People get more prone to diseases as they get older. So, having comprehensive health insurance becomes absolutely necessary in old age to cover the increase in expenditure on medical treatment and to cope with the high rate of inflation in the healthcare sector.
To get a full range of coverage without restrictions, it’s better to buy health insurance at a younger age before diseases set in and continue in old age. As the premium increases with the age and is revised periodically to match the increase in healthcare costs, there should not be much difference in the cost of such a health insurance plan and that of a plan designed for elderly people. Yet, senior citizen health policies come with lots of limitations and restrictions on both the insurance benefits and the sum insured as well. This is because in old age people generally have some pre-existing diseases and due to the increased probability of illness, insurance companies don’t want to provide higher coverage.
However, insurance companies underwrite the applications for senior citizen policies leniently – considering the general health conditions at an old age – and issue policies with some limitations, taking into account the associated risk factors. So, before applying for a senior citizen health insurance policy, apart from comparing the premium, you should check how many limitations there are.
Most health insurance companies put the following limitations on the policies for senior citizens: