Buying senior citizen health insurance is often something that you should do with caution, since there are a few pitfalls and crucial challenges to navigate along the way. These are usually policies that some insurance companies provide to those above the age of 60 with a view towards helping people meet their medical treatment and other costs. Yet, while buying health insurance may seem like a piece of cake in most circumstances, when it comes to senior citizen health insurance, there are several terms and conditions worth noting.
Must Read: Should I Take An Individual Health Insurance If I Already Have A Group Health Plan?
Key Pitfalls/Challenges That You Should Not Miss
Here are some main challenges that you need to address while investing in health insurance for senior citizens:
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Higher premium
Senior citizen policies are considerably costlier than policies purchased by younger citizens. This may be tricky for those on a budget. Hence, experts recommend buying senior citizen health insurance early on or a long-term policy that will cover a major chunk of the golden years if possible.
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Health Check-Ups
Purchasing fresh insurance policies for senior citizens may necessitate complete medical check-ups. This will be risky, since the insurance company may turn down the policy application in case of higher risks. Otherwise, the company may charge a sizably higher premium amount after inspecting the medical records. If the insured person has any pre-existing condition which is revealed through a check-up, it may or may not be covered in the policy.
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Co-Payment
Individual health insurance plans for senior citizens often come with clauses for co-payment. Under the same, one has to pay a specific percentage of hospitalization expenses. Yet, the higher your co payment percentage, the lower your premium amount.
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Entry Age Restrictions
Individual health insurance policies have specific age restrictions in terms of eligibility. It may pose issues for those who have crossed the maximum entry age limit.
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Ancillary Service Coverage
These include everything from laboratory testing to ambulance fees, and more. They may not always be covered under these health insurance policies.
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Waiting Periods
Every health insurance policy comes with its own waiting period. Hence, it could be problematic for senior citizens who are more vulnerable towards sudden medical emergencies.
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Exclusions
There could also be certain exclusions under these health insurance policies which may impact seniors. They include coverage for specific pre-existing ailments, self-inflicted injury, treatment for AIDS, injuries due to any war or foreign army, ailments within the first 30 days of purchasing the insurance policy, dental treatments or cosmetic surgery not arising from accidents, costs of spectacles or lenses, replacement surgeries, and non-allopathic treatments.
Hence, you should keep all these aspects in mind while venturing to purchase health insurance for senior citizens. It is recommended that you invest as early as possible in order to avoid higher costs later on. However, you should check the inclusions and exclusions along with the terms and conditions of the policy with care before signing on the dotted line.
