(STL.News) Do you or your family members need medical insurance for senior citizens? Do you know what to look for in a good insurance policy? Don’t worry. We will help you find the best medical insurance there is. We will share with you some important information to scrutinize and select the right one from several policies.
Most health insurance schemes provide similar benefits to all. But there are some specific old age medical insurances requirements that are necessary. These are usually prolonged treatments and regular medical expenses needed for older people. It would be best to choose a plan that considers all these requirements. It will ensure your financial and mental well-being during medical emergencies.
Let’s look at the things you need to keep in mind before investing in medical insurance for senior citizens.
Sum insured is the most important thing in medical insurance. You must see that the sum can cover the costs of major critical illnesses. Sometimes, the policyholder must bear surplus expenses due to a limited insured sum. So, make sure that your insured sum is high enough to avoid financial liability.
Also, select the policy with the maximum sum insured within an affordable premium amount range. People often overspend on premiums, which can cause imbalances in your finances.
Verify whether your chosen medical insurance for senior citizens has added free benefits. These can include regular check-ups, scanning reports, and medical tests. You can reduce most of your medical expenses with a good health insurance plan.
Choose the insurance policy that covers the maximum number of diseases. Also, make sure that it includes all major critical illnesses. You can even add covers for non-allopathic medicines and treatment. With the non-allopathic cover, you can claim the expenses of Homoeopathy, Yunani, Ayurveda, and other herbal treatments.
Make sure that your policy doesn’t include a co-payment clause. Co-payment will require you to pay a portion of the total expenses of treatment. Even though policies with co-payment clauses are inexpensive, they will cause trouble in the future. And especially during the expensive treatment of some fatal diseases and accidents.
Make sure that your insurance provider has tie-ups with many hospitals. Such tie-up hospitals or network hospitals give cashless treatment to the policyholder. So, you don’t need to worry about filing claim forms and handling money. Ensure there are enough network hospitals in your location with multispecialty and emergency room facilities. In multispecialty network hospitals, you wouldn’t need to move patients to different hospitals for different procedures or tests.
Daycare cover includes expenses for emergency rooms or short-duration treatments. It also includes the costs of treatment at home for non-fatal diseases. Most insurance providers don’t give daycare cover, so you must select the one which does.
The waiting period is when a policyholder has to wait before they can claim pre-existing diseases. People often overlook this waiting period clause and later on face troubles while claiming pre-existing conditions. To avoid such troubles, make sure- you know exactly how long your policy’s waiting period is. You can even opt for policies that don’t have a waiting period.
Single Disease Limits and Other Restrictions
Several insurance companies have expenses limits for a single disease in senior citizens Mediclaim. Because of that, you can claim a pre-decided percentage of your entire insured sum only once. So, ensure that your policy doesn’t have such restrictions.
You can know the company goodwill from its claim settlement ratio of the previous financial year. IRDA annual reports provide every insurance provider’s official claim settlement ratio. Ensure your insurance provider has more than a 95% claim settlement ratio.
You must keep all these things in mind while investing in medical insurance for senior citizens. Care Health Insurance has several good health insurance policies that fulfill these criteria. Leading financial syndicate Religare Enterprises Limited is the parent company of Care Health Insurance. You can know about various insurance plans and premium amounts from the official website and authorized agents. So, go ahead and select the best medical insurance for senior citizens from Care Health Insurance.