Senior Citizen Health Insurance
Quite often it boggles people’s minds as to why insurance companies did not bother all that much about senior citizen health insurance plans. Logically speaking, it is during that particular age that people require the most help with health as medical bills can be super high, and retired people often cannot afford that type of payment.
Thankfully, many insurance providers are coming forward with reliable and affordable health insurance premiums. But, how do you know which one to choose?
When opting for a senior citizen health insurance plan, one must remember to keep these few points in mind!
Tips To The Best Senior Citizen Health Insurance Plan
1. Entry Level
When opting for a health insurance premium, it is always wise to keep in mind to check the maximum entry level age of the premium. Most companies allow people until the age of 60, while few small business health insurance companies have no maximum entry age. Your best option is to side with a company that offers an entry even when you are at 80!
2. Wide Hospital Range
Quite a few health insurance companies offer a minimal hospital range. Being a senior citizen it can be quite difficult for you to travel to these hospitals. Search for a premium that offers a wider range of hospitals, or one that offers coverage in a hospital of your choice. You can also opt for a private medical insurance.
3. Partial Payment
Companies are now offering senior citizen health insurance plans but, beware of the “co-payment clause”. This clause states that the insurance holder must pay a part of the amount. Whether it is 5% or 15%, keep in mind that the amount that you will be shelling out depends on the total amount of you medical bill.
4. Present/Past Illnesses
Many companies have a waiting period before a person can claim any type of medical insurance from a company, where pre-existing illnesses are concerned. A vast majority of senior citizens have illnesses prior to applying for an insurance plan. This would mean that you would have to pass through the waiting period before you can claim on certain illnesses. Make sure that the waiting period is not absurdly long before selecting your insurance.
5. Wide Coverage
While some companies offer coverage for illnesses like BP, Cardiac issues and diabetes, other companies may offer a wider range of coverage including various cancers and HIV/AIDS. Look for a health insurance premium that is willing to cover a wider range of illnesses that you may be prone to.
6. Premium Prices
Most senior citizen health insurance policies are priced extremely high due to the fact that it is more likely for a senior citizen to claim insurance than a young person. Search for a premium package that isn’t too high but, offers a wide coverage.
Another thing that may influence the price of your premium is your lifestyle choices. If you are partial towards smoking and drinking, then your premium package rate will probably skyrocket.
The insurance company will probably even take a look at your family history to get a better idea of whether any of the illnesses that they may have possessed are hereditary.
7. Amount Insured
As a senior citizen money is not easy to come by, and it is for this very reason that you are probably opting for a health insurance policy in the first place. But, quite often the premium paid is not worth the insurance provided. Think twice before making your choice and ensure that the coverage you are being given is worth the amount of premium you are paying.