With the increase in the age of your parents, the health risk factors also increase. Therefore, chances of suffering from severe medical condition rises and the need for hospitalization may occur. Hospitalization and medical care have become an extremely expensive procedure thus, having a health insurance policy for senior citizens can save you from financial crisis during a medical emergency. Moreover, senior citizens are more prone to suffer from critical illnesses, which can even become life-threatening. Most of the insurance policies now include critical illness policies, which can be another reason for choosing an insurance cover for your parents.
What is the age limit for a health insurance policy for senior citizens?
The majority of health insurance policies for senior citizens have an upper age limit of 60-65. It is often seen that insurance companies offer health plans to younger citizens much easily. This is because, at an early age, there are lesser health risks. Thus, younger people have to pay lower premiums. On the other hand, citizens above the age of 60 struggle a lot in finding the right insurance plan. This is mainly due to three factors:
High Premium
The amount of premium you have to pay is directly proportional to your age. So, if you are above the age of 60, you are considered as under the high-risk category, and as a result, you have to pay a higher premium for the health insurance policy for senior citizens. However, you can reduce the premium rate by removing some add-ons or top-ups plans from your policy. Another way for elderly citizens to reduce the high premium is the co-pay-out option.
According to this option, you have to share a certain portion of your medical bills. For example, X is having an age of 62 years. He has purchased a health insurance policy with the co-pay-out option. His medical expenses amount to INR 15,000. So according to this option, the insurer will pay a certain portion of this bill and the remaining will be paid by X. X has agreed to pay 20% of his medical bill, then he has to pay INR 3,000 and the remaining INR 12,000 will be paid by the company.
Medical Examination
Generally, younger people do not have to undergo any medical examination before purchasing health insurance. However, individuals above the age of 60 have to undergo a medical examination before the approval of their policy. If you are having any pre-existing illnesses, the insurance company may deny your application. Sometimes, they may provide you the insurance but your health insurance policy for senior citizens may not include those illnesses that you already have. Also, they can add an extra waiting period of 2-4 years on the claims of your pre-existing illnesses.
Waiting Period
In every health insurance plan, you have to wait for a certain period before making your claims. The duration of the waiting period depends on the insurance company. In most cases, it is between 0-4 years. This can be a disadvantage for senior citizens because they may be within their waiting period when they actually need the money.
Though most of the insurance plans have an upper limit of 60-65 years, many insurance companies are now providing health insurance policies for senior citizens with no upper age restrictions or a higher upper limit of 75-80 years.
