Health insurance options for senior citizens, choose wise
By Rupeetalk.com , A leading Personal Finance Portal
You must be bombarded with the n number of options available in the sector of health insurance; however, when you cross 50, the options gets limited and an individual finds himself compromising with his requirements. Here, most insurers are not ready to cover you against the sky rocketing frequent medical requirements.
In this regard, the Insurance Regulatory and Development Authority (IRDA) has asked general insurance companies to keep at least 65 years as the maximum entry age for a health insurance policy, after which you will not be able to buy a plan or get your existing plan renewed. In addition, you will have to undergo some self-funded medical tests (the older you are, the stricter the tests get) to prove that your conditions allow you to buy a policy with all available covers.
In this case, you will have to opt for the specifically designed senior citizens' policy. The common features of these policies are:
Co-payment is the part of expenses that the insured person has to pay out of his pocket as a contribution towards health expenses incurred by him. Co-payment is higher in case of senior citizens. Since claims are bound to happen in case of senior citizens, insurers want to make sure that over-spending is not being done at their cost. To be safe, they raise the co-payment ratio in these policies to make the insured responsible for his health and expenses there on.
Despite these disadvantages, senior citizen plans come to your rescue when all other health plans decide to leave you in lurch when most required. These plans care for you when all others back out. So, it is good to invest in these plans as soon as you are eligible, so that by the time you actually need their services, the waiting period is already over.
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