According to Randon Morris, few
years back, senior citizens could hardly get a health insurance policy due to
the health challenges that come with old age and the medical treatment expenses
involved. You can hardly find any insurer that is ready to provide health
insurance for elderly people above the age of 60 at that time.
Thankfully things have changed over the
years as senior citizens now have health insurance options, says
Randon Morris.
What Is a Health Insurance Policy for Senior Citizens?
Health Insurance Policy for Senior
Citizens is a type of insurance policy that is made especially for people above
60 years of age. It is designed to help senior citizens financially and to
cover any medical expenses.
In case you are planning to buy health
insurance for your parents or you want to buy one for yourself as a senior
citizen. Here are some tips recommended by Randon Morris, that can help you
make the right decisions, while buying a health insurance policy for senior
citizens.
1. Coverage for Pre-existing Ailments
Pre-existing ailments is referring to
any medical issues that someone has been diagnosed with before buying health
insurance. In most cases, senior citizens have higher chances of developing
pre-existing ailments than younger ones. Insurance companies in most cases
specify the waiting period before they can cover expenses that are related to
pre-existing medical issues. You should know that not all insurance companies
cover every pre-existing ailment so you should check the list of pre-existing
diseases the insurance plans cover before buying.
2. Check the Sub-Limits
For certain medical treatments that are
costly, health insurance companies place sub-limits on the amount of claim.
This means once the maximum amount of claim the company placed on some
treatment is reached the insured person will have to pay for the extra cost,
says Randon Morris. When choosing a plan, it is better to select the one with
no sub-limits or check the list of treatments that have sub-limit before
buying. This way you can choose the plan that matches your needs or
requirements.
3. Deductible
In health Insurance policy deductibles
are referred to as the amount you have to pay as a policyholder before your
insurer begins to pay benefits. A deductible is a better way to reduce the cost
of insurance premium because the amount is fixed and is much more preferred to
co-payment which is based on percentage. Although deductibles help to reduce
your premium amount, paying for the deductible as an elderly person might be
difficult. So as a senior citizen you should either go to insurance plans with
no or less deductible.
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