Buying health insurance for senior citizens? Consider these important factors first
As one’s parents age, the hospital visits and ailments increase. In the backdrop of such a landscape, the best decision one can make for one's elderly parents and grandparents is to purchase a health insurance policy for them.
Health insurance is necessary now – not only for oneself but for the entire family, especially for elderly parents and grandparents. There has been a constant rise in medical costs, and with the ongoing worldwide pandemic, it is evident that your savings might not always be sufficient to meet your medical expenses adequately.
Shreeraj Deshpande, Chief Operating Officer, Future Generali India Insurance, says, “As one’s parents age, the hospital visits and ailments increase. In the backdrop of such a landscape, the best decision you can make for your elderly parents and grandparents is to purchase a health insurance policy for them.”
He further adds, “This will ensure that their medical costs are adequately covered, and they can live a financially stress-free life.”
At the same time, there are a few things that you must consider before buying a health insurance policy for senior citizens in your family.
It is vital to check the waiting period of the chosen policy. As the hospitalization needs of senior citizens are generally more imminent, it is advisable to opt for a health insurance policy with a minimum waiting period.
Examine the exclusions and sub-limits- Always opt for a policy that has no or minimum exclusion.
Deshpande says, “Read the policy documents carefully to understand the exclusions from the policy since many senior citizen health policies come with sub-limits and co-payment.” Additionally, understand the procedures and treatments that have sub-limit or co-payment clauses.
Choosing the right health insurance policy for senior citizens can be tricky; check the terms and conditions regarding pre-existing illnesses – For instance, whether certain pre-existing illnesses or treatments are covered in the policy or not, the waiting period of each co-payment clause, etc.
Medical cost of surgery / treatments of aged individuals are usually high. Hence, to bridge that disparity in costs, look for high sum insurance value.
Deshpande adds, “One should compare various plans and premiums from multiple insurers and opt for an ideal plan for their parents and grandparents.”
Avail tax benefits – You can also get an exemption of up to Rs 50,000 for the premium paid for senior citizen insurance policies under Section 80D of the Income Tax Act 1961.