The chances of encountering health-related issues raise drastically with increasing age. It is thus essential to have health insurance coverage for old age. The insurance will ensure that you receive adequate treatment or medical attention without having to worry about the expenses. Health insurance is even more crucial for people above 60 years or senior citizens.
Why Health Insurance for Senior Citizens?
Over the past few decades, we have made progress in the field of medical sciences. A direct result of the same is a higher life expectancy of up to 70 years. However, the retirement age remains at 60 years. Given the ever-increasing medical expenses, it can get very tricky to take care of health care post-retirement.
Thus, health insurance for senior citizens makes for a stronger case. The insurance will take care of any healthcare-related expenses coming your way.Learn more about this other senior issues at seniorlawday.org.
Here are 5 facts about health insurance for senior citizens that you must know before buying one.
- Everyone needs a health insurance
A lot of senior citizens believe they are healthy, thus there is no need to opt for a health insurance plan. However, it is no secret that complications related to health care on the rise with growing age. In old age, the body is much more fragile and therefore prone to more injuries or medical conditions.
Senior citizens might seem healthy for the time being, but their condition can deteriorate quite quickly. Opting for health insurance for senior citizens is a smart choice to get the best health care without burning through your savings.
- Family Floater Plan might not be sufficient
A family floater policy offers coverage for a spouse, dependent parents, and children with a specific sum insured. Should you make a claim for any one of the family members, the sum insured reduces. This might put the older members of the family at a risk with lower coverage for their treatment.
And senior citizens might need additional care during hospitalization or any medical exigency. In such cases, the family floater plan might not be enough. It is thus recommended to opt for different health insurance for senior citizens. Otherwise, you will end up paying for the expenses from your pockets.
- Higher policy cost
People opt for health insurance plans, to ensure their future medical requirements are well taken care of. Thus, buying a health plan early can help you save considerably. The cost of buying health insurance for senior citizens would be slightly more than regular indemnity plans. However, please note that these plans are not super expensive. It is worth the price for the benefits attached to it.
You can compare different policies to save on premium and with a bit of financial planning, you can easily afford one.
- Pre-existing Conditions
A lot of individuals avoid getting health insurance plans because of pre-existing medical conditions. It is often believed that the conditions might not be covered by the health insurance providers. A lot of insurance providers offer coverage for pre-existing conditions and some even at a small premium.
You can check with an insurance provider about pre-existing conditions before making any sort of purchase. A quick check online will also help you find out the insurance providers that offer such coverage.
- Buying a policy online is safe
There is a misconception that buying a policy online is not safe. Contrary to the belief, buying health insurance for senior citizens online is both safe and lighter in your pockets. Since no insurance agents are involved in the process, online policies are usually cheaper than offline ones.
And more importantly, you can compare policies by different insurance providers before deciding on one. It ensures that you get access to a policy with better coverage while paying lower premiums for the same.
Exclusions
While it is important to be aware of the different coverage that a health insurance plan offers, exclusions are equally important. Exclusions are scenarios where your insurance provider would not entertain a claim. Being aware of these will aid you in avoiding a claim rejection. Here are some common exclusions for health plans for senior citizens.
- Plans cover joint replacements only after serving a waiting period
- Plans might cover pre-existing diseases or conditions such as asthma or diabetes only if the policy has been in effect for a while
- Claims made within 30 days of buying a policy might get rejected unless it is an accident or injury
- Plans might not cover cosmetic or dental treatments, unless they are done as a part of an accident, burn, or cancer treatment
- Any sort of self-inflicted injuries, suicide, sexually transmitted diseases, drug additions, etc.
Conclusion
There has been a stark increase in the number of insurance providers offering health plans for senior citizens. Thereby making it easier for you to opt for a plan and buy a plan that fits into your budget. The benefits of a policy far outweigh the premiums that you pay towards them.
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