According to Randon Morris, few years back, senior citizens could hardly get a health insurance policy due to the health challenges that come with old age and the medical treatment expenses involved. You can hardly find any insurer that is ready to provide health insurance for elderly people above the age of 60 at that time.
Thankfully things have changed over the years as senior citizens now have health insurance options, says Randon Morris
What is a Health Insurance Policy for Senior Citizens?
Health Insurance Policy for Senior Citizens is a type of insurance policy that is made especially for people above 60 years of age. It is designed to help senior citizens financially and to cover any medical expenses.
In case you are planning to buy health insurance for your parents or you want to buy one for yourself as a senior citizen. Here are some tips recommended by Randon Morris, that can help you make the right decisions, while buying a health insurance policy for senior citizens.
1. Coverage for Pre-existing Ailments
Pre-existing ailments is referring to any medical issues that someone has been diagnosed with before buying health insurance. In most cases, senior citizens have higher chances of developing pre-existing ailments than younger ones. Insurance companies in most cases specify the waiting period before they can cover expenses that are related to pre-existing medical issues. You should know that not all insurance companies cover every pre-existing ailment so you should check the list of pre-existing diseases the insurance plans cover before buying.
2. Check the Sub-Limits
For certain medical treatments that are costly, health insurance companies place sub-limits on the amount of claim. This means once the maximum amount of claim the company placed on some treatment is reached the insured person will have to pay for the extra cost, says Randon Morris. When choosing a plan, it is better to select the one with no sub-limits or check the list of treatments that have sub-limit before buying. This way you can choose the plan that matches your needs or requirements.
In health Insurance policy deductibles are referred to as the amount you have to pay as a policyholder before your insurer begins to pay benefits. A deductible is a better way to reduce the cost of insurance premium because the amount is fixed and is much more preferred to co-payment which is based on percentage. Although deductibles help to reduce your premium amount, paying for the deductible as an elderly person might be difficult. So as a senior citizen you should either go to insurance plans with no or less deductible.
4. Insurance Plans with Domiciliary Care
There are cases whereby the elderly person will have to be treated at home. It could be because the treatment needs personal care or because the patient cannot be moved. When you choose an insurance plan with domiciliary care your insurance company will provide coverage for all the expenses incurred during the home treatment. Domiciliary care is usually common with a large number of elderly people. So, it is better to buy a senior citizen insurance policy plan that will cover expenses for domiciliary care. Health conditions and needs should also be put into consideration before buying the insurance.
5. Waiting Period
When buying a health insurance policy for senior citizens it is better to opt for a plan with less number of waiting periods. A waiting period in health insurance is specific to certain diseases and depending on the insurance company it can last between 2 to 4 years. With a lesser waiting period, you can raise a claim in case of any medical emergency. A plan with the shortest waiting period and fewer ailments in the waiting period are what you should look for in health insurance for senior citizens. The reason is that the possibility of a senior citizen being hospitalized or developing health issues is high so the waiting period should be short.
6. Don’t Delay
Due to the premium amount that some people cannot afford they tend to delay buying health insurance. One thing they fail to realize is that health insurance price increases based on age. Also, most insurance companies have a certain age to which they issue a health insurance policy. It is important to buy health insurance on time before reaching the maximum age set by some insurers. You may want to consider buying health insurance as early as possible to prevent you from paying more on premiums. And ensure you don’t miss your premium payment at every due date to remain covered. If possible, you may want to opt for auto-payment. When buying health insurance as a senior citizen you should consider plans that don’t have age restrictions with renewable features.
There are different health insurance policies for senior citizens that should be bought based on their needs. Considering some of the tips provided above when buying health insurance for senior citizens to help make a better decision. Health insurance for senior citizens shouldn’t be all about money but should provide the policyholder with the coverage needed says, Randon Morris. So, you can check and compare all the different plans various insurance companies offer and choose the best.