Ever-increasing medical costs are forcing many individuals to invest in a health insurance plan. If you are an individual above 60 years of age, then you are no exception. You as a senior citizen too need to purchase a medical insurance policy to safeguard yourself against high medical expenses. By doing so, you may financially protect yourself in case of a medical emergency.
Senior health insurance plans come with a host of features. These policies provide coverage against hospitalization expenses. Such plans cover pre-existing diseases as per policy terms and conditions. These plans also offer higher coverage. Besides, some insurance providers do not mandate the need of medical tests before availing of health insurance.
Benefits of Senior Health Plans
There are numerous advantages of investing in a senior citizen health insurance policy. Following are six major benefits of such a plan.
- High risk of medical conditions
Given the age factor, you have a higher chance to contract medical conditions and diseases such as chronic respiratory disease and cardiovascular disease, besides others. Treatment for such conditions is an expensive affair. You may, therefore, buy a health insurance plan to ensure that your medical expenses are taken care of.
- Absence of a regular flow of income
You may be a retired individual and hence may not have a regular source of income. It thus becomes difficult to meet medical expenses, in case of a medical emergency. Investing in a senior citizen health insurance policy is the best solutionto avoid such difficulties.
- High premium cost in case of family floater plans
Your children may cover you in a family floater plan. However, the premium cost for individuals above 60 years of age is quite high. There are numerous insurance providers in the market who offer health insurance for senior citizens at competitive rates. Buying an individual senior health policy is therefore a cost-effective option.
- Coverage against high medical costs
You may avail of the numerous benefits that a medical plan has to offer. You may seek coverage against hospital expenses which includes nursing fees, room charges, and medicine costs, besides others. Such plans also cover day care costs, pre-hospitalization expenses, post-hospitalization costs, and ambulance charges, among many others.
- Benefit of cashless treatment
Arranging for cash at the last minute to meet medical expenses is a difficult task. To avoid such a hassle, you may avail of the benefits of cashless medical insurance. You may get admitted at any of the insurer’s network hospitals and display your health insurance card. The insurance provider then settles the bill with the hospital itself. This prevents you from mortgaging your assets or liquidating your financial investments to meet medical bills.
- Benefit of annual checkups
Getting a checkup done on a regular basis helps diagnose medical conditions, if any. It also helps identify risk factors that may lead to future health complications. Health insurance plans cover annual checkups, thereby preventing out-of-pocket expenses. You may, therefore, invest in a health insurance plan to avail of the benefit of annual health checkups.
Eligibility for Senior Health Care Plans
While the eligibility criteria vary from insurer to insurer, the basic criteria remain the same. If you are above 60 years of age, you may apply for a senior health plan. Such a policy may also be purchased by your children to cover you. As you do not have a regular source of income, insurance providers do not mandate that you furnish details of your annual income, unlike in the case of other health plans.
The life expectancy of an Indian citizen has increased. In order to combat the ever-increasing medical costs and lifestyle diseases, it has become necessary to invest in a senior citizen health insurance policy. By doing so, you may focus on your health instead of worrying about meeting medical bills. This provides peace of mind and financial security at all times.