Health insurance plans allow coverage at any age. While normal plans extend coverage up to 65 or 70 years, there are separate senior citizen policies which allow coverage to individuals in the older age bracket too. A health insurance policy, however, should be bought early in life so that you can avail a comprehensive coverage and that too at low premium rates. Many of you believe that you don’t need health insurance in a young age and you delay buying a plan till your late 40s. Though you can find a plan even after you have crossed 45 years of age, there are some things which you should keep in mind when buying a health plan at that age.
Here are 7 important measures which you should take when buying a health insurance after the age of 45:
#1 Choose a plan with a low waiting period
When you are above 45 years old, chances are that you would be suffering from a pre-existing illness like diabetes, hypertension, etc. Such illnesses are covered after a waiting period of two to four years in all online health insurance plans. So, if you have a pre-existing condition, look for a plan which has the lowest waiting period. When you choose a low waiting period, you can get coverage for your condition at the earliest.
In some cases, the insurance company increases the premium if you buy a policy after 45 years of age. This loading can be because of a health issue you face, smoking or drinking habits, etc. So, before you consider buying a plan of health insurance in India, find out if there is any applicable premium loading.
#3 Check for any coverage restrictions
If you have severe diabetes or if there is a chronic medical ailment, the health insurance plan might impose coverage restrictions. Find out such coverage restrictions and try and avoid plans which have such restrictions. Moreover, when you look for online health insurance policies, choose a policy which has no limits, on room rent, or on other coverage features.
#4 Opt for an optimal sum insured
Medical expenses are very high and if you are investing in a health plan, make sure that your sum insured is sufficient to cover for your medical ailments. That is why you should buy a health plan which has a high sum insured limit. If you cannot afford a high coverage level, you can choose top-up or super top-up health insurance plans for enhancing your cover. These plans would boost the coverage while their premiums would be low.
#5 Buy a critical illness policy
Critical illnesses are on the rise and given your age the probability of contracting a critical illness is high. You should, therefore, invest in a critical illness health insurance plan to guard against the financial implications of critical illnesses.
#6 Undergo a pre-entrance medical check-up
Under many plans of health insurance in India, pre-entrance medical check-ups are mandatory if you are 46 years and above. Since you are buying the policy after 45, chances are that you would have to undergo a pre-acceptance medical screening before the policy is issued to you.
#7 Compare health insurance plans
The last step in buying health insurance in India is to compare. There are dozens of plans available in the market and you can get the best plan only when you compare health insurance. Go online and compare the available plans. Then choose the one which offers the maximum coverage features, has minimum restrictions and has the lowest premiums.
It’s always better late than never. Although you are buying a health insurance plan after 45, make sure you keep the above mentioned points in mind to find the perfect plan which would give you good coverage.
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