There is no doubt that health insurance for senior citizens is crucial, especially as it helps in maintaining financial stability during medical emergencies. This type of insurance policy caters to senior citizens who are above 60 years. Like any other insurance policy, this is an agreement between the insured and the insurer.
The difference between senior citizen insurance premium and premium for younger individuals is that the former is generally higher. That is why it is crucial to choose a senior citizen policy that allows flexibility in premium payment.
An effective way to check the premium payable for a senior citizen policy is by opting for a health insurance premium calculator. A premium calculator helps narrow down which policy suits you best.
Flexibility in Senior Citizen Insurance Premium
Flexible premium payments is one of the most efficient ways to manage the premium costs of a health insurance plan for the elderly. The flexible nature of such medical insurance premiums for senior citizens allows you to customise the policy tenure, sum insured and premium payment option according to your financial needs and budget.
Additionally, some insurers provide flexibility in premium amount to be paid based on the insured’s location, or when the premium payment is being done online. Such flexible payment options make health insurance for senior citizens affordable for the elderly.
Health Insurance Premium Instalment Payment Options for Senior Citizens
Not all insurers provide the flexibility of instalment options for premium payments. However, you can find out if any insurer is providing this option through the following ways:
- Communicate – Get in touch with different insurers to find out if they allow payment through instalments. If any insurer does provide this option, they will furnish you with the details of the associated fees and payment plans.
- Compare – If multiple insurers offer this instalment option, compare and evaluate factors such as fees, minimum payment required and interest rates.
Factors to Consider Before Investing in Senior Citizen Health Insurance
● Cost Coverage of Hospitalisation – Essentially, health insurance policies cover the expenses included in hospitalisation of the patient. However, policies for senior citizens come with a limitation on specific costs, like the cost associated with diagnostic tests. You must invest in a policy that offers significant coverage regarding hospitalisation costs.
● Waiting Period – It refers to the period policyholders have to wait before registering a claim for pre-existing ailment-related expenses. While it lasts between 6 months and four years, some insurers have lowered this waiting period. Opt for health insurance for senior citizens with a waiting period that is most reasonable.
● Lifetime Renewability – This option allows policyholders to renew their policies for an unlimited number of times. While in the past many insurers would not want to renew the policy of senior citizens, today the IRDAI has made it mandatory to provide the option of lifetime renewability to senior citizens.
● Claim Settlement Ratio – Many insurers make tall claims but fail to settle the claims of their policyholders. Look for insurers with a high Claim Settlement Ratio (CSR) to ensure that your claims are settled without any hassles.
Conclusion
Before finalising the agreement, you must read all terms and conditions thoroughly, even if the insurer offers the lowest premium health insurance for senior citizens. Know the intricacies of the plan, including penalties and fees, before committing. Additionally, the flexibility in premium payments of such a health insurance policy can be financially beneficial for you.