How to choose the best health policy for senior citizens

We all know about the importance of health insurance plans, and their purpose and understand how an adequate coverage amount can secure you against the risk of suffering from sudden hospitalisation and treatment by paying towards the medical expenses charged.

While buying a health insurance plan is essential to securing good health in the long run, the need for senior citizens’ health insurance cannot be ruled out.

As people age, the need for health insurance grows further because many elders may need to cope with some or other health conditions and would need protection against any untoward hospitalisation expenses on account of a large number of diseases including critical illnesses. They may also require frequent hospitalisations.

Medical inflation has been on the rise for the past few years and shows no signs of slowing down. Owing to this, most individuals cannot afford to pay for their treatment. Therefore, a comprehensive health insurance plan with a high ‘sum insured’ for senior citizens is absolutely crucial to face any medical eventuality.

Here are a few essential things one should consider before buying a health insurance plan for senior citizens.

Choose an adequate cover size: In the face of sudden hospitalisation, having a health insurance policy ensures that all your healthcare expenses are taken care of, even when the prices associated with it are very high. Adequate health coverage secures from unwarranted stress and helps you to remain in good health too. You must buy a health insurance policy depending on your budget and your family’s medical history. However, in today’s times, it serves best if you would choose a health insurance plan with a high ‘sum insured’ to cater to the problem of ever-increasing medical inflation.

Always opt for a policy with lowest waiting period: Certain pre-existing medical illnesses are subject to waiting periods under health insurance coverage. When this occurs, the policyholder must wait the required amount of time before he or she can submit a claim for a pre-existing condition. As the likelihood of hospitalisation rises among senior individuals, it is crucial to compare policies online and opt for one with the lowest waiting period, provided it offers adequate cover for your needs.

Look for unlimited restoration of Sum Insured benefit: There can be multiple related or unrelated illnesses or injuries that might require hospitalisation. Before buying a policy, do check if it offers unlimited restoration of ‘Sum Insured’ benefit for related and unrelated illnesses. With that benefit, you can restore your ‘Sum Insured’ any number of times up to an additional 100% in a policy year. A policy with unlimited restoration benefit provides one with a financial safety net and peace of mind.

Should provide an exhaustive network hospital coverage: Having a health policy that is accepted by a broader hospital network specialising in a range of treatments is beneficial for senior citizens. That ensures older people can access good hospitals without travelling far from home. Also, check for cashless treatment and hospitals in the insurer’s network.

Opt for a plan that provides wellness benefits: Wellness is for everyone, right from a child to a senior citizen, a healthy individual to an individual with some existing condition. By taking a health insurance policy with wellness features, you can not only cover yourself from the unforeseen risk of any hospitalisation but also gain from the solutions to improve your health and lifestyle.

Thus, it’s important to look for a plan that offers benefits such as annual health check-ups, specialised wellness programs and unlimited teleconsultations.

In short, it is crucial to buy a comprehensive health insurance plan that provides coverage for the broadest range of ailments with limited exclusions.

(The writer is the chief operating officer of Manipal Cigna Health Insurance)