When it comes to financial planning for senior citizens, health insurance
can be a crucial factor. With age, the need for immediate medical attention and
healthcare services increases. The right health insurance can prove vital
towards ensuring the well-being of senior citizens and managing their
healthcare costs effectively. Here are some key points to consider before
purchasing health insurance policies for senior citizens:
Coverage and benefits
When selecting health insurance for senior citizens, the first thing to
consider is the comprehensiveness of the coverage. Look for policies that cover
a wide range of medical expenses, including hospitalisation, doctor
consultations, diagnostic tests, medicines, and surgical procedures. You can
also look for a plan that offers comprehensive coverage not just for the senior
citizens in your family but for every family member.
premiums tend to increase with age. It is necessary to find a balance between
comprehensive coverage and affordability. Consider the budget you have
allocated for health insurance and choose a plan that fits your budget. While
senior citizens require comprehensive coverage, you must also consider the
financial aspect of the premium payments. Bajaj Finance Limited offers health
insurance policies through its partners, where you can find affordable health
insurance plans for your family and senior citizens.
Pre-existing conditions and waiting periods
Many senior citizens have pre-existing medical conditions that require
continuous care. Review your health insurance policy's terms on pre-existing
conditions and the associated waiting periods. Some policies may have shorter
waiting periods or even waive them off if you transfer health insurance to another
insurance provider. So, you need to consider pre-existing conditions and
waiting periods when planning to buy health insurance for parents, especially
those above 60 years of age
Renewability and lifetime coverage
You should ideally choose a health insurance policy that offers lifetime renewability. Some insurers may impose age limits on policy renewals, which can be a concern for senior citizens. Lifetime renewability ensures that your loved ones have uninterrupted access to healthcare, even as they age and their medical needs increase.
Network hospitals and cashless facilities
Having access to a
broad network of hospitals with cashless facilities is essential, especially
for senior citizens. It ensures that they can get immediate medical attention
without worrying about the financial aspect. For example, health insurance
companies partnered with Bajaj Finance Limited have a wide network of hospitals
that offer cashless treatment and easy cashless claim settlement process. You
only need to contact the insurance desk at the network hospital, and the rest
will be taken care by the insurance company.
Claim settlement ratio and customer service
Lastly, assess the insurer's claim settlement ratio and
customer service. A high claim settlement ratio reflects the insurer's
reliability in processing and settling claims efficiently. Additionally, the
ease of reaching customer service and their responsiveness are crucial factors
when dealing with health insurance matters.
Choosing the right Mediclaim policy requires careful consideration of their specific needs and circumstances. With the right health insurance plan in place, you can provide peace of mind and the best possible care for your family. You can look for suitable health insurance policies at Bajaj Finance Insurance Mall. Bajaj Finance partners with leading insurance providers that offer various policies from which you can select the one that suits your budget and requirements.