While workaholics might not look forward to their retirement years, the rest of us sure do. Moreover, we even spend our working life saving and investing money only to secure our golden years financially. However, with old age come several health risks, including severe diseases. In addition, health care is not always pocket-friendly, and your retirement fund can get exhausted with just one hospital bill.
Senior citizen health insurance is a simple yet effective way to safeguard yourself against insurmountable financial difficulties arising from age-related illnesses.
A senior citizen health policy is designed keeping in mind the medical needs of people above the age of 60 years. It covers pre-existing conditions, chronic diseases, and much more, making senior citizen health insurance the perfect investment for you or your parents.
But, before you go ahead and buy a senior citizen health insurance plan, consider the following things:
1. Maximum Coverage
Since the chances of suffering from chronic ailments, diseases, and falling sick generally increase as age progresses, it is best to buy a senior citizen plan offering maximum coverage. In addition, you should look for essential features include in-patient hospitalization, pre & post-hospitalization, AYUSH treatment, home healthcare, daycare, second opinion, ambulance charges, and annual health checkups.
2. Zero Co-Payment
Most senior citizen health insurance policies come with a co-payment clause, as per which you are required to pay a pre-specified amount or fixed percentage share of the claim amount. The co-payment share usually ranges between 20 to 30 percent, which must be paid from your pocket. However, it is better to opt for plans with zero co-payment to avoid last-minute financial worries.
3. Cumulative Bonuses
An additional benefit of purchasing senior citizen health insurance is the cumulative bonus, otherwise known as the No Claim Bonus (NCB). If you select a policy that offers a No Claim Bonus, an extra amount will be added to your sum insured for every claim-free year you have. This is a great way to increase your policy’s cover and an essential feature to consider.
4. Cashless Health Care
What if you didn’t have to pay any bills or medical expenses from your pocket, and you didn’t have to go through the reimbursement process? Yes, that is possible as today, most insurance companies give policyholders the option to choose cashless payments. With this feature, the insurer will settle your claim directly with the hospital, provided it falls under the insurer’s cashless hospital system.
5. Lifelong Renewability
No one wants to go through the hassles of buying a new health insurance plan every few years, especially while enjoying retirement. However, you can easily renew your senior citizen health insurance plan with the lifetime renewal feature for as long as you want. So, make sure you check for this key feature.
Buy Senior Citizen Health Insurance and Secure Your Retirement Years
As per data collected by the World Health Organization, a staggering 17.9 million people lose their lives to cardiovascular diseases each year. Moreover, heart conditions like arrhythmia, stroke, heart attack, and coronary artery diseases list all age-related medical conditions. In addition, the average cost for treatment for either of these diseases comes close to lakhs of rupees, making it a cause for concern.
Since you cannot completely prevent health issues that come with old age, you can protect yourself against the financial burden that comes with them. By buying a comprehensive senior citizen health insurance plan, you can focus on your health and enjoying your retirement period to the fullest. While many insurance providers offer excellent senior citizen policies, it is best to look for reputable insurers like Care Health Insurance that provide various health insurance policies for senior citizens at affordable premiums.
Anika Sachdev is a freelance writer, who writes about fashion and lifestyle. She is currently pursuing her diploma in Fashion Design from iNIFD. She enjoys styling, making fashion illustrations and is a big fan of the work of Coco Chanel. Based in Mumbai, she likes to draw and listen to Bollywood music in her free time. For any questions, feedback or concerns, please email [email protected]