How does Senior Citizen Health Insurance Help?
We all would want to stay healthy in our later years of life, but the harsh reality is that ailments are always around the corner during old age, and they can get quite expensive to treat. Truth be told, a severe medical condition in old age can be a huge setback to one’s finances, and might eat into their retirement savings as well. That is where senior citizen health insurance plans can help. These plans are curated especially for people who are between 65 years of age to 80 years of age.
Before anything else, let’s do a need analysis first.
Do senior citizens really need health insurance that’s tailored to their specific needs? Wouldn’t a standard health insurance do?
This is most likely the first thought that will come to mind when making a choice between standard and senior citizen health insurance plans. Well, to start with, the health needs of senior citizens are going to be quite different to those of young and middle-aged individuals.
What does that mean?
Despite one’s best efforts to lead a healthy lifestyle, old age is characterized by a weakened immune system, loss of muscle, fragility in bones, loss of hearing, diabetes and weight gain, to name the most common conditions. What makes it even worse is that several conditions occur at once, which is bound to take a toll on one’s body.
This shift in health makes senior citizen health insurance essential during old age.
4 Key Features to ensure in a senior citizen health insurance plan:
Higher sum insured
Lower waiting periods for coverage of pre-existing conditions
Coverage of critical illnesses
Annual health check-ups
Myths about senior citizen health insurance policies
Even today, many of us are skeptical about purchasing senior citizen health insurance because of certain myths. Here are the most common myths that you need to steer clear of:
· - Insurance policies for senior citizens are too expensive:
While it is true that senior citizen health insurance policies are slightly more expensive, there are a variety of policies available in the market that offer adequate coverage for the premium paid.
· - They do not cover pre-existing conditions:
Many people tend to dismiss health insurance policies for senior citizens simply because they do not cover pre-existing ailments from the very start. One must remember that almost every health insurance policy has a waiting period in place after which the policy covers existing diseases. Search for a health insurance policy which offers a lower waiting period.
Therefore, this should not be a deal-breaker as you will still be covered for any hospitalisation charges incurred in the first 4 years for other ailments.
· - Group insurance is more than enough:
A lot of people believe that the group insurance offered by companies is enough to cover their parents as well. This is not true, and you must not depend solely on such policies for your parent’s health coverage.
What to look for in a senior citizen health insurance plan
The increase in healthcare costs, especially during old age, has made it imperative for senior citizens to have adequate health insurance cover at hand. Here are some points to keep in mind while choosing a senior citizen health insurance policy:
Age of entry: The age of entry to consider while comparing senior citizens health insurance policies would be 60 to 80 years.
Age of renewal: Prefer a policy that has the maximum age of renewal.
Good hospital network: It is better to choose a policy that has a large number of network hospitals so you have a variety of options to choose from.
Adequate coverage: Select an insurance policy that provides sufficient coverage, including cover for critical and pre-existing illnesses.
As a good practice, it is important to compare different plans and policies before selecting a health insurance plan for senior citizens. It helps you understand what suits your requirements the most. After all, the right health insurance policy can keep you financially covered for any unforeseen ailments that might occur in your old age, and afford you the peace of mind to lead a healthier life.