Health insurance for the elderly can be expensive, but some smart ways can help reduce the premium. Know how you can save money by choosing the right plan and making some simple changes
Senior Citizen Health Insurance: In today’s busy life, the body has become closely associated with diseases. Many people have started needing medicines more than food. In such a situation, health insurance has become necessary for everyone. Especially for the elderly, because they need more health services. The cost of treatment is also increasing rapidly. If you do not have insurance, sudden medical expenses can become a heavy burden on you.
However, many senior citizens shy away from taking a health insurance policy because its cost is quite high. But by adopting some smart methods, they can make the insurance affordable, without compromising on the coverage.
The sooner you take it, the cheaper it will be
If you buy insurance at a young age, the premium is much lower. Insurance taken at the age of 30 is cheaper than taking it at the age of 60. Apart from this, you get the benefit of no-claim bonus (5% to 10% per annum). If you take a three-year policy, you can also get a discount of up to 15%.
Compare different policies
Before buying insurance, it is very important to compare the plans of different companies. Nowadays, online comparison has also become very easy. Many insurance companies are offering plans especially for the elderly. Choose the cheapest and best policy according to your need and budget.
Take advantage of deductible and co-pay
Deductible means that you have to pay some amount yourself before the insurance company pays the claim. For example, if your deductible is ₹5 lakh and your claim comes to ₹8 lakh, then first you have to pay ₹5 lakh, then the remaining ₹3 lakh will be paid by the insurance company.
In Co-Pay, you have to pay a part of the expense yourself. Suppose, your policy has a 20% co-pay and the hospital bill is ₹2 lakh, then you have to pay ₹40,000 and the rest will be paid by the insurance company. Both these options reduce the premium.
Take a super top-up plan
If you want more coverage at a lower premium, then taking a super top-up plan is a good way. This comes in handy when your treatment expenses exceed your existing insurance limit.
For example, your current insurance limit is ₹3 lakh and your medical bill comes to ₹7 lakh. In this case, the first ₹3 lakh will be borne by the insurance company and the remaining ₹4 lakh will be covered by the super top-up policy.
Stay fit and reduce premiums
Insurance companies offer discounts to those who lead a healthy lifestyle. If you get regular health checkups, count your steps daily and maintain a balanced weight, the insurance premium can be reduced. This also reduces the risk of diseases and hospitalization.
