Unfortunately, people rarely age like wine. With advances in age comes an increased susceptibility to a host of conditions and diseases.
This is why a health insurance policy is one of the most important things to have as you get older.
Whether you want one for yourself or an aging loved one, the following are some of the most important factors to consider.
1. Age
Age is arguably the most important factor to consider when looking for senior health insurance. This is because even the best plans will not mean much if you have exceeded the policy’s age limits.
You will find that most providers only offer plans to seniors between 60 and 80 years old. Fortunately, there are those that do not have an age limit.
The best health insurance plans for seniors are those that allow people past 80 to access them. In the same light, look for a plan that offers you the longest coverage tenure.
You should also consider the renewal age. You will find that some insurance companies do not allow seniors to renew their policies past a certain age, usually 80 years.
2. Pre-Existing Diseases or Illnesses
Unfortunately, most health insurance providers are not particularly excited about providing coverage to seniors with pre-existing medical conditions, such as asthma, diabetes, cancer, or high blood pressure.
This is due to the high costs associated with treating such conditions.
The good news is that there are insurance providers who still cover pre-existing conditions as long as they are not terminal.
3. Coverage
It is crucial to make sure that the health plan covers a broad range of illnesses, especially those that become critical with progressing age.
As such, ensure that you read through the fine print carefully, reviewing all the terms conditions, especially concerning exceptions.
These are conditions that the health plan does not cover. The best policies offer seniors maximum coverage on their illnesses with minimal exclusions.
4. Premiums
Senior citizens are subject to higher premiums due to their increased susceptibility to health risks. However, these rates vary considerably depending on factors such as lifestyle, family history, age, and overall health.
Seniors in their 60s and are in good health will get better coverage and at lower premiums.
Therefore, ensure that you compare quotations from numerous companies to find one with the most favourable rates for you.
You should also look at whether you are eligible for health rebates from the government, as they will help cover the costs of your premiums.
5. Waiting Period
This refers to the amount of time you have to wait before your cover becomes active.
The waiting period is a safety measure for preventing people from claiming immediately after signing up, and then canceling before they can pay any premiums.
Waiting periods for senior health policies can be as long as 4 years, especially if the individual has a pre-existing illness.
6. Hospital Network
Due to the increased likelihood of a senior requiring emergency medical care, it is critical that their health insurance policy has a broad hospital network.
A great policy that does not cover you in the hospitals that you are most likely to attend will not account for much. Therefore, put that into consideration when comparing providers.
Conclusion
Due to their increased risk for illnesses, as well as debilitating injuries from accidents, it is important for seniors to be covered by above-average health insurance policies.
Nonetheless, seniors have a difficult time finding affordable health policies, which is why you must shop extensively to find a provider with favorable terms. Make sure that you also check for eligibility for rebates.
