Indian people are very close to their family, and they prefer to live with their elderly parents and take care of them when they grow old. The life expectancy rate has increased in the recent past in India due to medical advancements. But, due to inflation, medical expenses are no longer affordable for normal individuals. So, they need to access the available options to save on medical expenses during emergencies. Buying Family Health Plans, whether permanent or level terms, for your elderly parents, can prove to be a challenging job, but it is a necessary one indeed. A life insurance policy for your parents will help you reduce the financial burden and worries as it will take care of their medical expenses and other final expenses.
Health insurance plans for senior citizens above 60 years are not easily available today. However, with the right knowledge and homework, you can find one for your elderly parents. Few insurance players in India provide health coverage to senior citizens like New India, Oriental Insurance, National Insurance, Apollo Munich, Max Bupa, and United Insurance. When choosing the best Senior Citizen Health Policy, it is necessary to consider certain features and factors.
This is the most crucial aspect of a policy buyer’s mind before buying any life insurance plan for senior citizens. Remember, the monthly premiums for health insurance purchased for senior citizens are much higher than the health insurance policies for people below 60. Moreover, if the insured person has any pre-existing ailment, then the insurance company will charge extra premiums, depending upon the diseases. The extra premiums are charged to compensate for the extra rank to provide coverage to the policyholder.
Sum Assured is the total amount of the policy you receive when taking the policy. The public insurance players offering Family Health Plans for Senior Citizens usually provide coverage up to 1-2 lakhs, which is very low compared to the increasing medical expenses today. However, you may go for private insurance players if you want a higher sum assured amount. The private insurance players usually offer 15-20 Lakhs coverage under family floaters, depending upon the co-payments and premiums you are paying. Therefore, your parents’ decision for health policy would be sound and prudent since the later years of their lives are physically more challenging, and financially, they may be lacking money for treatment.
As the name suggests, pre-existing diseases are the diseases that are policy buyer already have before buying the family health insurance. Family health policies usually cover the pre-existing diseases after 1-2 years from buying the policy. However, the time limit may vary from insurer to insurer. Some insurance players don’t provide coverage for pre-existing critical illnesses, but the hospitalization costs will be covered under the family health insurance plan.
Renewal age is the timeframe during which the policyholder can renew their health insurance plan. The age limit for renewal of a health insurance plan is usually 90 years, but it may vary depending upon the insurer and policy.