Having a health insurance policy for senior citizens is important. The main factors that people focus on while looking for a suitable senior citizen health insurance plan are premium affordability and the benefits of the policy.
However, with changing regulations and digital advancements, it is now easier to purchase a senior citizen plan from the comfort of your home.
Below we have mentioned the two major changes that have simplified the purchase of health insurance for senior citizens.
Two Major Parameters That Changed for Senior Citizen Health Plans:
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Options to choose health plans from have increased
Earlier it was slightly difficult to get a health insurance plan for senior citizens. Not only were there lesser options to choose from, but also, they came with stringent clauses and limited health benefits. Also, one had to visit multiple health insurance companies or an intermediatory to obtain & assess the nitty gritty of different plans.
Now with multiple new insurance companies, we have more options with varied health benefits to choose from. One can sit at home and access the details of all health insurance policies at a click of a button. Moreover, one can compare the benefits offered by each plan and take a judicious call to buy a plan suitable to one’s requirements.
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Pre-existing health conditions are no more an issue
A pre-existing health condition was the reason why many people were denied of being provided with a health insurance plan. Since now the parameters have changed, people can easily get a health plan, even with pre-existing conditions or chronic illnesses.
Common chronic illnesses such as thyroid, blood pressure, diabetes, arthritis, and spondylitis are found in more than 60% of the senior citizens in our country. These days, health insurance policies are customized as per the existing health conditions. This means that these conditions will not prevent you from getting a new health insurance plan. Hence, policies have now been upgraded and people can easily purchase health insurance plans whether 60 years or above.
Note: Many special senior citizen policies (customized according to pre-existing diseases) have comparatively low premiums than the standard senior citizen plans.
Is Co-payment an ideal option to choose?
Before we tell you if or not co-payment is a good option to go with, let us first describe what co-payment is.
What is co-payment?
Co-payment is a fixed percentage of the total claim that the policyholder agrees to bear, and the rest is borne by the insurance company. When you opt for co-payment, it automatically brings down your premium since you offer to pay a part of your bills thereby reducing the coverage that you will need to take from the insurer. Co-payment reduces the financial liability of your insurer, and this benefit is passed on to the policyholder.
Now that you know what co-payment is, let’s discuss if it is an ideal option to go for.
People generally opt for co-payment when the premium amount of the policy seems expensive to pay. But this option also comes with a clause that you are supposed to pay for the amount you agreed to when filing a claim. So, to decide if it can be a good option or not, it is always better that you first check how low or high is the premium price of your health insurance policy. And then, you can compare & opt wisely.
In conclusion,
According to the new parameters, not only is it now simpler than ever to buy a health insurance plan for senior citizens, but it is also easy to avail a health plan even if you have pre-existing or chronic health conditions.
If you wish to explore more insurance plans, you can download our Bajaj Finserv app and find every information you need on insurance.
Anywhere, Anytime insurance with the Bajaj Finserv App
The Bajaj Finserv App is a high utility App that takes care of all your financial needs including insurance. On the app, you can explore benefit-rich health insurance plans from our trusted partners. Here you can view product features, compare prices and purchase a plan that is best suited to your needs. All this in a matter of minutes and from the comfort of your home. It truly is becoming the new way to buy insurance. If you or your family are still to experience the security of health insurance, login to the Bajaj Finserv App and get started now
