The need for medical insurance, especially for senior citizens is at its peak today since the number of diseases around is increasing day by day. There are numerous reasons behind the rise in these unusual health issues and they include changing atmospheric conditions, irregular diets, diverse lifestyles, and much more.
For the population that is above the age of 60, the chances of falling prey to these multiple Health disorders are higher as with age, the body’s ability to fight viruses causing severe diseases goes down. However, according to the standard health insurance policies, they all come with the limit of age restriction as well as cap cover. For instance, a senior citizen above the age of 65 is eligible for health insurance and the cover limit is only Rs.5 lakhs. This amount is considered to be to meet the living standards of senior citizens in cities like Delhi, Mumbai, Bangalore, etc.
Benefits Of Medical Insurance
Before we jump into the multiple optimal options available for medical insurance for senior citizens, let us discuss the top benefits of having medical insurance for senior citizens around you below.
- The shorter waiting period to cover pre-existing diseases.
- Availability of regular annual health check-ups, easy renewals, reload options, and free premium period.
- You can renew medical insurance for senior citizens throughout your life.
- Almost all the plans for medical insurance for senior citizens allow high entry-level age of 80 years.
Options For Optimal Health Insurance For Senior Citizens
So, what do the senior citizens below the age of 65 do with the limited options available coupled with the numerous age and cap restrictions? Luckily, there are other options available to explore that be effective medical insurance. To know more, always research online and then finalize health insurance for yourself or your parents.
Don’t Fall Prey To Dedicated Insurance Plans
The key difference between a dedicated plan and a normal plan is that the dedicated one is meant specifically for senior citizens. But, getting enticed by the different dedicated insurance plans can be a hoax. This is because some dedicated plans charge a higher premium price and also offer more restrictions for eligibility. On the contrary, some regular plants turn out to be more cost-effective. So, for optimal medical insurance for senior citizens, choosing the normal plans, to begin with, is a good option.
Choose Co-Payment When Possible
One of the major reasons why medical health insurance for senior citizens is not a common phenomenon is the high premium prices that might throw off the senior citizens who want to take health insurance. However, choosing a co-payment option might be an effective alternative to optimize medical insurance for senior citizens. Under co-payment, both customers as well as the insurer benefit. But, keep in mind the liquidity situation and then commit to a co-payment option to enjoy stress-free reduced premium payments.
Skim Through All Plans
Did you know that you can reduce the base cover price by choosing a critical illness rider or independent critical illness cover? Two other alternate options for optimizing medical insurance for senior citizens are by choosing between one of the two. This way, choosing a base plan with critical illnesses can turn out to be cheaper as compared to a solo plan alone. Additionally, for the independent critical illness cover, you get paid the lump sum amount for a disease instead of against the actual bills of treatment.
Overall, to conclude, the need of the hour is proper medical insurance for senior citizens as the certainty of survival is reducing. At present, with multiple advancements in the medical world, and the life expectancy rising to a minimum age of 70 years, having medical insurance for senior citizens like your parents or grandparents is a smart decision. This coupled with the increasing medical costs further pushes the demand for optimal medical insurance for senior citizens around you. Pick the one that offers maximum benefits and charges reduced costs, in comparison to other available medical insurance policies.