Medical insurance has become a necessity with increasing prices and the possibility of contracting diseases in our lives. Corona has further shown the lethality with which it strikes. While we can certainly live a healthy life to a large extent, we should be prepared for any situations that may arise in future. This is where medical insurance is needed. In old age, the need is compounded because the body is not as strong as a youth to counter the disease.

“It is possible to get a health insurance policy after retirement. However, the premiums might be higher compared to the premium of a youngster as the rates are calculated based on the age of the policyholder. The insurer might also ask you to undergo a medical health check-up before issuing a policy. A percentage-based or amount-based co-payment might also be imposed”, says Adarsh Agarwal, Chief Distribution Officer, Digit Insurance.

So, let’s find out points that you need to keep in mind when getting a health policy after crossing the age of 60.

Senior citizen health insurance policies are specially designed insurance to take care of the health of senior citizens. The needs of senior citizens are different when it comes to health. Hence these policies cover a wider set of diseases compared to normal health policies.

According to experts, there is no challenge in getting health insurance after your retirement. However, some insurers may scrutinize policy issuance of super senior citizens on a case-to-case basis. Hence, it is advisable to take a health policy without any delay.

Important features of the senior citizen health policies to keep in mind:

Since the health policy is going to cover a comprehensive set of ailments, you have to take care of the following features.

Cashless Claim – This feature provides much-needed protection from huge expenses. Unlike a reimbursement scenario where the patient pays the medical bills and claims later, a cashless claim ensures that the money is directly paid to the hospitals by the insurance company.

Lifetime Renewability Options – There are two types of health policies; one, that cannot be renewed after a certain age while the second, that allows renewability for a lifetime. Senior citizens should opt for the second option. This should be ensured while taking the health policy. Changing anything later becomes difficult and cumbersome.

Less Waiting Period – Choose a health plan with less waiting period. A longer waiting period means increasing the possibility of spending your money if you get sick before the insurance cover starts.

Benefits Associated With Policy – Check if the policy offers discounts and offers such as no claim bonus, long-term policy discounts etc. There are some policies which offer annual check-ups, either free or at a discounted rate. However, these are fringe benefits. The focus should be on getting a comprehensive health policy.

“Some insurers might be hesitant in offering a higher sum insured to senior citizens. So, check if the insurer is offering you the sum insured you want to opt for. Considering the medical inflation and the rising healthcare costs, a health cover of Rs 15 lakh and above is advisable”, adds Agarwal.

Finally

Don’t forget the other important points that include the coverage of expenses and the claim process. The policy should cover all pre and post-hospitalization expenses for the maximum number of months. The claim process should be easy to follow. It is always good to speak with your insurance advisor and do your research to find the best policy available for senior citizens.

The author is a Financial Journalist.