Health Insurance for Senior Citizens

​The older we get, the weaker we become. Old age comes with medical complications; that is why people need extra care at this age. One way to prevent these elderly health issues is to get a senior citizen health insurance plan. What does this mean, and how do you find the best plan for you? Continue reading to learn more.

What's senior citizen health insurance?

Senior citizen health insurance is a unique health insurance plan that cares for older adults, especially citizens above 60 years. It includes life assurance and other health benefits; you can find a life assurance plan with Assurance.com. 

The senior citizen insurance scheme provides affordable premiums and impressive laid-back health benefits. Some of the most significant features included in the plan are:

• Free medical treatment
• Regular medical checkup
• Lower premium
• Fast claim settlement
• Ambulance charges coverage
• Daycare expenses coverage
• Pre-existing diseases coverage

The plan is designed to provide post-retirement health benefits to senior citizens. Since many of them are dependent on their life savings or their children's income, the senior citizen's health insurance plan offers coverages to meet their specific needs at lower premiums.

Why do you need senior citizen health insurance?

​Healthcare costs are rising, followed by a surge in health insurance costs. As a result, many senior citizens at their post-retirement stage find it challenging to pay for medical treatments unless there's considerable health insurance in place. Aside from the cost-effectiveness of the plan, here are other reasons it's important:

1. Expenses Coverage
   The senior health insurance plan covers most of your health expenses, from hospitalization charges to ambulance fees. Rather than depending on your friends and family to take care of your costs, the plan covers everything and mitigates risks associated with finances.
2. Tax Benefits
   Your insurance policy plays a huge role in your claim for tax benefits. You can avail several tax benefits with your health insurance policy. These are tax laws that provide you with the opportunity to reduce your tax payments. So you can save on taxes and reduce your liabilities.
3. Risk Management
   There are several risk factors for older adults, and most of these are medical issues. Older adults experience multiple chronic conditions, including hypertension, cancer, diabetes, and cardiovascular diseases. The best way to keep these conditions in check is to have comprehensive senior health insurance.
4. Immediate Health Support
   Senior health insurance will provide you with every support you need. Do you need to talk to someone? Do you need a caregiver? Would you want a personal doctor? The policy answers all these questions and fulfills them for you. You also enjoy support for existing and pre-existing medical conditions.
5. Security Needs
   ​An emergency can arise anytime, and it's especially prevalent during old age. Anything can happen; hence, there's a need to have a backup to tackle it. Health insurance for senior citizens covers your emergency and provides you with the security you need for improved health.

​Who's eligible for senior health insurance?

​Anyone over 65 years is eligible for the health plan in most insurance companies. But this is not the general rule; Some companies consider citizens who are above 60 years. A few others believe 61 is the minimum. Nevertheless, citizens who are at the post-retirement stage are generally eligible for senior health insurance. Some other considerations include:

1. Type of ailments: An assessment of the nature of your existing conditions can impact your eligibility. You're at an advantage if you can manage your health as you age. 
2. Co-payment: Are you paying premiums alone, or you're filing with someone else? 
3. Expenses: If you have a medical condition that requires massive costs, you may not be considered.

​What does the plan cover and exclude?

It's best to know what the policy includes and excuses before you consult an insurance company. Although it comes with lower premiums and faster claims for senior citizens, it doesn't mean it's all-inclusive of health benefits. Before you begin, you should know what's included in your policy and what's not.

Most health insurance for senior citizens include:

• Hospitalization expenses such as room rent, doctor's fees, nursing charges, and drug costs
• Expenses incurred due to daycare treatments and specific medical diseases such as cancer, heart attack, and kidney failure
• Expenses incurred due to ambulance charges, hospitalization charges for an organ donor, and coronavirus during the policy period

On the other hand, you're likely not to find some of these in your senior health insurance policy:

• Costs of dental treatments unless it's the result of an accident
• Costs incurred in treating HIV/AIDS
• Treatment of injuries due to war, mutiny, or nuclear risks
• Self-inflicted injuries
• Hospitalization costs due to personal prescriptions without a doctor's recommendation

Conclusion

​Due to a rise in healthcare and insurance, there's a need to create a policy for senior citizens who are not privileged to bear the rising costs. This policy covers the conditions of older adults at lower premiums and faster claims. While it provides essential health benefits, there are aspects it doesn't include. So, it's best to talk with insurance companies before buying a policy.