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When you are over fifty, it is natural that your need for medical attention increases – for keeping you free from diseases and also for helping you to recover in case you fall sick. So far, you had been remaining mostly healthy and your medical needs have been either covered by your employer or easily managed with your salary and savings.
Now that you are contemplating to retire and enjoy life, this is the time to think about medical insurance for senior citizens to take care of your (and your spouse’s) medical treatments. Here are some tips for you:
§ Hospital Bills are skyrocketing especially since we all have the tendency to go for quality treatment in branded Private Hospitals. This can make a dent in your retirement savings if you do not have medical insurance for senior citizens.
§ If you are planning to retire and live on pension or interest income from savings, a medical emergency can result in a financial crisis. To avoid this, it is prudent to take a comprehensive policy of health insurance for senior citizens.
§ The medical cover, which you had during your employment, ceases in most cases when you retire. Health insurance for senior citizens can replace this cover.
§ Your children may use their employee/group insurance for you. Since this Mediclaim is effective only after a stipulated period of 2-4 years if you have pre-existing illness, you may not be able to benefit from it, if he/she switches employment as the insurance also ceases.
§ Existing ailments are excluded from health insurance for senior citizens for a period of 2 to 4 years in most cases. If you join early, you can avail the policy for even treatment of existing illness after the stipulated period.
§ If you are confused due to the numerous choices in the field of health insurance for senior citizens, do not hesitate to seek advice of an independent insurance adviser.
§ In normal cases medical checkups are essential for those over 45. In case you are reluctant to undergo such tests, there are still policies which are provided without tests. However, it is advisable to declare your existing illnesses truthfully, to avoid rejection of claims.
§ Please note that recently issued Government stipulations (July 1, 2009) makes it mandatory for all health insurance companies to return 50% of the costs of tests, in case they accept your policy.
§ Government of India has also issued specific guidelines that every health insurance company has to offer coverage for people up to the age of 65. There is also a provision for shifting insurers if you are dissatisfied with the present one.
§ Please keep it in mind that there is a lot of variance in terms and conditions in the policies of medical insurance for senior citizens offered by different companies. There are companies which even offer “No age restriction for enrollment” and “assured renewability for life”.
I hope above tips will help you in choosing a suitable medical insurance policy for you or your parents (in case you are below 50!).
Wish you a healthy and happy life.
Source: http://healthinsuranceplaninindia.weebly.com/blog/medical-insurance-policy-for-senior-citizens