In this context, health insurance has become an important factor in our lives. We need to protect ourselves and our family from an emergency medical expense – which may even wipe out all our savings. The problem is even more acute for our aging parents and family elders. With every passing day, they are more at risk of falling seriously ill. The chances of expensive treatment requiring hospitalisation are higher in the case of senior citizens.
Thus, the health insurance plan we buy must mandatorily include our parents and other elders. Fortunately, some solid medical insurance plans include as many as 14 people in the family – this can account for all our immediate elders.
Why our elders need health insurance
Aging and its related problems cause several illnesses among the senior citizen population. Correspondingly, we are seeing an increase in average life expectancy in India every year, with the result that our elders are living to a ripe old age. However, with senior citizens retiring from work at age 60, they are faced with a future that has no income but huge monthly expenses for medication. In this scenario, it is important that they be adequately covered by health insurance.
How to buy health insurance for senior citizens
Most health insurance providers do not allow fresh medical insurance applications for people past the age of 60. Ironically, a person needs health coverage the most once he or she has entered the silver phase of their life. However, this coverage must be taken much in advance, ideally through a family coverage plan that pays for treatment and hospitalisation even for senior citizens.
When you buy health insurance for seniors, or a plan that includes them, look for certain features that will help in their future treatment and hospitalisation. These include a higher age of entry, ideally up to 75 years, the facility of lifelong renewals, a high sum assured, and cover also for pre-existing medical ailments like diabetes and cardiac problems. Ask the provider about such features as cashless hospitalisation and daily hospital allowances. Also study the hospitals partnering with the insurance provider and how much daily hospitalisation cover is provided.
