Health Insurance Policy – Everyone desires to have a blissful retirement. The time when you can finally relax without worrying about working each day and indulge in what you truly like, be it reading, watching sports, or spending quality time with loved ones. Sadly, golden years may also bring along certain health issues, which may bite into your savings. To prevent this from happening, it is important to secure your funds and ensure the best treatment possible by taking health insurance for your retirement.
So if you are interested in buying senior citizen health insurance, here are 4 things you must keep in mind to make the right choice.
Your pre-existing illness
There might be a pre-existing condition that you may be suffering from. It is important to understand whether or not it is covered in your health insurance policy. Some policies do not include medical expenses incurred due to pre-existing illnesses.
Companies also have a waiting period after which you can make claims for such conditions. This may vary between different insurance providers. So make sure to buy a policy that covers your pre-existing disease without having you wait for long.
An alternative treatment cover
You may be more inclined to get treated by Ayurveda or homeopathy medication than allopathy. They might suit you better than the conventional method. If so, then look for a health insurance provider that offers coverage for alternate medication and treatments according to your preferences.
Coverage over premium
Your health insurance premium for retirement is usually higher than the normal one. Due to this, many people decide to pay for the hospital costs on their own without taking a health cover, only to regret later. Considering the increasing medical costs, a single surgery could cost you a lot of money and exhaust all your savings. So, choose a health insurance policy based on the cover offered instead of the premium.
Co-payment clause is included
When you take health insurance for your retirement, an additional co-payment clause is included in the terms of your policy. This means you will have to pay a certain percent of the medical bill and the health insurance provider will take care of the rest. For example, health insurance that includes 10% co-payment means that you will have to pay Rs. 20,000 and your insurance company will pay the rest of your medical expense if the total bill is of Rs. 2 lakh. The co-pay percent is usually about 10-20%, however, it can also go up to 40% for some policies. So, select the lowest co-pay percentage as possible to get the maximum benefits.
Finally, it is important to carry out thorough research and comparison before shortlisting a policy. You can also use aggregator websites to help you get the right health insurance policy according to your requirements. Above all that, do make sure to read all the terms and conditions carefully before you move ahead with your decision. By doing so you will truly get the best value for money.
Good luck and take care.