By Mike Lee
Medical inflation is just another addition to the list of problems that keeps getting bigger. As you may know, inflation is the rise in the value of a product or service. Hence, medical inflation is the increase in the average cost of getting medical services. Due to medical inflation, prices for even the simplest medical procedures have been rising over the past few decades. Considering these rising treatment costs, it is essential to have some form of financial protection. It becomes more necessary as you get older and health risks increase. This is where health insurance plans come in handy.
Health insurance plans provide a financial safety net for unexpected medical treatments. Who wouldn’t want to have a backup of their medical needs? You do not have to worry about finances once you have purchased enough health insurance policies. When it comes to aging, the chances of developing health-related disorders increase and the need for medical care increases. Therefore, looking at the various benefits of health insurance, purchasing medical insurance for senior citizens should not be neglected at all. Since there are so many plans to choose from, choosing the right insurance policy can be confusing. When purchasing a health insurance policy for a senior citizen, a comparison of a specific set of factors can be extremely helpful. These factors can include:
- Lifetime renewal option
The most important feature in comparing senior citizen health insurance is looking at the lifetime renewals of your policy. Some insurance companies allow you to renew health insurance policies until a certain age. After this age, there is no option to renew such a policy. When comparing senior citizen health insurance policies, make sure you are looking for a plan with lifetime renewables. *
- Co-payment clause
You will be required to pay out-of-pocket expenses for certain services such as doctor’s visits or prescription drugs as per the co-payment clause of your insurance policy. Since the frequency of these services for a senior citizen is higher than for a young person, more outpatient treatment may be required. Therefore, you should check the co-payment terms at the time of comparing health insurance for senior citizens. On the other hand, this co-payment facility also helps in reducing the premium. So, if you have some contingency funding for medical needs, you may want to consider lowering your policy premium. *
- Coverage for pre-existing diseases
When purchasing health insurance for a senior citizen, pre-existing disease coverage should be compared. A part of ageing is that new illnesses can suddenly appear. At such times, buying a health insurance policy that does not cover these pre-existing diseases can damage the purpose of purchasing it. Therefore, the waiting period can be compared when choosing health insurance plans for senior citizens. Different insurance companies have different waiting periods, usually between 24 and 48 months. It is advisable to opt for a policy with a shorter waiting period for faster policy coverage. *
- Sum insured
Finally, you should consider whether the sum insured on the policy you wish to buy is adequate. When treatment is costly and claimed, inadequate insurance cover can lead to out-of-pocket costs. A periodic evaluation of the estimated treatment costs compared to the sum insured of your senior citizen health insurance will help when you need it and increase policy coverage. That way, you do not have to worry about paying extra for treatment. *
* Standard T&C Apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.
