Pre-existing Conditions and Diseases
Insurance companies generally prefer to mitigate risks exposed by these pre-existing conditions usually by:
- Loading higher premiums.
- Inserting a longer waiting period.
- Declining to cover for any form of treatment of the pre-existing conditions.
- Denying selling the policy.
Having noted that this is a major source of concern for many senior citizens, most insurers include a section for ‘Important exclusions’ in their sales pitch. You need to be aware of this; it is advisable to read and understand all exclusions, including the undisclosed, exclusions thoroughly.
Co-payment is where you meet a certain fraction of the cost the claimable hospital bill privately. Most insurers include this feature in a policy to control the number of claims made by senior citizens. A good understanding of the co-pay percentage mentioned in a policy is necessary before opting for one.
When seeking health insurance for a senior citizen, look out for the best suiting policy. It is rare that there will exist a perfect policy for you. You may have to let go of less important things and prioritize on more important needs. A good understanding of the policy wording is necessary, usually insurers include a ‘look-up period’ wherein you can cancel the policy without any loss.