis, are daycare treatments as they do not require 24 hours of hospitalisation. This makes it convenient for senior citizens to undergo the procedure and return home the same day.

Conclusion

Senior citizens can take their pick from numerous health insurance plans offered by various insurers. It is also normal to get a little confused as to which plan is best suited for them. The best way forward is to research and compare various senior citizen health insurance plans on the basis of cost, coverage, benefits, network hospitals, inclusions, exclusions, deductibles, and co-payments. Weigh the positive aspects and limitations of the plans, and when you find the right plan, you can visit the insurer’s website when buying senior citizen health insurance online. Opting for online purchase is convenient; it saves time and effort and your policy will get issued with just a few clicks. If you are unsure how to compare various plans before buying, it’s best to consult an insurance expert or agent.

Disclaimer: The above information is for illustrative purposes only. For more details, please refer to the policy wordings and prospectus before concluding the sales.

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