Four things Senior Citizens should look for in a Health Plan

Co-Pay

Most plans require people aged over 60 to share the cost of treatment with the insurer. This is called Co-Pay. A 20% Co-pay means that the insured will have to bear 20% of all admissible expenses, the insurer will bear the remaining 80%.  It is best to go for a plan that requires no Co-pay. If there is no such plan or if you cannot afford such a plan, try to reduce the amount of co-pay. 

One way to avoid co-pay is to buy a policy before you reach the age of 60. If you enter before 60, several plans will waive off the Co-pay.

Lifelong cover

It is critically important that you chose a policy that provides lifelong cover.  At advanced ages it is difficult to enrol in a new health insurance plan. Even if you were to get one there are issues related to pre-existing illnesses. To avoid all these complications, choose a policy that provides lifelong cover.

No Claims Loading

Make sure that the insurers will not increase the premium if there are claims on the policy. While premiums will increase based on your age you shouldn’t have to pay a loading if you claim. The propensity to claim is high during old age and if you have to pay a loading then it can be a financial burden.

Domiciliary Treatment

In old age, the insured may not be in position to be moved to hospital and may have to undergo care in his/her own home.  It is therefore important that your policy has domiciliary cover. This will allow you to claim expenses for allowed home treatments.