InvestorQ : What is the Senior citizen health insurance plan?
Tanu Shukla made post

What is the Senior citizen health insurance plan?

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krithika Saxena answered.
7 months ago

This is a plan that is a savior for senior citizens as it covers the cost of their treatment, hospitalization costs, etc. of the people who are above the age of 60 years. In return, the senior citizens are required to pay an amount as premium on regular intervals as mentioned in their action plan.

Things to be considered for taking such plans:

Waiting period: This is an important aspect to look into the health insurance plans is the waiting period. Insurance plans for senior citizens generally have a waiting period of around 1-2 years for specific ailments and 4 years for pre-existing diseases. Make sure you opt for the one with the lowest waiting period.

Co-payments: Most of the health insurance plans that are available for senior citizens come with a co-payment clause. Under that clause, the insured has to pay some percentage of the total hospital bill.

Check sub-limits: Sub-limit is the maximum amount that the health insurer will pay at most for a particular category of medical expenses. It is generally a percentage of the sum insured.

Do not hide critical information: It is always not advisable to hide your critical information just for the sake of reduced premium costs. Doing this will only put your health insurance claim in jeopardy.

Know when not switch: If you were having an insurance plan before the age of 60, you can continue with the same one, all you have to do is just to renew it every year and eventually you will have a cost advantage. If you’ll compare the premiums, the one that you took before the age of 60 years would have a lesser premium.