The world celebrates Senior Citizens Day on 21st August each year. This day is reserved to honour the contributions of the elderly towards our society. More importantly, it also aims at increasing awareness regarding the various issues that affect older citizens. The problems that come with age are no exception, and it needs to be highlighted and taken note of.
One such problem that is observed in almost all senior citizens is health deterioration. Increasing health brings issues associated with it. One who may seem healthy and fit might end up with any of the common problems like weakening of the bones, hearing loss, along with reduced eyesight. These problems are just the tip of the iceberg, but the real issues are more severe. They require specialised medical attention. With the increasing cost of health ailments, health insurance plans are seen to gain importance.
Let us look at the few reasons why it is crucial to buy health insurance –
Soaring cost of healthcare
Old age is associated with retirement, which can be synonymous with limited incomes. At such times, medical costs can not only be a hefty burden for these individuals, but they may not be able to afford treatment due to soaring healthcare costs. Thus, a smarter decision will be buying health insurance for senior citizens to be prepared for the future. Different plans have different facilities to choose from like cashless facilities that further eases the hassle of arranging cash to repay those hefty hospital bills. Moreover, one also has access to network hospitals where standardised treatment facilities are available from reputed medical professionals.
Limited resources
At this old age, the cost of medical expenditure might be more than what is the repayment capacity of such individuals. The probability of claim also increases as old age brings ailments that otherwise are not common among the youth. Thus, having a health insurance policy may be reliable to fall back. If there is no health cover for older parents, the breadwinner of the family might have to pay for the medical bills leaving them in a debt trap. To avoid such situations, it is better to be planning and availing health insurance covers.
Older the age, the more susceptible you are to illnesses
As you grow older, your body requires more frequent medical attention. It is due to fragile health and ailing conditions. In such situations, you should purchase health insurance plans while you are young and healthy. Also, there are various waiting periods for different kinds of diseases, and such duration is completed by the time you actually need to rely on your health cover.
An alternative, if your parents are not senior citizens yet, can be adding your parents to your family health insurance plan. This provides an umbrella cover for your entire family, including your aged parents. Moreover, you need not worry about renewals of the different health covers for different individuals.
While you select health insurance covers, the following points can be considered to compare the available plans –
- Age of the insured
- Coverage for sum insured
- Network hospitals
- The waiting period under your plan
- Coverage of ailments
- Inclusions and exclusions in your policy
- Premiums
To conclude, there are myriad choices available in the market. It is essential you look for the plans that suit your requirement and provide adequate insurance coverage. After all, health is the most sustainable wealth.
Be First to Comment