Thursday, January 25, 2018

Health Insurance For Senior Citizens – A Quick Take

You will be surprised to know that most of the health insurance service providers prefer to provide health insurance coverage to younger customers. They do it because of the risk of coverage for younger clients are lower.

After having said that, more than younger customers, it is senior citizens or your aged parents which needs more coverage. Thus, to avoid the catch 22 situation, it is better to buy health insurance plan when you are still young.

However, if you are looking for some vital aspects to consider before availing a best health insurance policy for senior citizens, this is the blog for you.

What is The Need For Health Insurance For Senior Citizens?

Before you avail health insurance for senior citizens, you should first need to understand the need for such a plan for them. 

  • As people grow old, they become prone to illness. Senior citizens survive on a pension and interest income earned on savings. But, medical expenses can easily consume their savings and hence, it is a must to avail a health insurance plan. 
  • Illness and ageing go hand in hand. We are not saying that someone who is aged will fall ill, however, the chances are always on a higher side. Thus, when you have health insurance to pay off your medical bills, it removes the worry. Hence, a health insurance lets a senior citizen live a hassle-free life. 
  • Another basic need of health insurance is that a medical emergency can happen anytime in life. And those expenses could be high. You could see many families in debts due to a history of medical expenses. Hence, if you have health insurance scheme in action, you could avoid the situation and manage funds easily. 

Senior Citizens Health Insurance Benefits At a Glance

Here are some of the vital health insurance benefits of availing a health insurance plan for senior citizens as compared to no health insurance for them such as:

  • Flexibility to choose the assured sum as per your preferences and needs 
  • Yes, the policy will cover your parents or any other dependent senior citizen, you will also get some tax benefits under Section 80D of the Income Tax Act
  • You can always return your policy in case you don’t find it good enough and match your profile or risk appetite. Yes, every policy has a risk-free period extended to a few days which starts after you have received your policy. You can always cancel it and get a full refund of the insurance premium. 
  • Senior citizen’s insurance policy also covers day care expenses for procedures requiring a day’s time such as chemotherapy, dialysis and more. 
  • An insured person can also take the benefit of yearly health check-ups via a health insurance policy. 
  • If a senior citizen is hospitalized for more than 24 hours, he/she can utilize cashless hospitalization facilities. Consultation fees, room charges, medical bills and more are covered under the health insurance scheme. 
  • Ambulance services are also included in the schemes, sometimes. 
  • Pre and post hospitalization costs are also covered under a health insurance policy. 

The Bottom Line

Now that you are well-versed with the need for health insurance for senior citizens, advantages of such policies and more, you can apply for one online these days.

Assess the needs of your aged-parents and more senior dependents and apply for the best health insurance policy for senior citizen online and secure their health effectively.

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