Health insurance policy for senior citizens

Health Insurance Policy

In our country we value our traditions and know to respect our elders but when it comes to the health of our elders why we all not taking it seriously? Unlike us our grandparents are more susceptible to get any disease so it is important to take care of their health on old days and take a health insurance plan for them. The health condition of our grandparents is different from us so it is also obvious that we have to take a different type of coverage for them by keeping all the factors in mind. We have to consider the maximum coverage for them and choose the health insurance policy that will provide overall financial protection to the family.

If Suddenly any senior citizen in your family gets some illness, then it will cause a matter of stress for the whole family. So, this insurance policy will help to recover the debt crises in the family.

For the insurance companies, the age group of 60-80 is eligible to avail of senior citizen insurance plan. As per the recently updated conditions of IRDA, you can insure yourself in a regular insurance plan until the age of 65. If you want to continue your insurance policy after the age of 65 then you have to take a senior citizen plan. There are certain factors that must be considered as paramount while taking any policy for senior citizens.

The extent of Cover: Whenever you are going to buy any policy for old people take a look at the extent of the coverage amount. Generally, the company will provide 1-2 lakhs for the entire coverage. But if you are going to purchase the policy for the person whose health conditions are not good then raise the bar and enhance the coverage amount.

Co-Payment: Co-payment is inversely proportional to the premium amount. Under this, you have to pay some percentage of the total bill at the time of claim settlement and the rest payment will be done by the insurance company. The percentage you have to pay fluctuates from policy to policy and it is predefined at the time of purchasing the policy. If you pay the higher percent of co-payment then you have to pay a low premium. So, it is important to read the terms and conditions carefully and understand the norms of co-payment.

Waiting Period: In this time period for which some critical pre-existing diseases are not covered in the insurance policy. It is better to look for the waiting period if you are going to take an insurance plan in order to cover any specific disease. After the waiting period is over, you can make a claim for the list of pre-existing diseases.

Coverage of Pre-Existing Diseases (PEDs): Any disease that already existed at the time of purchasing the insurance plan is considered a Pre-existing disease. Normally for all insurance companies there is a fixed waiting period of 2-4 years to cover these diseases and you can also reduce this time period by paying extra premium. Certain chronic and critical diseases are still excluded from coverage.

Previous Medical History: The insured person has to mention all the previous medical history on the proposal form at the time of purchasing the policy. Sometimes the person himself is unaware of any medical emergency. At that time, we can go for a full body check-up to get a better idea about the health condition of the senior citizens. If you will hide any illness and further it will get detected at the time of claiming then you might get an issue in successful claiming.

Take regular medical check-ups: When you purchase any insurance plan for an aged person then the insurance provider will conduct a full body check-up for the insured. In this check-up they will perform blood sugar tests, lipid tests, kidney and liver check-ups, sonography and urine test to get the current medical condition. The purpose of these check-ups is to verify the accuracy of the provided information.

Procedures that are covered in the Health Insurance Policy of Senior Citizen:

  • All expenses of in-patient hospitalization in case of treatment of injury/accident/disease
  • Room rent in hospitals and transportation expenses
  • Cashless treatment at preferred network hospitals
  • Day-care expenses
  • All pre-existing diseases will be covered after completing the waiting period
  • Pre and post hospitalization expenses
  • Critical illness rider option
  • Organ donor expenses
  • Domiciliary expenses

Benefits of having Health Insurance plan for Senior Citizens:

  • The hassle-free and convenient claim settlement process
  • The patient can take Cashless treatment at any network hospitalization if they are available to admit for more than 24 hours
  • You can renew the policy for life until death
  • By taking a senior citizen’s health insurance plan you can avail cover for medical bills, room charges, doctor’s fees, in-patient health expenses, etc.
  • Ambulance cost will also cover by the insurance company
  • Pre and Post hospitalization expenses are covered
  • Some Pre-existing diseases are covered once the waiting period is over

This insurance will directly provide protection to your loved ones and you can also take many other benefits from it. On a senior citizen plan you can also avail double discount on tax savings. So before buying any insurance check online quotes to compare and choose from the best. By taking a health insurance policy for your elder ones you can spend your whole life with peace.

