Senior citizen health insurance provides medical coverage to individuals over the age of 60. Senior citizen health insurance offers benefits such as cashless hospitalization, coverage for pre-existing conditions, day-care expenses, no medical test required and a higher coverage amount.
Ageing increases the chances of contracting illnesses and falling ill. Having a health insurance policy to cover medical emergencies is a smart idea, since the latter years of our lives are physically and financially more challenging. While we live longer, there are more chances of needing medical attention in later years. Many of us don’t factor in how much such medical expenses can eat away from our retirement corpus. Senior citizens’ health insurance policies come with diverse features such as critical illness coverage, cashless hospitalization, and specific coverage for diseases like stroke, cancer, etc. Take a look at why senior citizen health insurance is so important.
The importance of health insurance for senior citizens
Read More: PAN-Aadhaar Linking: Do it by THIS date or face a penalty of Rs 1,000
1: Stress-Free Planning
Falling sick as you age is inevitable, but you can still plan to be financially secure when such a medical emergency arises. Purchasing a health insurance plan is a hassle-free process in itself and does not take much of your time. So, you can buy health insurance and plan for your future medical emergencies without any stress.
2.Saves from Debt Crisis
In retirement, when you don’t have a regular income source, you may experience medical emergencies that can become financial emergencies. And financial emergencies can lead to debt crises. Having health insurance protects you from such situations.
3.Rising Medical Costs
With the increase in technology, medical costs have increased too. With such skyrocketing costs in the medical field, it is good to have a health insurance policy that will help you at the time of medical emergencies.
4: Limited or Unstable Income After Retirement
As there is no fixed source of income after retirement, the income becomes limited or unstable. After the age of 60, it is important for Senior citizens or retired citizens to have a good health insurance plan so that they wouldn’t need to face any financial crisis.
Read More: ‘Get money with Aadhaar’: Here’s how to apply for instant Aadhaar card loan
5.Financial Dependency on Children
People usually rely on their children for financial support after retirement. At the time of medical emergencies, the bread earner of the family would need to pay all the expenses from their pocket if there is no health insurance. That’s why it is important to have a separate health insurance plan for senior citizens.
6.Termination of employer-sponsored health insurance after retirement
Companies provide health insurance to their employees nowadays. Most people don’t buy their own health insurance for the same reason. But after retirement, these policies are not renewed by your employer, so it is always best to keep at hand your own health insurance.
With the rapid rise in medical costs, it is difficult for Senior citizens to pay for their medical bills. Senior citizens who don’t have a fixed regular source of income may not be able to afford medical treatment, that is why Senior citizen health insurance is required to get timely medical treatment for emergency hospitalisation.
Start now, and choose the best Health Insurance plan from Chola MS General Insurance which also offers many other health insurance policies!
