In just two decades, the life expectancy in India has jumped from around 61 years in 1996 to 68.5 years in 2016.
Such an increase in the average life span makes it necessary for us to insure health especially for the later stages of life. With age, you are required to take medical care for specific illnesses or conditions. Expenses for check-ups and medication can skyrocket without a warning. This is when senior citizen health insurance comes into the picture.
What are the benefits of health insurance for older adults?
1. It covers healthcare and treatment costs for conditions like dialysis and chemotherapy.
2. You can go cashless if hospitalized for a certain period, based on your policy.
3. You can also avail tax benefits on a higher insurance premium.
4. Some policies cover ambulance charges.
5. There are policies with free health check-ups and your daily costs (for food, travelling) are also covered.
However, senior health insurances can be restrictive in terms of the following features.
What do you need to check before buying senior health insurance?
1. Pre-existing conditions, before the waiting period has been completed, are usually not covered.
2. Dental treatment, cosmetics injuries, lenses and spectacles, and self-injury are not covered.
3. There is a cap on cashless claims.
4. Sub-limits on costs insured.
5. Mandatory co-payment.
Despite the restrictions, the benefits of senior health insurance are many. A healthcare plan goes a long way and is a must-have if you are already aware of potential health problems.
Health insurance takes care of the finances, which leads to a lot of stress for many older adults. It can also keep you from serious debts in case of long-term hospitalization. With senior health insurance, you can undergo your check-ups and treatments, all with peace of mind.
Ensure that you compare insurance plans for seniors, if needed with expert assistance, have your complete medical history available and go for a full check-up before signing up for a plan.
After all, health is wealth. And what is a long life, if not a healthy one?
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