Right from the day, an individual start earning; planning for retirement starts. We all want to live comfortably. But as your age increases, you become more vulnerable to diseases and develop a higher chance to get hospitalized for treatment. Taking into consideration the rising cost of medical costs; you might end up blowing all your savings on your medical bills. This makes getting a health insurance plan for any person’s golden years, a mandatory investment.
Just a decade ago, there were very few health insurance plans that provided medical cover to people over 60 years as it did not look profitable to any insurance company. But with the growing life expectancy, specialized health insurance plans for senior individuals above 60 years of age have started mushrooming around. Here, we would try to explore a few important aspects of these health plans.
Reasons to buy Senior Health Insurance Plans
Foremost, let’s look at a few compelling reasons to buy a senior health insurance plan:
- The cost of medical treatment is rising by about 20% each year that is double the rate of inflation in both urban and rural areas.
- In India, the occurrence of diseases like heart diseases like that of heart, cancer, etc. are steadily rising and deaths due to them are also increasing.
- Increased life expectancy is increasing the population of senior citizens in India. According to statistics, there would be about 300 million elderly citizens in India by 2050. Hence, the way they lead their lives cannot be overlooked.
Senior age means you are more vulnerable to contracting diseases and falling sick. Moreover, most of the elderly people are retired and lack a regular source of income. They are dependent on their children who also have plenty of other financial responsibilities on themselves. Hence, it becomes imperative for them to procure financial security in the form of a Senior Health Insurance Plan at times of medical emergencies.
Benefits of Senior Health Insurance Plan
Now that we understand the need to buy an elderly health insurance plan; let’s understand a few benefits it brings to you with its purchase. There are plenty of features in a senior health insurance plan that is designed to address the problems and challenges of old age. Few of them are:
- Higher sum insured
Most senior health plans offer you a higher sum insured that helps you adequately cover all the rising medical expenses that you are likely to experience in your golden years.
- Detailed health check-ups
Regarding health, old age can be highly unpredictable. Given that, most health plans include annual health checkups that help them fight lifestyle disease and lead a normal healthy life in the best possible manner. Few insurance companies like HDFC Ergo also offer plenty of guidance and wellness counseling and tips so that an individual becomes more aware and can lead a healthier lifestyle.
- Lifetime renewability
Old age is the golden years when you cannot without an insurance plan even for a day. Hence, most senior health insurance plans come with lifetime renewability to keep you secure as long as you live.
- Coverage of pre-existing diseases
It is one of the most attractive features of senior health plans. After a waiting period of zero to three years, most of the pre-existing diseases get covered under the policy that is a big relief.
- Domiciliary Treatment
Senior people are vulnerable to falling sick to such an extent that it might not be feasible to shift them to a hospital. In that scenario, domiciliary treatment care is covered for seniors. It implies providing treatment at home that would otherwise be imparted in a hospital.
- Ambulance cost
Most senior health plans have the ambulance cost covered that helps in reducing extra expenses arising due to any medical condition.
- Pre and post hospitalization cost
Most senior plans have relatively extended coverage of pre and post-hospitalization costs that helps ease medical costs incurred.
- Cost-effective top-ups
No matter how high a sum insured is; it is likely to fall short given the rising medical costs. Thus, senior health plans offer you top-up cover at nominal rates to help you avoid any financial drain. You can also purchase coverage for critical illness to make your cover more comprehensive.
- Alternate treatment
Many alternate treatment streams like homeopathy, acupressure, Ayurveda are fast-growing mainstream. They are proving their effectiveness. Hence most plans also cover these treatments to an extent to help you lead a healthy life.
- Daycare covered
Not all diseases need hospitalization. Hence, senior health plans offer you a fixed amount for OPD care to cover your minor medical bills.
It has become evident now how crucial health insurance plans are for individuals above 60 years of age and their families. With plenty of options available today, you can easily shop for the right one.