Buying health insurance after 60 years of age can become costly, especially when one policy costs thousands of rupees compared to others. However, opting for the lowest-priced plan becomes disadvantageous when the hospital bill arrives. Coverage and exclusions become equally important at this stage.
If a 64-year-old man opts for a less expensive plan out of the two plans available to him. but soon he realises that there is a waiting period for his pre-existing diabetes condition, here are 5 things to compare.
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Waiting Period for Existing Diseases
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If you suffer from diabetes, high blood pressure, or heart ailments, determine how much time is needed for related treatment to become eligible for coverage under the policy.
Room Rent Limits
Sometimes certain policies put restrictions on the choice of the hospital room. If your plan does not permit choice of rooms beyond a limit, opting for a room beyond the specified limit may make you pay extra expenses out of pocket.
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Co-payment Rules
A co-payment means you pay a percentage of eligible medical expenses yourself. For example, with a 20% co-payment on an eligible ₹2 lakh bill, you would pay ₹40,000, and the insurer would pay ₹1.6 lakh, subject to other policy limits.
Disease-Specific Limits
Check whether treatments for conditions such as cataracts or joint replacement have separate payment limits. A policy with a large sum insured may still restrict payouts for particular procedures.
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Hospital Network and Claim Process
Check whether nearby hospitals accept cashless treatment under the policy. Also, understand pre-authorisation requirements, reimbursement documents, and emergency claim procedures.
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