Importance of Investing in Health Insurance for Senior Citizens

Life is unpredictable. It is a confluence of various internal and external factors that we experience, such as birth, death, family incidents, financial highs and lows, and more. Most of these are beyond us. We cannot control circumstances, but we can be better prepared for it. While our youth is defined by ambition and growth, we have to be aware of our old age as well. If not ours, then that of our loved ones who are dependent on us. 

Recently, an interesting statistic was released in the population projection created by India and States (2011-2036). According to it, the declining fertility and increasing life expectancy will lead to a massive increase in the population of senior citizens; from nearly 10 crore in 2011 to 23 crore in 2036¹. 

Increasing life expectancy is a result of better health infrastructure, but also depends on better access towards it. We don’t know whether or not we will be healthy or even alive the next moment, but we do have control over ensuring that we not only get the best healthcare cover and a stress-free life post our medical bills. 

Health is wealth

That is where insurance kicks in. While life insurance exists to make sure your loved ones are not left to fend for themselves lest something happens to you, it is the health insurance , which ensures that your health expenses do not become a cause of your worries.

Health is wealth, and rightly so. If you are not in the best of your health, you will lag behind, in life, work, and pretty much everything else. Thus, it is important to have a policy that will cover your bills in case of the inevitable; an illness or an accident. Furthermore, health insurance also comes with the added benefit of adding your loved ones in this duvet of protection. 

Insuring the other side of the age arc

When it comes to insuring your loved ones, the elderly in the family top the list. Similarly, if you yourself are a senior citizen, it becomes a practical choice to go for a health insurance cover and get yourself a shield against all the issues that come with age.

There are some obvious reasons why health insurance is important for senior citizens:

- Age-oriented disorientation and diseases

Old age brings forth multiple ailments due to deteriorating defenses. This includes both mental health and physical health issues that are mostly recurring. A good health insurance policy ensures that these issues get covered, right from ambulance, hospitalization to medical bills.
 

- Financial cover

Most of the senior citizens are retired. Whether it is you who is a senior citizen or a loved one, such as parents or other elders, it is a fact that their financial condition depends upon their savings, and retirement plans, if they have any. In such scenarios, depending upon the medical emergency or conditions that they suffer from, a customized health insurance plan ensures that they are protected when they need it the most.

Having a health insurance for senior citizens  gives you a cover against the aforementioned and offer you and your family the protection it needs.

Benefits of getting health insurance for senior citizens

Senior Citizen Health Insurance acts as a shield against the escalating medical costs and emergency medical issues that may lead to increasing bills. Here are a few of the many benefits that come with it. These are also the features to look for in a good health insurance policy for senior citizens.

- Ease of application

It’s a smooth and easy process which does not require one to run back and forth often. In fact, the best process is which can be completed smoothly in one go, preferably online, with the help of a rider, if available.
 

- Cashless operation

Cashless hospitalization, which enables one to avail the facility of online and digital payment at most of the hospitals across the country.
 

- Lifelong renewal option

Most of the good health insurance plans for senior citizens come with a lifelong renewal option. 
 

- Maximum coverage

A comprehensive health insurance plan for senior citizens comes equipped with coverage of doctor’s fee, medical bills, room chargers, pre and post-hospitalization charges, and even emergency ambulance expenses.
 

- Tax benefit

If you are a senior citizen yourself, or even if you are getting the policy for a dependent senior citizen, you are eligible for availing tax benefits under section 80D and 80DDB of the Income Tax Act, 1961.

A good health insurance policy for senior citizens should come equipped with all the aforementioned benefits, such as waiver of co-payment, high entry age, cumulative bonus, free health check-up, and more. However, in whichever policy you pick, ensure that you read the fine print and find if there are any finite periods attached with any features.

For instance, Bajaj Allianz Health Insurance for Senior Citizens comes with a pre-existing illness cover for 1 year and covers ambulance charges of up to INR 1,000/-. Further, it comes with a family discount of 5 per cent if everyone is covered under the policy. 

The more you read and research, the better policy you will find.

What to look for while choosing a Senior Citizen Health Insurance Policy?

There is a simple three-step check to figure out which senior citizen health insurance policy you should pick:

- Cost

A good senior citizen health insurance policy should be cost-efficient. Most of the people who avail the policy are past their retirement age or nearing one. They need a policy, which does not add to their mental health woes while dealing with their physical ones.
 

- Coverage

Senior citizens, owing to escalated health issues and higher chances of those happening, need an all-encompassing policy, which can give all the possible benefits and coverage as possible. It should cover bills as well as stay. 
 

- Convenience

Facilities such as cashless features add on to the convenience factor of the policy. In today’s day and age when most of the transactions are digital, it is not feasible to run for an ATM. This and other such features should add on to the convenience of the senior citizen who wishes to be insured.

An added feature to look out for is customization. Bajaj Allianz Health Insurance for Senior Citizen comes with a range of customized plans that fit an array of senior citizens, depending upon their needs. These plans are curated to fulfil all the requirements. An online health insurance premium calculator  would be an ideal method to evaluate quotes for your desired plan.

As per the latest survey done by The Senior Citizens League (TSCL) has revealed that approximately 56 per cent of the older citizens think that investment in Medicare is necessary to combat the unexpected thing like the corona pandemic².

The fact is, why wait for a pandemic for this realization?

Health insurance for senior citizens is not an option. It is a need that should be taken care of when there is time. The earlier you enroll, the better it is. So, invest in your health today, for a better tomorrow!

Source:

1 https://www.newindianexpress.com/nation/2020/aug/13/india-set-to-grow-older-by-2036-says-report-amid-declining-fertility-rate-rising-life-expectancy-2182940.html

2 https://www.medindia.net/health-press-release/56-of-retirees-think-we-need-to-invest-more-in-medicare-according-to-new-survey-by-the-senior-citizens--480723-1.htm