In recent times, Health Insurance has gained significant attention, and rightfully so, because it acts as a safety net in the event of medical emergencies, preventing the burden of financial stress. This is especially critical for senior citizens to receive quality healthcare for emergencies and critical illnesses without dipping into their post-retirement savings or borrowing money.
As people age, they may need to cope with various health conditions and require protection against potential hospitalisation expenses due to numerous diseases, including critical illnesses. With Health Insurance, seniors can protect themselves from the financial burden of medical expenses and receive the necessary care to maintain their well-being. Here are key reasons that underline why Health Insurance is an absolute necessity:
Coverage for medical expenses
Health Insurance provides coverage for hospitalisation, doctor consultations, diagnostic tests, and medication. It ensures that senior citizens can access the medical care they need without worrying about the cost.
Access to quality healthcare
With Healthcare Insurance for senior citizens, you can access quality healthcare services from top hospitals and healthcare providers. Choose from many specialists and hospitals to get the flexibility to receive the care that best suits their needs.
Peace of mind
Health Insurance provides peace of mind. Knowing that they are protected from the financial burden of unexpected medical expenses, senior citizens can focus on their well-being without worrying about the cost of treatment or medication.
Tax benefits
Health Insurance also offers tax benefits to senior citizens, reducing their tax liability and making it easier to manage their finances.
What to consider before buying it?
Health Insurance Plans for senior citizens aim at covering specific healthcare needs. To better plan for the golden years of life, here are some of the things that you should look for:
- Buy Individual Health Insurance Plans that offer straightforward onboarding and do not require a mandatory pre-policy medical checkup.
- Seniors have unique health needs, and they might require immediate access to better healthcare. Look for specialised Health Insurance Plans that offer flexibility with lower waiting periods and provide coverage for pre-existing conditions.
- Buy a Health Insurance Plan that includes coverage with no co-payments and no sub-limits.
- Look for a Health Insurance Plan that offers room category flexibility, allowing the insured to pay only the differential amount of room rent when opting for a higher room category. This flexibility eliminates the worry of proportionate deductions on doctor visits, nursing expenses, and other related costs.
- Consider a Senior Citizen Plan that offers daily cash for shared accommodation, a premium waiver benefit, guaranteed health checkups, and unlimited teleconsultations with specialists.
- In India, non-medical expenses amount to around 10% to 12% of the overall hospitalisation bills paid out of pocket. To reduce the burden of out-of-pocket spending, look for a plan that offers a wide range of value-added features and optional coverage for non-medical expenses, which are generally not paid during hospitalisation.
Conclusion
Buying Health Insurance is critical for a senior citizen’s overall healthcare plan. It helps safeguard their retirement corpus and access quality healthcare in the golden years of life.
