health insurance plan
health insurance plan

Importance Of Health Insurance For Senior Citizens

6 mins read

Health insurance is a type of contract between an insurer and an insured where the insurer will cover the entire or a part of the insured’s medical expenses in return of a regular premium. These expenses might include the healthcare, surgical and medical costs of the insured. 

Health insurance is essential for people of all ages as it provides financial security to you and your family. Still, the importance of health insurance multiplies in the case of senior citizens. This is because with age comes various illnesses which may be expensive to treat. Hence, it’s wise for senior citizens to opt for health insurance as soon as possible. Buying early will not only insure their life but will also help them avoid higher premiums. There are numerous benefits of senior citizen health insurance, which are discussed below.

Characteristics of Senior Citizen Health Insurance

Certain advantageous features of health insurance for senior citizens include: –

  • They don’t generally have to do a pre-medical screening.
  • They will have access to a free medical check-up every year.
  • Most of the plans will have a free-look period of 15 days, where they can study the terms of the policy. In case the insured feels that the policy is not good enough and not providing sufficient coverage, they can give up the policy.
  • These insurance policies will also cover pre-existing medical conditions. This becomes necessary because most people acquire some or the other diseases as they age. Having a health insurance plan that covers those diseases is beneficial.

Reasons why health insurance is beneficial for Senior Citizens

  • After their retirement, senior citizens may not have a regular income. If they don’t have health insurance, they may encounter financial problems during medical emergencies. This may lead to a debt crisis. Having health insurance will save them from this dilemma. 
  • With the increase in different types of diseases, there are new advancements in the medical field to tackle them. However, such cures are very costly, and medical inflation is rapidly increasing. A senior citizen health insurance plan can help them afford these treatments.
  • Generally, retired people are financially dependent on their children. If their children are the sole earning member in the family, they may feel burdened by the sudden medical expenses. This might create social conflicts. Having a health insurance plan that promises coverage for the medical expenses of senior citizens will prevent these troubles, and the insured can get the needed treatment. 
  • With age comes various diseases, some of them are fatal, and their treatments are costly, like cancer, dialysis, stroke, heart attack etc. These types of life-threatening diseases are called critical diseases by the insurance companies, and the Critical Illness Plans manage them. Under these types of plans, if the insured is detected with a critical illness, they will be paid a lump sum amount. This sum can help the insured fund his/her treatment and can also be used to meet other expenses.  
  • Buying a senior citizen health insurance is very easy because anyone can do so online without hassle. Contrary to popular belief, there is no need to fill up lengthy forms or consult agents. Senior citizens can look into the various plans available and compare them to find the most suitable one. If there are any confusion, it can be easily cleared by calling the insurance company. 

To choose the best suitable policy for senior citizens, they should consider their medical history, compare different health insurance policies on the websites and then select a plan. While buying that policy, they should provide accurate details to avoid any case of nullification and undergo a medical check-up (if) required by the specific insurance provider.  

What expenses are covered under Health Insurance for Senior Citizens?

  1. Pre and post-hospitalisation charges.
  2. Day care treatments.
  3. Organ Donor expenses
  4. COVID-19 expenses.
  5. Domiciliary Hospitalisation charges.

The health insurance policies do not cover self-inflicted injuries, alcohol or drug abuse, or cosmetic surgeries. With the steep increase in medical costs, senior citizens face many problems while paying their medical expenses. The considerable development of the medical industry and technology has increased the average life expectancy of an Indian citizen. However, without any regular fixed income, they may not be able to afford such expensive and quality treatment and succumb to the diseases. Hence, senior citizens must buy health insurance as soon as possible so that they don’t have to pay a huge premium and also be insured about their medical expenses for the rest of their life.

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