Company policies cover pre-existing conditions from the first day IN individual policies for senior citizens there will be a lot of exclusions.
AS THE person ages, his susceptibility to various health disorders and the possibility of hospitalisation increase. It is important for every member of the family to have a health insurance cover and especially for the senior citizens.
Choosing the right kind of health insurance policy for senior citizens involves looking into a lot of factors.
Policy renewers versus new policy buyers: Senior citizens who have not made major claims in spite of having a health insurance policy for many years, the premiums are much lower compared to those people who take a fresh policy after 60 years of age. In cases of the latter, the number of health conditions and treatments excluded from coverage will also be higher.
Group coverage or individual policy: With most corporates providing group insurance cover for employees and up to three additional family members these days, it is wiser to have the senior citizens covered by such group insurance policies as the coverage provided is wider than individual policies.
In individual policies for senior citizens there will be a lot of exclusions and cover for pre-existing illnesses may be effective only after the fourth year.
In corporate group insurance schemes there would be coverage for pre-existing conditions from day one.
Top up policy for higher cover: Group insurance coverage by companies may have sum insured limits of Rs 2,00,000-5,00,000 based on the position of the employee, but those who feel that the coverage is not enough, could go for a top up coverage with lower premium instead of a new policy, Nair says.
If the treatment cost goes above the coverage level provided by the company group insurance scheme, the individual can have the extra expenses covered by the top-up cover.
Companies like National Insurance, United India, Oriental Insurance and Star Health have such top up health covers.
The maximum age limit: Most insurance policies allow senior citizens up to the age of 65 years to take a fresh health insurance policy and a renewable age limit of 70 years. Many public sector insurance companies have no age bar and allow renewal as long as the premium is paid.
Health tests: All senior citizens looking for health insurance coverage through an individual policy or a family policy will have to undergo health tests. For those above 55 years of age with sum insured of about Rs 3,00,000 apart from the basic blood and urine sample tests, many other tests like ECG and treadmill test would also have to be taken.
The best time to take a policy: The time when a person starts working and earning is a good time to start taking a health insurance policy. Most lifestyle related disorders start at 45-years of age. So even for late starters, if they take a policy by the age of 42-45 years, by the time they turn senior citizens it gives an advantage of lower premium payment, especially if their claims are low.
