Health Cover for Senior Citizens: A Right Choice
Seniority is not the point where life stops, rather, it ensures that you become much more responsible. We generally look up to our seniors as the ones with experience and who possess a strong sense of discretion. However, we have to understand that old age comes with its fair share of uncertainties and of course health issues. Medical emergencies can happen at any time and hence one needs to be prepared for such unforeseen events. these can be managed health cover for senior citizens with senior citizen health insurance.
To deal with this uncertainty of tomorrow, it is important for one to get insured in every possible manner. Insurance does not only help in securing the future, but it also allows the person insured to stay away from stress in terms of money. Needless to say, senior citizens need to get themselves insured.
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Why Opt for Senior Citizen Insurance?
There are several reasons why should senior citizens opt for insurance. While ensuring that you protect your health you can also end up saving a lot of money. If you analyze, you will see that such insurance plans offer coverage for senior citizens aged between 60 and 80 years.
Also, it is a necessity to get insured at this age as this is the time when you are about to retire and would start living on a pension or interest. Unforeseen expenses could add a significant dent to your savings. Moreover, one always has to take into account, the aspect of inflation. For instance, you need Rs 54,183 to maintain the current expenses of Rs 40,000 at the inflation rate of 3%, 20 years from now. Similarly, you need Rs 18,06,111 to maintain the current expenses of Rs 10,00,000 at the inflation rate of 3%, 20 years from now.
In such times, if you encounter a medical emergency it might become very difficult to finance it. Having insurance on such occasions can be very helpful as it is a great help not just monetarily, but also mentally since it reduces the burden on your family in case of death.
Health Insurance for Seniors
Senior citizen health insurance is exclusively designed for individuals who plan to meet high medical costs by paying a small premium every year. So, if you are a 65-year-old man, and have a 62-year-old wife, for medical insurance of Rs. 5 lakh, the premium would cost you just Rs 3,000 monthly. For Rs. 10 lakh medical cover, the premium would be Rs. 4,100. In case of any medical emergency, this health insurance can come to their aid and rescue them at the time of utmost need.
Benefits of Senior Citizen Health Insurance
With proper health insurance, you are open to stress-free financial planning. We all understand that illness is obvious with aging and one needs to accept fate. But with senior citizen health insurance, you can ensure all the urgent medical expenses that you might incur are taken care of.
Senior citizen health insurance can also be of great help as the breadwinner of the family does not have to worry about medical expenses and can focus solely on household expenses. In short, with health insurance, you can stay away from incurring any additional debt.
If you are indulged in chemotherapy and dialysis, then health insurance can be of great use as it can cover the daily care cost that you might have to incur. Cancer treatments typically range from Rs. 5-10 lakh, at least. A liver transplant may cost up to Rs 25 lakh. For the treatment of cardiac disease, you may have to shell out Rs 6-10 lakh in a metro hospital. Hence, it is prudent to plan ahead for peace of mind.
