7 Reasons Why Health Insurance is Important For the Elderly

Be it a youngster or an old person, securing oneself with a good health insurance plan is a must for all. However, it is also true that the older you get, the more medical attention you might need as the elderly are more vulnerable to illnesses. Therefore, it is always good to safeguard yourself by opting for health plan as early as you can. Here’s why senior citizens must purchase health insurance as early as possible:

1. Senior citizen health plans can be expensive

Age matters a lot when it comes to premiums. Health insurance for senior citizens costs more than a health plan for a younger person. Therefore, it is advised that you purchase the health plan at an early age to save on the premium amount.  

2. Facing critical conditions

Treatment for some illnesses can get out of hand and drain your savings. Most old people suffer from critical conditions that need extra medical attention and expensive treatment. To get such diseases treated without affecting your finances, you need to purchase a critical illness insurance plan. However, these plans are subject to pre-existing diseases. Hence, it is imperative to go through the terms and conditions thoroughly before buying a plan like this.  

3. Ever-increasing diseases

People assume that if they’re residing in urban areas, they won’t have to battle diseases that people staying in rural areas might face. However, people living in cities often fall sick due to a poor lifestyle as well as pollution. This does not mean that the people in rural or semi-urban regions are spared. The chances of people contracting diseases are more today than ever before. Buying health insurance for senior citizens secures the finances of a family, especially if its elderly suffer from any medical issues.  

4. Comprehensive health insurance plans

Certain companies/organizations provide their employees with group health insurance policies. Some employee group plans might also have provisions to include the employees’ parents. However, this particular coverage isn’t enough. As such, people go for family floater plans but tend to get disappointed later when they don’t receive customized individual coverage. Therefore, it is usually advised to opt for a dedicated coverage.   If you purchase a comprehensive policy, it will cover various medical issues that could affect senior citizens. Higher coverage can mean a higher premium, but it is worth it because otherwise, you might incur exorbitant medical expenses while getting your elderly treated.  

5. Rise in medical inflation

There has been an increase in the type and number of diseases afflicting people over the years, but along with this, we have also witnessed advancements in the medical industry, which has provided a cure for almost every disease. However, these treatments can eat up all your savings too as medical inflation has also increased. Therefore, buying health insurance is necessary for senior citizens to be able to battle medical inflation and have financial security during health emergencies. Today, you need not get hassled to purchase health insurance for senior citizens. This can easily be done online. You do not have to fill any kind of lengthy form, like the old times. Additionally, you can do this without involving a broker/agent/middle-man. You can even customize the plan as per your needs before buying the policy and the whole process can be completed in an extremely simple manner. If you still have any doubts regarding your policy, you’re free to contact the insurance company’s executives anytime. An additional benefit of purchasing health insurance is the tax benefit that is associated with buying the policy. Under Section 80D of the Income Tax Act, 1961, you receive tax benefits on health insurance premium. So make the most of it today!