As individuals grow older, the chances of developing health issues such as diabetes, hypertension and arthritis increase significantly. These conditions, often referred to as pre-existing diseases, can make it challenging to find the right coverage.
While health insurance plans have become normal, the common misunderstanding that you cannot avail of a comprehensive plan with a pre-existing condition is still prevalent. However, the reality is different. With the right understanding of policies, waiting periods and coverage features, it is possible to secure reliable protection even with pre-existing ailments.
Why Coverage for Pre-Existing Diseases is Important?
Medical inflation is increasing rapidly, and hospitalisation costs for chronic conditions can become overwhelming without financial support. Regular treatments, medications and diagnostic tests add to the expenses.
For senior citizens, who may no longer have a steady income source, a suitable health insurance for senior citizens ensures that these costs do not erode their savings. More importantly, it offers a sense of security that they can access quality medical care whenever needed.
Key Features to Look for in Health Insurance Plans for Pre-Existing Diseases
When exploring health insurance plans for senior citizens with pre-existing conditions, it is crucial to pay attention to the finer details of the policy. Here are some important features to consider.
Waiting Period
Most insurers cover pre-existing illnesses after a waiting period. The waiting period usually ranges from 2 to 4 years. Choosing a plan with a shorter waiting period can help senior citizens access treatment without prolonged delays.
Co-payment Clause
For senior citizens, many policies come with a co-payment clause. This means the insured person will share a fixed percentage of the claim amount. While co-payment reduces the premium, it is important to check the co-payment terms carefully.
Coverage for Critical Illness
Ensure that the plan explicitly covers treatments and hospitalisations related to conditions like diabetes, hypertension, kidney issues or cardiac diseases. Some insurers even offer disease-specific add-on cover.
Cashless Hospitalisation
A plan with a cashless treatment facility is particularly helpful in emergencies. It spares families from arranging funds upfront.
Renewability and Age Limit
Lifetime renewability is a must-have feature in a senior citizen’s health insurance plan. Always confirm the maximum entry age and whether the policy allows lifelong renewals.
Claim Settlement Ratio
A higher claim settlement ratio indicates that the insurer is reliable when it comes to processing claims.
Benefits of Health Insurance for Senior Citizens with Pre-Existing Conditions
- Financial Protection: It helps cover high medical costs without dipping into retirement savings.
- Access to Quality Healthcare: With a senior citizen health insurance plan, insured individuals can seek medical facilities without worrying about the expenses.
- Preventive Care: With free health check-ups offered by several insurance plans, individuals can ensure early detection and better management of diseases.
- Peace of Mind: The guarantee of quality healthcare access offers relief to senior citizens and their families.
Conclusion
Purchasing health insurance for senior citizens that covers pre-existing illnesses might seem difficult. However, with proper research, you can find the right health insurance plans. By thorough comparison between plans against factors like waiting period and co-payment clause, you can seek financial cover for seniors.
With trusted providers like TATA AIG, you can find specialised plans that meet your requirements without compromising the financial security.
