The human life goes through several different stages, from an infant to a youth, to middle age and finally, old age. Each stage has its own pros and cons. But the toughest stage of a person’s life is supposedly old age, a time of your life when you might have to go through health deterioration, loss of physical strength and worst of all, dependency on others both financially or physically. Especially, when you are physically weak or suffering from various illnesses, the dependency factor might not always prove to be a sweet one.
Turning sixty is a major milestone. On the one hand, people find more time for matters hitherto adequately unattended to during their former years due to multiple preoccupations. On the other, there is an increasing anxiety about health and wellness. A major reason for this is that once a person crosses retirement age, the steady flow of income stops and any expenses due to health problems eats into the savings.
This is when a Health Insurance Policy is absolutely crucial. Getting a medical policy at a young age is easy but if you are planning for a health insurance policy at an older age, the process gets a lot more inflexible with more restrictions.
Importance of health insurance policy for senior citizens
Old age is a time of your life when your income is almost negligible while expenditures over health issues are manifold. Health insurance at this stage offers you financial support. The rampant problems that are greatly felt in the latter part of your life are due to the following:
- Ever increasing medical expenditure
- Decreasing earnings or zero revenue
- Reduction of saved money due to daily expenditures
- Unforeseen emergencies that might cost you a lot of money
- Points to note to get the best health policy
No one plans to fall sick or get hurt, but most people need medical care at some point. This is where a health insurance policy comes into assistance by extending reimbursement of hospitalization costs incurred due to health problem. Health insurance covers these costs and offers many other important benefits.
- Health insurance covers vital health benefits critical to maintaining your health and treating illness and accidents
- Health insurance protects you from unanticipated, high medical costs
- You pay less for covered in-network health care, even before you meet your deductible
- You get free preventive care, like vaccines, screenings, and some check-ups, even before you meet your deductible
Having health insurance is important for several reasons. Uninsured people receive less medical care and less timely care, they have worse health outcomes, and lack of insurance is a fiscal burden for them and their families. Moreover, the benefits of expanding coverage outweigh the costs for added services. Safety-net care from hospitals and clinics improves access to care but does not fully substitute for health insurance.
The Indian health insurance market for senior citizens has grown and there are many companies that offer policies. Before deciding to buy a policy, you should know what you want from your insurance cover. Discuss it with your family and friends; do some reading yourself before buying the policy. Taking a policy for health is a great investment for elderly; though the premiums to be paid may be higher than normal.
Health insurance policy is very valuable for a senior citizen and should be scrutinized on all its clauses before buying, so that during an emergency, the health policy provides all the coverage that is required.
Maximum renewal age: Choose a medical policy that gives an extended renewal age so that you don’t have to worry about renewing the medi-claim policy every year and can renew it only after the maximum renewal period is reached.
Maximum Coverage: Buy the best health insurance for the elderly that gives maximum coverage, including cover for critical illnesses or pre-existing diseases, at affordable rates.
Pre-existing diseases coverage with least period: Try to get the best health policy that offers a shorter waiting period for getting benefits for pre-existing diseases, as that will be more beneficial for the elderly person.
Maximum sum insured: The best health policy is one which offers higher sum insured.
Minimum exclusions: look for a policy with minimum exclusions as that will enhance the coverage. Exclusions are those diseases that are not covered under the medical policy.
To recapitulate, if you understand the importance of a health insurance policy and are looking to get the best health insurance in India, then keep the above points in mind and read through the policy nicely before purchasing it.