Health insurance is crucial for financial protection in case of medical expenses or serious illnesses, and having one becomes very important as one gets old.

Senior citizens must consider factors, such as in-patient hospitalisation coverage and premiums when choosing a health plan, as having one without these could make your policy actually redundant.

Also Read: Which ITR Form Should You File? Know The Types Of Forms And Their Purposes

In-Patient Hospitalisation

Health plans provide financial assistance for hospital stays over 24 hours, with limits on doctor fees and other expenses for senior citizens. To maximise in-patient hospitalisation coverage, it is recommended that you go for a mediclaim plan that allows for a longer duration with regard to hospital stays.

Pre-Existing Illnesses

Insurers charge a higher premium if you have any pre-existing illness or disease, such as blood pressure, diabetes, and so on. In some cases, insurers might also refuse the policy if the proposer has any of these problems. Therefore, it is important to read the documents concerning pre-existing diseases carefully and disclose them to the insurer at the time of buying the policy. This will ensure that you are properly covered and there is no refusal on grounds of non-disclosure at the time of making a claim later.

Premiums And Deductibles

Health insurance rates are often higher for seniors. Another factor one should consider is the deductible or the amount paid by the policyholder before the insurer gives the money. Elderly people must examine their finances to determine if the premiums and out-of-pocket payments are realistic.

Co-payments And Sub-Limits

A sub-limit is the maximum amount a policyholder is entitled to for a certain treatment. A co-payment is the amount of money that a person must pay out of his/her own pocket for a portion of a claim. Senior persons’ co-payments and sub-limits may differ from those of others. One should choose insurance with a minimal co-payment and sub-limits.

Also Read: Section 80D: How Can Senior Citizens Claim Deduction On Medical Expenditure

Post-Hospitalisation Cost

The post-hospitalisation expenditure limit refers to any expenses incurred by the claimant after their hospital stay, and which are related to the sickness or injury for which they were hospitalised.

Typically, these charges are eligible for 60-90 days. For older individuals, several insurers may limit the criteria and the amount available for post-hospitalisation fees.