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Health insurance for senior citizens above 60 years

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Advancements in healthcare, medicine and the availability of healthy food has led to a higher life expectancy among people. While it is a positive aspect of modern life, the cost of medicines and hospital care have also increased. As medical problems increase with age, it becomes increasingly important to take care of your health and be prepared for such costs.

Health insurance is a surefire way to protect your health and cover hospitalizations through regular premiums, but you might be wondering – “Who would give health insurance to people aged around 60?”. You do not need to be concerned about this matter, because the Insurance Regulatory and Development Authority of India (IRDAI) has made it mandatory to provide health insurance to people till the age of 65. Moreover, standard health policies also provide cover till the age 80 and above if renewed constantly. Considering the aspect of life expectancy and healthcare requirements above the age of 60, many insurance companies extend cover to dependent parents, and also provide the option of including pre-existing conditions and critical illness covers as well.

However, the downside is that if you are aged above 60, the overall coverage amount might be reduced, health tests will be mandatory, and you might have to pay a higher premium for getting coverage. Considering these factors, there are a few things you should check before getting a health insurance when you are nearing your 60s:

Check Sub-limits

While every policy has different rules for covering different kinds of conditions, you should specifically check for the conditions you are concerned about considering factors such as lifestyle, surrounding ecosystem, and genetic factors.

Age Criteria

If you are nearing 60s, you are definitely not late to the party when it comes to health insurance. Many insurance companies will provide coverage till the age of 80 and above if you keep renewing the policy. While checking out the insurance policies, you should go through the age criteria and coverage limit to make sure you are getting the best deal.

Co-Payment and Deductibles

When it comes to paying health insurance premiums, many people prefer that the health insurance company should cover all costs, while many individuals want to cover minor expenses on their own. Considering such concerns, insurance companies offer options of the deductible system, under which you can pay a specific amount (let’s assume INR 50,000) out of your own pocket, but when the expenses go above this limit, health insurance coverage takes over.

No-Claim Bonus

It is not a standard facility, but you should check out for insurance companies that offer bonuses for years in which you do not make a single claim.

By analyzing these aspects, you can make an informed decision regarding the purchase of health insurance and get the best deal possible.

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