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How to choose the best health insurance plan for senior citizens?

How to choose the best health insurance plan for senior citizens?

With the rising healthcare costs in the country, purchasing an all-inclusive health insurance policy has become mandatory to afford quality treatment. Moreover, individuals become more prone to certain illnesses and health-related conditions with age, which may result in piling medical bills.

To address this issue, various reputed insurance providers extend health insurance plans for senior citizens in India that cover the costs of medical treatment to individuals above 60 years.

Why is health insurance for senior citizens in India essential?

With increasing treatment costs, it can get difficult for the elderly to handle medical expenses without sufficient health insurance coverage. For senior citizens, purchasing a policy once they are above 60 years of age means having a dearth of plans and at higher premiums. To tide over such challenges, Bajaj Finance Limited offers some of the best senior citizen mediclaim policies in partnership with some of the leading names from the industry. These policies allow senior citizens to protect their financial interests and help them stay financially sound during such emergencies. Moreover, these insurance policies encompass pre-existing disease, hospitalisation expenses, pre-medical screening, critical illness, and more.

Leading insurance companies providing health insurance plans for senior citizens in India have a list of network hospitals for cashless treatment, offering a huge advantage for the policyholders.

Here are some of the prominent reasons for choosing a medical insurance plan for senior citizens:

• To meet rising medical costs

With the rising cost of hospitalisation and medical treatment, purchasing the best-suited mediclaim for senior citizens in India becomes essential for obtaining the best health care services without draining their savings.

• Critical illness cover

With increasing age, the risk of contracting critical diseases also rises. Hence, buying a health insurance policy for senior citizens above 60 years is wise. These insurance policies offer financial coverage for critical illnesses as part of their policy or as an additional cover.

• Annual health check-up facilities

Health insurance policy for 70 years old or other senior citizens comes with free annual health check-ups. As policyholders of this age need frequent health check-ups, this benefit will minimise their expenses. However, some insurance plans may extend this advantage only after two or three claim-free years.

Therefore, one should not forget to purchase the mediclaim for senior citizens, even if their parents are covered under a group health insurance plan. It may not sufficiently cover the health risks of the whole family, including parents.

How much sum insured one should have?

The sum insured is the maximum amount that an insurance company will pay to cover treatment expenses. So, if individuals are searching for ‘how much health insurance do I need’ or ‘how much sum insured one should have’, they should realise that what might seem sufficient today may not suffice tomorrow.

Hence, it is essential to carefully assess one’s medical requirements before choosing health insurance policies for senior citizens. Although such policies can help cover essential medical expenses such as planned hospitalisation, medical emergencies, etc., it is necessary to check its overall benefits and the add-on options to extend a policy's coverage before buying one.

Now, if individuals think, ‘how much health insurance do I need in India’, they can choose the sum insured based on a comparison between their requirements and affordability.

How to choose the best health insurance plan for senior citizens?

The mediclaim policy for senior citizens extends substantial health insurance coverage to elderly people prone to illnesses and may require necessary treatment.

In this regard, one can look at the cheap health insurance for senior citizens offered by reputed insurance corporate partners like Bajaj Finance Limited.

To know how to choose health insurance in India, individuals must follow these factors mentioned below:

• Cashless hospitals

Every health insurance plan has an extensive network of hospitals to obtain cashless treatment facilities. Before purchasing a health insurance plan, one must check the list of network hospitals. This will allow individuals to know the ‘go to’ hospitals in case of a medical emergency.

• No claim bonus facility

Almost all insurance companies provide no claim bonus facility if policyholders do not initiate any reimbursement claim in a policy year. In such cases, a policy's premium decreases, leading to substantial savings.

• Co-payment advantage

Several senior citizen health insurance policies come with a co-payment clause where the policyholder pays a certain portion of the claim amount while the insurance company pays the remaining portion. Hence, one must choose a plan that offers such advantages to lower their premium.

With the tips mentioned above and details regarding the health insurance plans for senior citizens in India, one can find an ideal policy to suit their requirements.

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