Health Insurance: Important factors to consider when buying a plan for senior citizens

Health insurance is an essential thing to have. With the rising costs of healthcare across the world, this insurance offers financial protection in case of any medical expenses or serious illnesses. As a person ages, health insurance becomes even more crucial. For senior citizens, choosing a health insurance plan can be a cumbersome process. They have to keep some important factors in mind when buying a health plan. This includes the coverage for in-patient hospitalisation and the premiums.

Here are the important factors to consider when buying a health plan for senior citizens.

Terms and conditions about pre-existing illnesses: Many health insurance policies have conditions on pre-existing illnesses that will be considered under their scheme. Insurers may charge higher premiums or refuse the policy on this basis. It is important to read the terms and conditions about which pre-existing illnesses will be covered before opting for a health plan.

Coverage for in-patient hospitalisation:  Most health plans offer financial help when the policyholder has been admitted to the hospital for over 24 hours. For senior citizens, there may be added limits on doctor fees and other expenses. Since the number of hospital stays could be more for a senior citizen, it is important to opt for a mediclaim plan with maximum in-patient hospitalisation coverage.

Post-hospitalisation expense limit: This refer to any expenses incurred by the claimant after their stay in the hospital, which can be attributed to the illness or injury for which they were admitted.  Typically, these expenses have an eligibility period of 60 -90 days. For senior citizens, many insurers may limit the criteria and amount available for post-hospitalisation expenses.

Premiums and deductibles: Health insurance premiums are normally higher for senior citizens. Another thing to consider is deductibles or money paid by the policyholder before the insurer provides the money. Elderly citizens must look at their budget and see if the premiums and out-of-pocket expenses are feasible

Co-payment and sub-limits:  Sub-limit means the maximum amount a policyholder is entitled to for a particular procedure. Co-payment refers to the money a person has to pay for a share of the claim from their own budget. Health plans may offer different co-payment and sub-limits for senior citizens compared to others. One should opt for the insurance that offers minimum co-payment and sub-limits.