Key Factors to Consider When Buying Elderly Health Insurance

Published By: Business Today​

Published Date: 20-06-2023

Health insurance premiums increase for senior citizens due to age, related health risks and pre-existing conditions, even if there are no major health issues. However, our CEO, Rakesh Jain, suggests considering a few key factors and options to make well-informed decisions.

A multi-year health plan can be a suitable option, providing long-term coverage for two or three years. It offers additional discounts and keeps the premium fixed throughout the policy term. You also have the option to pay the entire premium upfront at the time of policy purchase.

For complete protection, he says you can consider including add-ons, such as for double the sum insured, unlimited reinstatement for unrelated multiple hospitalisations, and more. In addition, ensure the plan covers AYUSH treatments, modern treatments, health check-ups, tele-consultations, vision correction and other essential benefits.

He further says you can check if the policy covers domiciliary hospitalisation and homecare treatment to ensure flexible and quality treatment from home. Furthermore, look for coverage features to include pre-and post-hospitalisation expenses, consumables cover, and organ donor expenses in case of organ transplantation.

Finally and most importantly, he says to review the policy exclusions carefully to avoid claim rejections when in extreme financial need.