Choosing The Right Health Insurance For Senior Citizens

With age, your commitments grow towards your family and especially your parents. While Rahul works at MNC in Bangalore, his parents stay in his hometown, a tier 2 city. His finances may take a severe toll as one of his parents has heart problems. Rahul knows it is best to prepare in advance. 

This is where buying health insurance ‘smartly’ for parents and in-laws becomes critical. Let’s dive deeper into how to select the right health insurance for your senior family members.  

Understanding The Health Needs Of Senior Citizens :

A few common health complications grow with age. In India, they include :

1. Blood pressure

2. Diabetes

3. Knees and joints 

4. Heart complications

5. Arthritis

6. Mental disorders

Treatments for such diseases need not only the time but a high cost. A coronary artery bypass surgery, 

for example, can cost between ₹1.5 lakhs to ₹4 lakhs.^[1]  Health insurance can help you with the best healthcare available for your parents when needed and provide timely care with coverages like road, ambulance, and air ambulance. 

Factors To Consider Before Buying Health Insurance For Parents:

When purchasing health insurance for seniors, it’s essential to consider these factors to ensure comprehensive coverage and peace of mind:

• Age-related health aspects : As people age, they might face health challenges like high blood pressure, diabetes, achy joints, and heart issues. Check if treatments for these conditions are included in the plan or not. Not only for physical conditions but also for mental conditions like Dementia or Alzheimers, which are more common across aged people. 
• Coverage of the insurance policy : Go for comprehensive coverage, including hospitalisation benefits, domiciliary care, and flexibility of e-consultations, as your parents might need such regular assistance with age. Watch out for waiting periods, mental health coverage, and benefits for age-related conditions.
• Check for nearby network hospitals : Find plans with your parent’s nearby hospitals in their network. This will ensure on-time and cashless treatment for your parents when needed. 
• Cost of the insurance policy : Look for plans that won’t break the bank. Family health plans are the wallet-friendly superheroes you need.
• Exclusions : Read between the lines; know what the policy won’t cover. Any critical exclusion can dent your parents’ medical coverage and add financial implications during emergencies.
• Additional coverage benefits : Some plans are customisable. Imagine a plan with add-ons like room rent waivers, critical illness coverage, outpatient benefits, hospital cash perks, and extra protection against accidents.
• The reputation of the insurance company : Pick an insurer after looking through their independent ratings, comparing their coverage options to other plans, checking regulatory compliance, and evaluating the financial stability of the insurer.

Critical Points To Research & Compare :

Comparing plans based on the sum insured, premium, and insurer’s background is essential. Apart from these, below are the key parameters to compare while buying insurance for senior members: 

• Coverage: Compare the coverages like general surgery expenses, homoeopathy or ayurveda treatment expenses, and treatment for pre-existing diseases like diabetes, heart disease, etc. Road ambulance and air ambulance coverage should also be compared for emergency assistance.
• Waiting periods: The waiting period for pre-existing diseases is critical since different plans have variable waiting periods. Conditions such as hernias, pancreatitis, and haemorrhoids have a waiting period of two to three years. Please refer to your policy for specific information.
• Co-payments: Co-payment clauses are common in plans for seniors due to the higher risk involved. They can reduce premiums and range from 10 to 30% of the medical bill.

Such research and comparison will ensure your parent’s health is covered during emergencies.

Key Takeaways

Explore essential considerations and pitfalls in buying health insurance for parents. Learn to make informed choices about the changes in policy since the pandemic and ascertain if the coverage is comprehensive according to your parents’ needs. Ensure that the policy covers their day-to-day medical needs to enable them to continue living independently.