Things you should know about before buying senior citizen health insurance

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Things you should know about before buying senior citizen health insurance

Ever since the outbreak of COVID-19 we all have understood the importance of a healthy lifestyle. It has become very important for us to eat healthy f

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Ever since the outbreak of COVID-19 we all have understood the importance of a healthy lifestyle. It has become very important for us to eat healthy food and indulge in regular physical exercise. What about the senior citizens? No matter how much they try, they are vulnerable to diseases. Well, along with taking care of their health, the family needs to buy health insurance for them. The hospital costs are so high these days that it can make a hole in the pockets of the family if any member is admitted.

If you have been planning to get a senior citizen health insurance plan for the elderly members of your family, here are some tips that may help you.

Do not delay the process

Many of us delay the process of purchasing a health insurance plan as we think paying the premium would be too costly for us. Seldom do we know that the premiums for health insurance plans increase with age. And with age, several diseases also start developing. This sometimes results in rejection of the health insurance by the insurance company. And the sooner, you buy a health insurance plan, the lesser premium you will have to pay to the company. You also must renew the health insurance plan on time to get smooth coverage.  You also should know that missing out on a premium can lead to the cancellation of the policy. Therefore, you can activate your auto-payment facility to avoid any such situation.

Choosing the right insurance company

While we are in the process of purchasing a health insurance plan, we come across several of them. However, buying anyone can be a little confusing. Although most of us consider the factors like premium, coverage, features, and benefits of the plan, we forget an important point, the claim settlement ratio. This is one of the significant things which you must not miss out on. The claim settlement ratio of an insurance company shows the number of claims of the customers that have been settled so far.

Getting the sufficient sum insured

If you think purchasing the minimum sum insured will save you some money on the premium, you are mistaken. Also, the minimum sum assured may not be enough the cover the hospital bills especially for the elderly members of the family. Therefore, you should choose a sum insured which will cover the major part of the hospital bill. With a large sum insured, you might have to pay a little more premium but it is going to help you a lot in a situation of a medical emergency.

Getting critical illness cover

Critical illness these days is something that almost every second person develops, especially at an older age. The illnesses do a lot of damage to the body and the treatment for these also costs a lot. In a situation like this, getting a good cover is a wise idea. The critical illness cover comes with your basic plan, which is optional. Taking this cover will help you to save quite a good amount of money.

Network hospitals

Each of the insurance companies hasits network hospitals. While buying a health insurance plan, you must check the network hospital. This will help you to be sure about the kind of treatment you will get at the hospital in an emergency and the distance the hospital is from your home.

Cover for pre-existing illnesses

Underlying health conditions in elderly people are very common. Therefore, buying a cover for pre-existing illnesses is a wise decision. However, while buying this, you must check the waiting period which varies from one insurance company to the other.

These are some basic points that you must consider while purchasing a health insurance plan for the senior citizens in your family. Make sure you compare the policies before choosing one.

 

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