As you age, your health becomes a priority, and it's essential to have a reliable health insurance plan to cover your medical expenses. However, choosing the right health insurance plan can be challenging, and it's essential to consider several factors before making a decision.
According to experts, here are the six factors seniors should consider before buying health insurance:
Health Conditions & Medical History: “Before purchasing a health insurance plan, seniors should assess their health conditions and medical history. Insurance providers may exclude pre-existing conditions or charge higher premiums based on your medical history. Therefore, it's essential to review your medical records and speak with your doctor to understand your current health status and any potential risks,” says Shalini Dhawan, co-founder, Plan Ahead Wealth Advisors, a Sebi-registered investment advisor.
Coverage Options: Health insurance plans offer various coverage options, such as hospitalisation, outpatient treatment, and critical illness. Seniors should evaluate their healthcare needs and choose a plan that provides adequate coverage for their medical requirements. Additionally, consider the network of hospitals and healthcare providers that the insurance provider has tied up with to ensure convenient access to medical services.
Premiums & Deductibles: Premiums and deductibles are two critical factors to consider when purchasing a health insurance plan. Seniors should evaluate their budget and choose a plan with affordable premiums that do not strain their finances. Additionally, higher deductibles may lower the premiums, but it's crucial to determine if out-of-pocket expenses are feasible.
Waiting Periods & Renewal Policy: Insurance providers have a waiting period for specific treatments or medical conditions, and seniors should review these periods before purchasing a health insurance plan. Additionally, seniors should evaluate the renewal policy of the plan to ensure the coverage remains valid and relevant.
Co-Payment & Sub-Limits: Some health insurance plans have co-payment and sub-limits, which may affect the coverage of medical expenses. Seniors should evaluate these factors and choose a plan with minimum co-payment and sub-limits to ensure comprehensive coverage.
Customer Support & Reviews: Seniors should research the insurance provider's customer support and read reviews from existing customers to assess their experience. A reliable insurance provider should have efficient customer support and a good track record of claim settlement.
Overall, seniors should consider several factors before buying health insurance. Evaluating their health conditions and medical history, coverage options, premiums and deductibles, waiting periods, renewal policy, co-payment and sub-limits, and customer support and reviews can help seniors make an informed decision. It's essential to choose a reliable insurance provider with a good reputation and track record of claim settlement to ensure comprehensive coverage of medical expenses.