How to Choose the Best Health Insurance Products for Senior Citizens?

Isn't a health insurance plan important? If the rising incidence of diseases does not motivate you towards buying a health plan, the increasing cost of medical treatments would sure do. Most of us, being an average middle class individual, find it hard to afford the huge medical costs and so rely on a health insurance. Insurers too understand the requirement of a health plan and so provide plans which are great on features and affordable on pockets. Thanks to the constant innovations in the health insurance industry, today, health plans are also available for senior citizens. Yes, you heard me right. You can now buy a health insurance policy especially for your aged parents or for yourself if you are old and do not have a health insurance cover.

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Senior citizen health plans are offered by many insurance companies. These plans are designed keeping in mind the needs of senior citizens. Thus, they have low or no waiting period and also provide a comprehensive cover. With the spate of senior citizen health plans available in the market today, do you know how to select the best one?

Look for these parameters when comparing senior citizen plans to choose the best one:

• Coverage amount

When you are old, you face a higher probability of seeking medical attention. Health insurance companies know this health risk and limit the coverage available. The plan's coverage level should be an important consideration when you are buying a senior citizen plan. As the medical costs are high, you should, ideally, look for health plans which allow you a decent amount of cover.

• Scope of coverage

Not only is the coverage amount important. The scope of coverage is important too. While normal health plans might provide you with a comprehensive coverage option, senior citizen ones restrict the coverage because of the health risk you present. So, when choosing the best plan ensures that the plan has all the important coverage features. Some useful features include domiciliary coverage, day-care procedures coverage, low co-payment rate, organ donor cover, etc.

• Waiting period

Illnesses or ailments which you are affected with at the time of buying the health plans are called pre-existing illnesses. These illnesses are not covered by the plan for initial few years. This is called the waiting period. Senior citizen plans also have this waiting period clause albeit the tenure is low. To choose the best plan, go for the plan with the lowest waiting period so that your existing ailments are covered at the earliest.

• Renewal age

IRDA has allowed health insurance plans to be renewable lifelong. While most health insurance provide lifelong renewability, some senior citizen plans do not. When you choose a plan, make sure that the plan has lifelong renewability so that you can enjoy continuous coverage.

• Premium rate

This is very important, isn't it? Since senior citizen health plans cover older individuals who have a higher health risk, the premium is, obviously, a bit high compared to normal health insurance plans. However, to appeal to an average customer, insurance companies charge reasonable premiums. Compare the premium rates of the plans you are considering and settle for one which has the lowest rate without compromising on coverage.

• Discounts

Yes, you can avail discounts too in your health insurance. Senior citizen plans allow discounts for including your spouse in the cover, for buying the policy online and also for paying a two or three year premium at once. The rate of discounts varies across different plans and the best one is the plan with the highest discounts. After all, good discounts are good for your pockets too, isn't it?