Guide To Compare Health Insurance Plans for Senior Citizens in India
Health insurance is a must for every individual. Sedentary lifestyle and poor eating habits has increases the probability of health risks. Due to which signing up for a health insurance plan has become very crucial. Health insurance has become important for all and one, however with growing age the probability of surgeries or requirement of medical attention is much high. Hence, buying a health insurance for senior citizen has become the need of the hour. If you are still deciding upon which health insurance is best for senior citizens in India? It’s always better to compare health insurance plans for senior’s citizen before making a buying decision.
Comparing health insurance plans for senior citizen can be done effortlessly online; all you have to do is list down your coverage requirement and look for a plan that offers maximum benefit under one roof. There are various aspects to look at once you decide to buy a health insurance for senior citizen. You have to compare quotes, calculate premium and look at the list of benefits to make the final call.
Factors to consider while comparing health insurance plan for senior citizen
To find out which health insurance is best for senior citizens in India, it is essential to consider the below listed factors.
- Lifetime renewability
A good health insurance plan for senior citizen must allow lifetime renewability. This facilitates renewal for a lifetime without any hassle. It also allows you to enjoy continuity benefit, instead of buying new policy after term end.
The co-payment benefit is a common feature of many health insurance plans, where the insured pays a set out-of-pocket amount for health care services. Insurance providers often charge co-pays for services such as doctor visits or prescriptions drugs. It also helps in reducing the premium amount, since you share the risk with your insurer.
- No restriction on entry and exit age
While you compare health insurance plans for senior citizens in India, always look for no entry and exit age restrictions. This means you can buy the policy at any age and discontinue if you wish to.
- Waiting periods for pre-existing illness
Waiting period for pre-existing illness refers to the length of time after purchasing your health insurance plan that you must wait before you can use your full coverage.
- Freedom to choose tenure of the policy; it can be either for one or two year.
- 10% discount for a two years health policy
- Avail 5% Cumulative Bonus at the end of each claim-free year.
- Free health check-ups on completing 4 claim-free years
- Massive chain of 6000+ network hospitals for cashless treatment
- Tax savings under Section 80D of the Income Tax Act
- Minimum Documentation
- Hassle-free claim settlement procedure
- No restrictions on hospital expenses such as room rent, doctor fees and medicine costs.
- No entry age restriction
- Lifelong renewability