Comparison Of Mediclaim Policy For Senior Citizens

By Author: Roger Noah
Total Articles: 5
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It is absolutely important that as one approaches old age, one has a considerable health insurance cover. The possibility that one’s health care expenses would enhance substantially is almost a given.

In this post, we look and collate the different mediclaim policy for senior citizens. While every health insurance company wants to insure the young, there are very less plans that offer health insurance to people over 60. Another interesting thing to note here is that most of the health insurance plans for senior citizens is provided by the public sector general insurance companies.

The senior citizen health insurance plan plan is a mandatory, considering the rate at which the medical expenses are rising every year. On an average, the medical expenses are rising around 15% every year. The interesting fact is, people pay most of their medical expenses from their own pocket.
In the past few years, I have witnessed several companies that have stopped providing health insurance coverage for the parents of the employees. So, regardless ...
... of whether your staff offers or not, it is available to buy health insurance online for your senior citizen parents.

Why mediclaim policy for senior citizens?

• The medical expenses are augmenting more than the average inflation rate.
• Parents might have unstable or restricted income after their retirement.
• Parents might be financially dependent on their heirs.
• They are more vulnerable to accidents or ailments. There may be sudden necessity of financial assistance.
• Their employer’s health insurance policy may have ended to exist after retirement.

If you are living with dependent parents that are aged above 60 years, then buy health insurance online rather than a family floater plan. In the family floater plans, the oldest family member is considered in deciding the premium rates.

Terms to look for in senior citizen health insurance plan

• Co-payment clause- Co-payment implies the policyholder will bear a certain percentage of the claim amount.
• Sub-limit- Health insurance companies might mention limits for specific treatments or ailments.
• Pre-existing diseases- You have to check if the current diseases are covered by the policy. In some policies, all the current diseases might be covered and in some the policy holder has to wait for few years before making a claim.
• Waiting Period: The policy holder has to wait for specific period of time before claiming any expenses.
• Optional Treatments- Some policies also cover optional treatments like ayurvedic, homeopathic etc.

For ailments like diabetes, heart attack and cancer, you can also purchase a critical illness insurance policy which can provide you high coverage and the sum assured will be payable if insured get the critical illness during the policy tenure.
Hope the above information will assist you in determining the best mediclaim policy according to your necessity.