With old age, come various kinds of ailments, and illnesses. This is why almost all of us save money which we may require in the latter half of our life so that we can clear our hospital bills and medical expenses. However, is the saved money always enough for our treatment? What if we, unfortunately, get a critical ailment like cancer? Well, this is one of the prime reasons why people opt for health insurance. When you buy a health insurance policy and pay the premiums properly, the medical expenses will be taken care of even if it is a critical illness and the hospital bills are too high for us to pay.
While we are looking for health insurance for senior citizens, here are some of the factors that we should keep into consideration:
Critical Illness Benefit in Policies
Critical illnesses include ailments like cancer, kidney failure, cardiovascular diseases, paralysis, etc. The medical bills that you will get for these kinds of illnesses are much higher as compared to the expenses that are related to the other kinds of ailments. Senior citizens are much prone to critical illnesses, which include kidney failure, cardiovascular complications, Alzheimer’s disease, and many more. Therefore, you should look for health insurance policies through which you can get coverage for critical illnesses.
Insurance Plans with Domiciliary Care
You must look for health insurance plans that offer domiciliary care. Under one such facility, the coverage provided by the insurance companies is for the bills that arise out of treatment at home. This kind of treatment is quite common amongst the older population in the country.
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Psychiatric Care is Significant
We often do not talk about it but over 50% of senior citizens suffer from depression. Therefore, this is one of the factors that you should consider while buying a health insurance policy for the elderly members of your family. The insurance policy should cover expenses that arise from hospitalizations because of psychiatric illness.
If AYUSH Treatment Costs are Covered
The full form for AYUSH is Ayurveda, Yoga, Unani, Siddha, and Homeopathy. In case, the elderly members in your family are comfortable with an alternative method of treatment, the hospitalization bills that are related to the same will be covered under the health insurance plan. This facility usually comes as an add-on.
Coverage Policies on Pre-existing Illnesses and Waiting Period
Pre-existing illnesses are the ones that have already been diagnosed with even before buying the health insurance policy. For example, if an elderly member of your family has already been diagnosed with a disease like diabetes and then a health insurance policy is being bought for him/her, it will be considered as a pre-existing illness. In the majority of the cases, the insuarnce companies provide a waiting period before providing the coverage for the expenses that are related to the pre-existing medical conditions. Therefore, while you are looking for health insurance policies for senior citizens, you should consider health insurance plans that come with the shortest waiting period. This will be beneficial for the senior citizen as they may have to be hospitalized for pre-existing health illnesses at any time.
These are some of the points that you might want to consider while purchasing a health insurance policy for the elderly members of your family. If you want to know more about the health insurance policies that are apt for senior citizens, you can take a look at the website of IIFL. You will certainly come across some of the best health insurance policies and can even indulge in comparing them with each other. You can even get a quote for the health insurance policy that you are considering for your parents.