Many elderly people previously covered by employee benefit plans offered by their jobs find themselves without insurance after retiring. Additionally, many people put off purchasing health insurance coverage in favour of other financial obligations. You can buy health insurance for parents, but you should take the following into account first:
- Providing Accurate Information
Remember to accurately disclose any pre-existing conditions and lifestyle choices, such as tobacco and alcohol use, when filling out the proposal form. If you do not disclose facts, the insurance company may reject and deny the claim due to a breach of good faith.
- Waiting Period
By the time you’re 60 years old, you might contract several ailments. After some time, certain conditions might be covered by health insurance programmes. Depending on the pre-existing condition, this term can range from one to four years between companies. Look for an insurance provider and plan with a short waiting period.
- Top-up and super top-up
When the sum insured (SI) of your basic health insurance for senior citizens is depleted, top-up and super top-up plans kick in, acting as booster dosages to your basic health insurance. Given the rising expense of healthcare, these plans can save lives in the event of medical emergencies. People who previously chose a lower sum covered should buy these plans. ##
- AYUSH Therapy
AYUSH includes Homoeopathy, Unani, Siddha, Yoga, and Naturopathy. Insurance companies also offer coverage for AYUSH if you prefer it to allopathic therapy. However, some businesses set a lower limit for AYUSH treatment. Select the insurance provider offering AYUSH broad coverage.
- Picking The Appropriate Rider
Riders can be described as supplemental benefits that can be added to the current health insurance plan by paying an additional payment. Riders function similarly to the toppings on a basic plan. However, riders should be picked properly and by your needs. The insurance company pays the sum under the critical illness rider if the insured is found to have any of the listed critical illnesses after the 15-day survival period. Room rental sub-limits are typically included when buying family health insurance coverage. If you select a room rent waiver, you are only required to pay for expenses which exceed the pre-defined limit within the rider. The waiting period rider allows you to shorten the waiting period for existing diseases.
In addition, you should read the policy’s fine print, look over the sub-limits, co-payments, deductibles, etc., and see your agent or a business representative if you have any questions or concerns. You have 15 days after you receive the policy documents to decide whether or not you want to keep the insurance. Before making the final buying choice, evaluate the features and premiums for your coverage.
Buying health insurance as you turn 60 is a significant decision that requires careful consideration. By adhering to the five tips outlined in this guide, you can navigate the process more effectively and secure a policy that meets your healthcare needs during this stage of your life.
## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.