What is the role of an insurance broker in choosing a successful Health insurance plan?

Health Insurance Policy

An insurance broker is a person who deals with customers on behalf of insurance companies. They are well aware of every term, benefits, exceptions, discounts, and advantages of insurance companies. They can guide you well with the insurance plans and their premiums.

In health insurance policy a broker plays an important role because health is an essential part to insure and any misconception in health insurance plan can put you in a problem. The broker will give you clarity about the pros and cons of an insurance plan. They can suggest a plan with a low premium and maximum advantage. An insurance broker will also help you in hassle-free claim settling. Brokers are the subject matter experts and support you in selecting relevant insurance solutions. They can help you to purchase insurance plans with a particular company.

If you will ever go for taking an insurance plan in any insurance company then you get to know that there are multiple brokers. These brokers roam around the entire day for selling insurance plans. They are not aligned with any single company. So, it is also compulsory to get a broker whom you can trust. So, he can’t mislead you.

An Introduction to Insurance Broker:

An insurance broker is a person who specializes in providing information about all types of insurance and helps you to manage the risk related to that insurance plan. He has a vast knowledge of every feature and terms related to insurance. An insurance broker works on behalf of their clients and provides advice to the customers. They will help you to choose the best policy available in the market. They have immense knowledge of this business as they have to deal with clients on a daily basis.

Qualities to be a good insurance broker:

  • Impactable knowledge of all insurance companies, their policies, plans, premiums, features and benefits.
  • He should have the ability to understand the requirements of customers.
  • He should have contact with multiple companies so that he can provide you alternates if you do not like the plan of any particular company.
  • He must have good convincing power so that he can convince the customers and make them understand the benefits of insurance.
  • He should have proper time schedules to take follow-ups.
  • He should be able to provide comparisons of different companies so that customers can understand the variance between policies.
  • He should be committed toward work
  • Can think on a long-term perspective and profits of a particular insurance plan.
  • He must be able to answer all queries of the customers.
  • He must work to provide insurance on low premiums by providing the utmost satisfaction to the clients.
  • He should provide clarifications about every term related to insurance.

Advantages of choosing an Insurance Broker:

  • Insurance policies have complex procedures, so we all should need a person who has better clarity like a subject matter expert and can provide the suggestion for our goodwill.
  • The broker will also provide advice on taking a risk management program to reduce the overall premium.
  • They will also aid you in a stress-free claim settlement process.
  • They will make sure that you get a suitable insurance plan as per your family needs.
  • For joint families, they can customize insurance plans that will cut-off the premium prices.
  • An insurance broker can negotiate with the company for the premium amount on your behalf.
  • He will also provide information about any special discount that you can avail optionally.
  • He must know about the current market situation and can also be aware of any risk that may arise in the future.
  • A good broker doesn’t hesitate to provide any type of personal or professional information.
  • These days customers are smart and will not trust anybody. So, the broker must carry a valid id proof with them for confirmation and authenticity so that they can show that whenever required.
  • He must know to prioritize among the vivid interests of customers.

What queries can you ask from an insurance broker?

  • An insurance broker will answer all the queries related to insurance. These are some questions that you can ask your insurance broker if you are going to buy any insurance plan for you and your family:
  • Whether they are providing family floater plans or not.
  • Will they help you in claiming the settlement after purchasing the policy?
  • In the future if you need any modification in the policy, will it be possible or not.
  • Can you contact them if you will face any problem in the future?
  • The companies for which the broker is providing services have how many years of experience.
  • What are the sub-limits they are providing on expenses?
  • Is there any capping in the policy or not. Go for the insurance company that has no capping on taking any facilities?
  • What are the charges they are taking for the purchase?
  • Does the insurance company they are suggesting provide online facilities for paying a premium and checking sum insured or not?
  • What is the average business turnover for the company?
  • Whether they have any references of satisfied customers.

Do insurance brokers take charges for providing service?

The charges for insurance brokers depends on person to person. It is not compulsory that every broker will take charge for service. Most insurance brokers are on a commission basis and will get their commission for every insurance that was purchased by clients through them.  Others are on a service basis and they will charge a reasonable amount for providing service. These charges can be compensated because they will negotiate with the company on your behalf to lower down the premium to some extent.