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Health Insurance Policy is now one among the list of essentials for humans, especially for senior citizens! Senior citizens are more prone to diseases, and they do have medical expenses, sometimes also hospital expenses.
Retirement days for senior citizens become easy when are ensured by a health insurance policy. A health insurance plan allows senior citizens to go ahead with the required treatment without worrying about savings and financial security.
The big challenge in all this is, buying the most effective health insurance policy!
There are a number of companies in the market offering health insurance plans with different features and benefits, picking up one for senior citizen become a tricky situation. However, if you look at some key points, and analyze the health insurance plans as per them, it can help you pick up the most effective health insurance plan for senior citizens.
Key Points To Consider…
Below are the key points listed that you must consider while buying a health insurance policy for senior citizens:
Age Cap- Many policies have an entry cap of 60-75 years. Extensive coverage with an increased entry cap is ideal for senior citizens as it provides financial aid for a longer period. Several health insurance providers offer policies that do not have any entry age limit.
While entry age is an aspect to consider, you must also consider the renewal age for the policy as many health insurance policies for senior citizens do not allow renewal after 80 years.
Network Hospitals- Always choose a health insurance policy that can be accepted at a wide network of hospitals.
Make sure you always check the list of network hospitals before buying a plan for the elderly. The more hospitals in the network, the more likely there will be one in your vicinity, which would be a major support for you during medical emergencies.
Coverage for Diseases: Since senior citizens suffer from different kinds of ailments, consider a policy that provides you with adequate coverage against most diseases.
Opting for a health insurance policy with comprehensive coverage against a variety of diseases will prevent inconvenience at the time of medical emergency.
Existing Health Issues: If the elderly in your family has an existing health issue, look for a policy that provides coverage for the same. Do not forget to check along the waiting period associated with the disease.
Go for a policy that has the shortest waiting period for the existing disease, as chances of being hospitalized due to the same could be higher. It must be noted that pre-existing conditions must always be declared while buying the health insurance policy.
Claim Process: A simpler claim process leads to faster claim settlement. When it comes to the selection of a health insurance policy for the elderly, this is an important factor to consider.
So, make sure you check the claim settlement process for the policy you purchase for the elderly in your family and make their health insurance claim experience smooth and hassle-free.
You can contact your insurer or can visit Ashutosh Securities Pvt. Ltd. for any further assistance in mutual fund investment. Keep reading our article and stay updated with the latest news about Health Insurance and Life Insurance!
For any kind of query, you can contact us at Shri Ashutosh Securities Pvt Ltd., we are here to help you in any way possible.
Happy Investing!
(Mutual Fund investments are subject to market risk Illustrations are for example only, there is no guarantee of returns. Past performance is not an indicator/guarantee to future returns).