Everyone, whether in their 20s or 60s, needs health insurance. That said, it might be even more crucial and prudent for seniors to invest in it, as they are susceptible to health complications that come with ageing. A good health insurance scheme and coverage can help them pay for treatment that their finances may not cover. Besides, the right plan can be a lifesaver and help seniors avoid medical debt.

1. Visit a broker or an insurance provider
Seniors can visit an insurance broker or provider to purchase health or medical insurance plans. An insurance broker is an agent who sells insurance plans from different providers or companies.

Now, if individuals visit an insurance company or provider directly, they can only choose a plan from that provider.

2. Consider the coverage
When choosing a health insurance plan for seniors, individuals must consider what coverage the plan offers. For instance, some plans offer coverage only for out-of-hospital medical expenses. This can include the costs of doctor consultations, dentist visits, medical checkups, and similar day-to-day medical expenses. These plans will not cover the costs of hospitalisation. Likewise, if individuals require coverage for medical expenses associated with hospitalisation, they should select a plan accordingly. Such medical insurance plans cover urgent hospitalisation fees, ambulance charges, and expenses associated with treating chronic illnesses. A comprehensive health insurance plan for seniors will cover almost all medical expenses, including out-of-hospital costs, hospitalisation costs, chronic conditions, and specialist visits.

3. Check the network of doctors and hospitals
All insurance providers have a fixed network of doctors and hospitals. The financial coverage that their plans offer usually covers a major chunk of the medical expenses incurred within these hospitals. And if individuals visit an out-of-network hospital, the insurance coverage will only cover a small percentage of the expenses. So, it is likely that they will have to end up paying most of the expenses out of their pockets. This is why, before finalising a senior health insurance plan, individuals must thoroughly check the list of hospitals in the network. This will allow them to choose a plan that has either a wider or a more preferable network of hospitals and specialists.

4. Take note of the waiting period
Before purchasing a health or medical insurance plan for seniors, individuals must check the plan’s waiting period, usually around three months. The medical insurance plan will not cover expenses incurred during this waiting period. So, for optimal coverage, individuals must consider choosing a plan with the shortest waiting period. Another thing to note is that the waiting period does not apply to seniors who were already covered by a medical insurance plan and are switching to a new provider.

Along with the general waiting period, individuals must also note the waiting period for pre-existing conditions. These are medical issues that have already been diagnosed before their coverage begins. A health insurance plan will not cover the medical expenses for these conditions for a certain period, which is usually the first 12 months. That said, individuals will have to continue paying the insurance premium to keep the plan active during this time.

5. Consider the late-joining fees
One of the best things about health insurance plans in this country is that they have no age limit for seniors. So, regardless of whether individuals are over 65, 70, or 80 years old, they can definitely purchase medical insurance. But while there is no age limit for medical insurance, there is a late-joiner fee. If an individual purchases their healthcare coverage after a certain age, they would have to pay a late joining fee. This fee is usually collected in the form of higher premiums. Also, the amount of this fee depends on the applicant’s age. So, if an individual joins a healthcare plan when they are 60, they will be paying a lower fee than when they join at 70.

6. Consider the additional benefits
Besides doctor visits and hospitalisation, seniors may need several other kinds of assistance. This includes external medical devices, such as wheelchairs and hearing aids, prosthetic devices, or home nursing care. So when choosing a health insurance plan, individuals must check if it offers coverage for such additional needs.