The Importance of Buying a Senior Citizen Health Insurance Plan

As you become older, you’re more likely to get sick and are more prone to life-threatening conditions and diseases. On top of that, the later years of life are more physically demanding and financially less secure, making health insurance coverage for unexpected medical emergencies a wise choice.

Moreover, today, people over the age of 60 can easily buy medical insurance designed specifically for senior individuals. Even better, you get access to some distinctive perks such as cashless hospitalization, coverage for pre-existing diseases, day-care fees, no pre-medical screening, and a higher sum insured with medical insurance for senior citizens. 

So, let’s have a closer look at some features of medical insurance for senior citizens and why it is essential. 

Benefits and Features of Medical Insurance for Senior Citizens

• Medical insurance for senior citizens provides health insurance coverage to people over the age of 60.
• Pre-medical screening is not required in most plans.
• Medical insurance for senior citizens provides a 15-day free-look period.
• Annual medical examinations are provided free of charge to policyholders.
• Pre-existing conditions are usually covered by most insurers, subject to policy terms & conditions.

• Medical insurance for senior citizens provides a claim settlement process that is quick, easy, and hassle-free.
• Doctor’s fees, lodging charges, medical bills, in-patient hospitalization expenses, ambulance charges, and other expenses are covered by the medical insurance for senior citizens.
• The majority of policies have a lifetime renewal option.
• Expenses incurred pre & post-hospitalization are also covered.

Importance Of Buying A Medical Insurance For Senior Citizens

1. Planned Step

Medical insurance for senior citizens works as a shield against unstable income during retirement. With medical insurance for senior citizens, you can acquire health insurance and plan for future medical crises without fear. After retirement, income becomes limited or unstable because there is no fixed source of income. So, after the age of 60, senior adults must have a decent health insurance plan in place so that they do not experience financial hardship.

2. Protective Barrier Against Increased Vulnerability to Old Age Illnesses

Growing older makes you more susceptible to illnesses and diseases; older people are more likely to become ill and be admitted to the hospital due to weak health conditions. This is why it is critical to obtain a medical insurance for senior citizens that will cover all your medical expenses arising from an illness, injury, or accident. 

3. Increasing Medical Expenses

In India, close to 3.1 million households fall below the poverty line each year owing to unexpected hospitalization costs and medical expenses. Moreover, healthcare costs have risen in tandem with technological advancements, which is why it is somewhat necessary to obtain medical insurance for senior citizens that will cover you in the event of a medical emergency during old age.

4. Financial Independence

People who retire are usually financially reliant on their children. However, in the event of a medical emergency, the family’s breadwinner would be responsible for covering all costs out of pocket if there is no health insurance. That is why having separate medical insurance for senior citizens is critical, as it will make you financially and medically independent.

5. Employer’s Health Insurance Policy Termination After Retirement

Employees nowadays are covered by health insurance provided by their employers, and hence, most people do not purchase their individual health insurance. However, these policies are not renewed by the employer after retirement, necessitating the purchase of your health insurance policy that will work as an aid during your retirement years. 

As time progresses, senior citizens are finding it harder to pay for medical expenses due to the significant rise in healthcare costs. But investing in medical insurance for senior citizens will provide you or your parents the much-needed financial assistance during medical emergencies. However, be sure to explore and thoroughly compare all available plans before making a choice and opt for reliable and trusted insurance providers such as Care Health Insurance, so your retirement years stay secured.