Hyderabad: Insurance companies generally follow a number of rules for issuing new policies to those over 60 years of age. It is sometimes difficult to get a policy if there are pre-existing diseases. Therefore, it is always advisable to renew an existing health insurance policy in a timely manner. Some insurance companies do not even issue policies after a certain age. Impose a maximum age limit on renewal. Policies that allow for renewal for life should be considered when choosing a policy. The need for health insurance policies is likely to be higher in the age group of 75-80 years. Carelessness in the matter of restoration is useless.
How long to wait?
Insurers determine the waiting time for certain diseases, including pre-existing diseases, after the policy is issued. It usually lasts two to four years. Senior citizens should have a less waiting time when taking a health insurance policy. In addition, the list of ailments should be limited. An attempt should be made to select such ones.
What are the exceptions?
When taking policies you should clearly know what is applicable and what is not applicable. Sometimes the insurance company may not permanently accept the claim for certain treatments. One should be vigilant in this regard while taking the policy. The list of permanent exceptions should be checked. Problems may arise if the insurance company refuses your claim after hospitalisation.
Co-payment matters
Though the policies are offered to adults..insurance companies enforce certain rules. One of which is mainly co-payment. The policyholder has to bear a considerable amount of the total treatment cost. The same goes for co-payment (co-payment). Make sure there is a low down payment when choosing a policy. This unconditional policy should be taken as far as possible. The same goes for a slight increase in premium.
If there are sub-limits..some policies..impose limits on treatment costs. There will be some restrictions on hospital room rental, ICU charges, surgeries in particular. These are paid at a fixed percentage of the policy amount. For example, if you have a policy of Rs 5 lakh, you can say that you will pay only one per cent of the value of the room rental policy. That is Rs 5,000. Moreover, the policyholder has to bear. Adults should be aware of this provision when choosing these policies.
Opportunity for medical examinations. Older people need regular health checkups. Some insurance companies offer the opportunity to undergo a medical examination if there is no claim for the year. Reimburse the expenses paid for these. So, Senior citizens should choose policies that offer such flexibility.
Is there a No Claim Bonus?
If there are no claims for one year, the policy offers a No Claim Bonus (NCB). Benefits include reducing the premium or increasing the policy value by 10-100%. Consider how NCB benefits are offered .. rather than premium reduction .. whether the policy has the potential to increase the value of the policy. Some companies may charge a lower premium at age of 60. But, the premium increases with age. The policy decision should be taken after looking at the premium for people of different ages in advance.
Read: Health Insurance: Why is it important in every stage of life?
