The importance of health insurance cannot be undermined in today’s day and age. This importance is multiplied in case of the elderly. Ageing is a natural phenomenon and the human body becomes vulnerable to all kinds of diseases as it ages. Therefore, it is better to be proactive and opt for health insurance for senior citizens at the earliest.
Another advantage of opting for health insurance is the tax benefit associated with purchasing the policy. You are entitled to receive tax benefits on health insurance premium under section 80d of the Income Tax.
Five Reasons why Health Insurance is a must for Senior Citizens
Rise in diseases
Urban areas might be blessed in terms of development but they are cursed due to pollution and other lifestyle-related issues. The modern way of life takes a toll on people living in urban areas. People in semi-urban and rural areas are also not spared by a rise in the number of diseases (old and new). This increases the probability of people contracting a disease as compared to few years ago. Purchasing health insurance for senior citizens is a good way of securing the family’s finances in case of diseases and medical issues affecting the elderly.
Increasing Medical Inflation
Rise in diseases has been matched by the rise in medical advancement that offers a cure for such diseases. However, such medical advancement comes at a cost. Medical inflation is rising incredibly fast. Thus, it is prudent to purchase health insurance for senior citizens to tackle the increasing medical inflation and be financially prepared in case of a medical emergency involving the elderly.
Expensive medical insurance plans
A person’s age plays a key role in determining the health insurance premium for medical insurance plans. Cost of health insurance for senior citizens increases as a person ages. Thus, it is better to opt for medical insurance for senior citizens at an early stage to save money on premium.
Comprehensive medical insurance for senior citizens
Lot of organizations offer their employees group health insurance policy as a part of their package. Employee’s parents are also included in some instances. However, the question is, does it offer enough coverage? Some people also opt for a Family Floater plan to cover all family members instead of an individual policy for each member. Such floater plans also fail to meet the purpose of insurance when it comes to providing extensive individual coverage. Therefore, an individual comprehensive health insurance policy is the best option with respect to extensive coverage.
A comprehensive policy will be instrumental in covering a variety of medical issues that might affect the elderly. Yes, more inclusions in the policy will mean more premium but it is certainly worth it when equated with the medical expenses one might incur in the absence of such a policy.
Battling Critical Illness
Few years ago, Cancer was a rare disease. Today, it has become common. However, the treatment cost associated with it is massive. Treating Cancer can be a financially draining activity. Therefore, such costly and life-threatening diseases are termed as Critical Illnesses by insurance companies and are insured under a Critical Illness plan. It is a health insurance plan that offers a lump sum amount in case a Critical Illness is detected. Such plans are often subject to pre-existing diseases therefore it is imperative to read the terms and conditions carefully before purchasing such a plan.
Online Health Insurance
Purchasing health insurance online is a hassle-free way of insuring senior citizens. Contrary to the traditional method, you do not have to fill lengthy forms nor do you have to listen to agents. You can make your own decisions regarding the plan you want. The inclusions and exclusions are explained in a simplified manner on the insurer’s website. And if you have any doubt, you can simply call up the insurance company’s executive and get clarity before purchasing the policy.
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