While there is no way to predict a health emergency, prevention is always possible. The best way to do this is to keep track of health, undergo regular diagnostic tests, and follow a healthy and active lifestyle. And this stands even more right in the case of senior citizens, who are more prone to health risks, especially old age-related ones. While taking care of your health after 60 is difficult, having a financial backup for any medical emergencies is essential. That is why investing in a senior citizen health insurance plan is best to protect your health and savings from the burden of age-related health issues.
Finding the best health insurance for senior citizens can be confusing, but we are here to help you out. Here are some of the factors that can help you choose the best health insurance for senior citizens:
Claim Settlement Ratio (CSR)
The claim settlement ratio is an important parameter for assessing the quality and authenticity of insurance providers. A high claim settlement ratio would ensure that the provider is reliable and offers complete assistance throughout the claim settlement process. This is a huge factor to consider as it is also an indicator of the credibility of health insurance providers.
High Sum Insured at an Affordable Premium
It goes without saying that everyone wants the best health insurance for senior citizens at the most affordable premium amount. However, the major difference is that the best health insurance for senior citizens at a low premium often offers less coverage.
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Therefore, always make sure you compare both the premium amount and the sum insured. And if that doesn’t fit your budget, try looking for more affordable plans. Additionally, look for plans with maximum inclusions and minimum exclusions so that you don’t have to worry about any last-minute surprises during claim settlement.
Claim Settlement Process
In addition to the Claim Settlement Ratio (CSR), you must also check the health insurance provider’s claim settlement process. Ideally, the claim settlement process should be quick, easy, hassle-free, and involve minimum paperwork and documentation. This way, senior citizens can rely on the insurer to provide optimum support during health emergencies.
Availability of Cashless Treatment Facility
Cashless treatments ensure that the hospital bills and medical expenses are directly settled between the network hospital and the insurance provider – so the elders can focus on quick recovery and not hefty hospital bills. With a cashless facility, senior citizens can preserve their savings and pension funds for better times ahead. Thus, look for insurers offering a wide network of cashless network hospitals.
IRDAI Registration Status
According to IRDAI, it is advisable to always buy health insurance for senior citizens from any insurance providers registered with them. This reflects the authenticity and quality of insurance providers. On their official website, one can find the list of all IRDAI registered insurance providers of the best health insurance plan for senior citizens.
Inclusions and Exclusions Under Policy Coverage
To avail all the coverage benefits, senior citizens must go through the inclusions and exclusions of the health policy. Plus, you should also read the policy terms & conditions thoroughly before purchasing a plan. For instance, you must check the hospital network, waiting period, availability of add-on benefits, etc.
Finding the best health insurance for senior citizens is difficult, but following a defined approach can ensure you tackle most of the challenges. While looking for reliable and reputable insurance providers, consider one of the leading health insurers like Care Health Insurance. The insurance provider promises a vast healthcare network while establishing a high claim settlement ratio. So, check their website to know more about the senior citizen health covers they offer.