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    Choosing the Best Health Insurance for Senior Citizens

    Last Updated On 19-05-2021

    With age comes health issues, even if the individual in question has led an active and healthy life throughout. Adding to the list is the rising cost of healthcare services, which can leave the patient with an empty pocket after a simple procedure. For the above two reasons, it is vital to choose the best health insurance for senior citizens.

    What needs to be kept in mind is that choosing a health insurance policy for senior citizens is slightly different from selecting an insurance policy for individuals in their prime age.

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    Read ahead to know more about how to go about picking health insurance for senior citizens.

    • Coverage for in-patient hospitalisation
      In-patient hospitalisation cover refers to the medical expenses being covered by the insurance company while the policyholder is admitted to the hospital for more than a day. Ideally, the policy should provide claim coverage against nurse expenditure, specialist fees, medicine, etc. Given that senior citizens might require an extended stay at the hospital to recover completely, opt for health insurance that provides maximum in-patient hospitalization coverage.
    • Restrictions on the number of day-care hospitalisation instances
      Many hospital procedures can be completed in under 24 hours and do not require overnight hospitalisation. Such procedures are referred to as day-care hospitalisation. When opting for an insurance policy, pay special attention to if day-care hospitalisation is part of the policy. The second thing to be careful about is the restriction on the number of day-care facilities the policy covers. At times, the number can be as low as ten days a year. If the policyholder requires dialysis or chemotherapy, such a low number can be counter-productive.
    • Pre-existing illness cover
      Pre-existing illnesses are any health issues that the policyholder has before taking up health insurance. As per the insurance company requirements, it is mandatory to inform them of any such health issues. Some insurance companies may also require the policyholder to undergo a medical examination and submit the reports as part of the pre-requisite paperwork.
    • Waiting period
      If the policyholder is suffering from a pre-existing illness, the underwriters of the insurance company recommend medical tests to gauge the severity of the disease on the policyholder. On the basis of the test results, they determine whether a proposal should be accepted. If they do, then a waiting period of 4 years is prescribed. The waiting period is referred to as the time frame that the insurance company adds to the policy during which they do not entertain any claims against the said illness.
    • Co-payment clause
      The co-payment clause is when the insurance company agrees to pay a part of the claim, and the remaining amount is borne out of the policyholder’s pocket. It is important to find out more about the co-payment clause, especially when it comes to the amount that is to be paid by the insured and the insurer.

      In the case of health insurance for senior citizens, insurance companies put the co-payment clause since there is a higher risk and the waiting period may not be feasible for the policyholder.
    • Sub-limits on claims
      Another clause to look out for in a health insurance policy for senior citizens is sub-limits on claims. Sub-limits on claims are the capping insurance companies put into particular procedures. For example, while the policy may cover dialysis, the sub-limit on the claim for dialysis might be limited to a certain number of dialysis procedures in a year. By reading the wording used in the policy in detail, you have a better understanding of the impact it shall have on your funds.

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    Disclaimer:

    The aforesaid article presents the view of an independent writer who is an expert on financial and insurance matters. PNB MetLife India Insurance Co. Ltd. doesn’t influence or support views of the writer of the article in any way. The article is informative in nature and PNB MetLife and/ or the writer of the article shall not be responsible for any direct/ indirect loss or liability or medical complications incurred by the reader for taking any decisions based on the contents and information given in article. Please consult your financial advisor/ insurance advisor/ health advisor before making any decision.

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