Some years ago, getting a senior citizen health insurance policy was quite a challenge. However, nowadays, senior citizens over the age of 60 years can be at ease, as health insurance options for this age category have widened over the years. The way to go about choosing the right health insurance plan for you, whether you opt for a Bajaj Allianz Health Insurance policy or any other, is to select one after doing due diligence research. The insurance plan must match your requirements so you get optimal benefits.
New Advantages for Seniors
In the process of choosing any product or service, especially a finance-related product or service like health insurance, you have to weigh your options. A short while back, very few insurers were willing to offer health coverage to seniors. The story is quite different now. As rising costs of medical treatment and diagnostics have had an adverse impact on the health industry, including patients, the need for wider coverage, even for seniors, has led to high demand.
As the elderly are more vulnerable than the younger population, there is a demand for health coverage from this age category. Hence, health insurance companies extend their offerings to meet this demand. For instance, Bajaj Allianz Health Insurance policy has an entry age of 18-65 years, giving senior citizens the access for medical coverage. Therefore, the first thing you must do is go through various plans so you can compare coverage areas and premiums.
Consider Pre-Existing Conditions
Applying for a health insurance policy in previous times entailed that applicants met certain eligibility criteria. Primarily, besides the age at which an applicant had to apply, was the condition that there were no comorbidities involved. Comorbidities are existing conditions/chronic diseases that an individual may have. Regarding individuals who are senior citizens, over the age of 60 years, the majority of this group are afflicted by pre-existing ailments. Nonetheless, some insurers also have plans that cater to such ailments’ expense coverage and offer suitable plans accordingly. While comparing insurance plans, it’s a good idea to choose one that covers common comorbidities like hypertension (high blood pressure) and diabetes. These kinds of policies may have a clause that includes a waiting period but is worth consideration.
Look for Restrictions
Senior citizens are offered a plethora of specific health schemes, with coverage conditions and terms. Nonetheless, certain plans may have limitations attached, so it is vital to read what a senior citizen health insurance plan includes in its terms and conditions. Also, it is important to read about what a plan excludes. Based on this knowledge, a choice may be made depending on what coverage is offered. Some exclusions in health coverage for senior citizens may take the form of a cap on sums that are assured by policies, lengthy waiting periods, pre-existing illness conditions, etc. For instance, some senior citizen plans may have different waiting periods linked to certain illnesses.
Premiums and Plans
Seniors may be on a tight budget, given that they are in the phase of retirement, so premiums matter too. Health plans that cover more may have high premiums. So choose according to your needs and your financial situation.
Assess Risk
Several senior citizens may already hold plans which might not give adequate coverage given the rising healthcare costs. Furthermore, a plan may have been opted for without considering a new chronic condition that may have developed later, after the plan in question was chosen. Whatever the case may be and whichever plan may be chosen, it is important to assess risks concerning conditions and match plans accordingly.
Co-Payment, or Not?
Insurers, in order to attract the bulk of senior citizens and broaden customer bases, may offer plans with low premiums. However, terms and conditions must be read carefully before finalising on a health insurance scheme. Many plans attract seniors, but may come with riders of co-payment. In other words, senior citizens may end up paying low premiums, but might have to pay for part of their treatment should any health requirement come up. A co-payment clause means that each time a claim is made, the policyholder has to pay a portion of the cost of healthcare.
Health Plans from Bajaj Allianz General Insurance
While getting senior citizen health insurance may be profitable, it is always recommended that you get your health insurance early on. While choosing health insurance, it’s a good bet to browse among the plans you get at Finserv MARKETS, one of which is the Bajaj Allianz Health Insurance policy, which can let you be worry-free.
