Considering the rising medical cost, a good insurance plan is essential for every member of a family. And if that individual is your aging parent, then the need for the right senior citizen health insurance plan becomes more important. With the growing age, the risk of getting ill and hospital visits increases, and a good health insurance plan can cover the expenses of medicines, hospitalization, and healthcare services.
It is always a good idea to purchase a separate health insurance policy for elderly parents that specifically focuses on their healthcare needs with growing age. Many senior citizen insurance plans are available today but picking the right policy can be a very challenging task. It is very important to consider various factors to evaluate all the available options and make a well-informed decision for your parents.
Here’s a list of important factors that you must take into your account before finalizing the best senior health insurance plans:
It is the most important thing that matters while getting an insurance policy for elderly people. It makes sense to shortlist insurance policies specially designed for people in the 60-80 year age group. You need to consider both the entry age and renewal age for the longest coverage tenure. Renewal age is the age after which the health insurance policy cannot be renewed. Different companies have different age limits for both, so pick the one that best suits your requirements.
Sum assured is the health coverage provided by a health insurance policy. Public insurers provide a low cover in their senior citizen insurance plans considering the increased health risk with advancing age. On the other hand, private players offer higher covers under family floaters for higher health care protection.
Pre-existing medical conditions
Senior citizen health insurance plans include a waiting period on pre-existing medical conditions. It means policyholders have to wait for a certain period before claiming expenses related to pre-existing diseases. The waiting period may differ from one insurer to another and you must pick an insurer with a lesser waiting period for the maximum benefits, regardless of the premium amount.
A senior citizen health insurance plan usually comes with a co-payment clause defining that a policyholder has to pay a part of the claim amount from his pocket for medical services they avail. For example, in a 90%-10% co-payment clause, the policyholder will pay 10% of the claim amount and can claim the rest 90% of the amount from his insurer. It varies from one policy to other and you must consider this before purchasing a health cover for your elderly parents.
These are the most important factors that you must consider while choosing the best health insurance plan for your parents. In addition to these, premium amount, sub-limit, and a broad network of hospitals should also be considered for making the right decision as per your specific medical needs. If you are looking for senior health insurance plans in Denton, Texas, ICUSA can help you find the best health insurance coverage for elderly people. You can connect with them for a free consultation to discuss your medical needs and different health coverage policies to a well-informed decision.