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Health Insurance
Senior years, zero fears: Thanks to Health Insurance
Learn how you can secure your senior years without compromising on your quality of life while meeting your healthcare needs.
Key takeaways
- To cover the rising healthcare costs and ensure peace of mind, senior citizens must have Health Insurance.
- Different factors ranging from coverage type and age to pre-existing health conditions affect premiums.
- To better manage the premiums, start early and consider family plans or top-ups.
- Choose a comprehensive Health Insurance Policy to cover your medical needs.
India’s senior population is projected to reach a mind-boggling 19.34 crores by 2031. This raises an important question, “How can you secure your senior years?” In today’s world of rapidly increasing healthcare costs and the uncertainty that accompanies aging, it’s important to act today to secure your tomorrow. One of the simplest ways to do this is having good Health Insurance. It not only acts as a safety net but offers much-needed peace of mind during your golden years.
In this article, you will learn about the importance and benefits of Health Insurance plans for senior citizens and considerations for choosing the right policy to secure your senior years.
Understanding Mediclaim for senior citizens
The mediclaim policy for senior citizens, as the name suggests, is a Health Insurance plan specially designed to address the unique healthcare needs of those aged 60 and above. From critical illness care to hospitalisation, various medical services are covered within its purview. Choosing a comprehensive Health Insurance policy ensures you are shielded from the high costs of medical expenses and emergencies during your golden years.
Why is Medical Insurance important for senior citizens
Senior citizens require health insurance to cover the steadily rising healthcare costs. With Health Insurance in place, whether it's for comprehensive healthcare or critical illness cover, you can access quality healthcare without compromising your health. It also acts as a safety net and shields your hard-earned savings from being wiped out in times of medical need or emergency.
Calculation of Health Insurance premium
The following factors determine the premium on Health Insurance.
- Age: Ageing increases the risk of illnesses, hospital visits, and the need for medical care. Due to this, premiums also increase with age.
- Coverage and policy type: Depending on the policy coverage, premiums vary. Usually, the premium on comprehensive health insurance is higher. For instance, policies for specific illnesses or critical illness plans have a higher premium.
- Pre-existing health conditions: The premium varies if you have any pre-existing health conditions such as diabetes, cholesterol, asthma, etc.
Whether you are buying health insurance for your senior years or for your parents, upfront costs will be incurred. However, this is a much needed and worthwhile investment. The premium to be paid varies depending on the above-mentioned factors.
Managing Health Insurance premiums
Health Insurance premiums usually vary, and they can be customised to fit your needs and budget. The best way to manage these premiums is to consider your income and the adequate coverage needed.
As mentioned, age and premium are directly proportional. Starting early may allow you to purchase a policy at a potentially lower premium.
If you are buying Health Insurance for your parents or even yourself, consider a family plan since it covers multiple members under the same plan. This reduces the cost of paying premiums on individual policies.
If you have an existing Health Insurance policy, consider a top-up for additional coverage. This could be a more cost-effective option than purchasing a new policy, especially for seniors.
Choosing the most suitable Insurance for senior citizens
Ensure the following factors are taken into consideration while choosing a Healthcare Policy for your senior years.
Inclusion of outpatient treatments
Surgical or medical procedures needing less than 24-hours of hospitalisation such as dialysis, radiation, chemotherapy, etc.
Renewability and premium
Compare the premiums to find one that suits your budget. Look for a policy with lifetime renewability for continuous coverage.
Policy’s coverage limit
Check the policy’s inclusions and exclusions to understand its coverage limit. Some factors to consider are the hospitalisation coverage, list of diseases, maximum age of entry, access to modern treatments, medicines and medical tests, etc.
Network of hospitals covered
Choose a policy with a large network of reputable hospitals to ensure access to quality care when needed.
Claim resolution process
Check the Healthcare Policy's claim settlement ratio, process, and duration. A high settlement ratio can generally be seen as a positive indicator.
Conclusion
The importance of Health Insurance for senior citizens cannot be stressed enough. From increasing healthcare costs and inflation to reduced earnings, seniors have a lot to consider. As Mark Twain said, “The secret of getting ahead is getting started.” Thoroughly research all your options and seek professional help to choose the right Health Insurance Policy for your senior years.
Disclaimer: This article is intended solely for informational purposes. The views expressed in this article are personal. Axis Bank and/or the author shall not be liable for any direct or indirect loss or liability incurred by the reader arising from reliance on the content herein. Readers are advised to consult a qualified financial advisor before making any financial decisions. Axis Bank does not endorse or guarantee the accuracy of any third-party content or links included in this article.
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