Choosing the Best Health Insurance Plan for Senior Citizens

Welcome to your golden years, where getting the best health insurance for senior citizens is less of a backup option and more of a strategic financial decision. Whether you are planning ahead for yourself and shopping for the right insurance policy for your parents, you will notice the options out there can overwhelm even the most experienced people out there – everything sounds good but you don’t really know what will work well. So, let’s cut through the insurance jargon and help you get the best health insurance policy that will actually work whenever you need it. 

Why The Best Health Insurance for Senior Citizens is Different for Everybody? 

In the health insurance universe, there’s not really a one-size-fits-all policy, especially when the target audience is people above 60 years of age. For example, one person may feel the need to cover their routine diagnostics, outpatient care and small treatments, while another person who does not need to visit the doctor regularly is more concerned about major surgeries and other unexpected, expensive treatments down the line.  

So, before you start searching for the best health insurance for senior citizens, it is important to ask yourself what you are really looking for. Here are some questions that can help: 

1. What is the insured’s current health status? 
2. Does the insured have any ongoing or chronic conditions? 
3. Does the insured need coverage against any specific generic illness? 
4. What is your budget for premium, and how flexible can you get with the amount? 

Once you have answers to these questions, you can narrow down your search to those policies that help you address these queries. 

Features to Look for in A Senior Citizen Health Insurance Policy 

As we have previously established, different people ask for different things when looking for their ideal health insurance policy. However, these are some important features that your senior citizen health insurance policy should have, along with a few traps to avoid. 

Coverage against Pre-Existing Illness 

Most senior citizens have at least one lingering health condition – diabetes, arthritis, hypertension, take your pick. A good medical insurance plan should cover these, preferably with a short waiting period. You don’t want to be stuck in a long waiting period after buying an insurance policy if a specific health issue has troubled you in the past.  

Low Co-Payment Amount 

The co-payment amount is the sum you have to pay with your insurance provider to cover the medical bill. Some plans have co-payment amounts ranging up to 20-30%, which defeats the entire purpose of having insurance in the first place. While it reduces your premium substantially, it is recommended to have a plan with a minimal co-payment clause. 

Robust Hospital Network and Cashless Facilities 

Medical emergencies are the worst! An emergency room is not where you want to discuss your reimbursement forms. You need to look for a policyholder tied to a solid network of cashless hospitals and facilities, especially near the insured’s residence. This can help you avail of quick admission and smooth treatment without hassle.  

Coverage against Daycare and OPD Treatment 

With the evolution of medical care, daycare and outpatient procedures are becoming the new norm. Whether it is cataracts or dialysis, you can get these treatments done within a few hours without staying overnight at a hospital. You just need to make sure your insurance coverage extends up to such procedures in order to save big bucks on frequent visits and follow-ups. 

Lifelong Renewability 

Imagine turning 80 and your insurer says, “Sorry, we don’t cover you anymore.” Not cool. Whenever you are looking for the best health insurance for senior citizens, it needs to have a lifelong renewability feature. That way, you can make sure you are covered for life. 

High Claim-Settlement Ratio 

Apart from the health insurance policy itself, you also need to compare the insurance providers. Claim settlement ratio and response time are some key indicators of how these companies have treated their policyholders in the past when they have filed medical claims. You don’t want to get stuck between call transfers and call waiting queues in a medical emergency.