Importance of Health Insurance for Senior Citizens
Published On Feb 24, 2021 5:30 AM By Sakshi Aggarwal
Table of Contents
- Importance of Health Insurance For Senior Citizens
- 1. Stress-Free Planning
- 2. Saves from Debt Crisis
- 3. Serves As Shield Against Higher Vulnerability to Illnesses and Diseases
- 4. Rising Medical Costs
- 5. Limited or Unstable Income After Retirement
- 6. Financial Dependency on Children
- 7. Ceasing of Employer's Health Insurance Policy Post Retirement
Health insurance has become a necessity in the current times, it is important to have a decent health insurance plan for your elders.
Those who have crossed 60 years of age and fall in the Senior citizen age bracket are more susceptible to illnesses and health disorders.
Health Insurance plans for Senior Citizens provide facilities to the needs of those above 60 years of age, who are retired and have no regular source of income. With rising age, the risk of contracting diseases also increases and this calls for the need to be financially secured to support health care expenses, health insurance is imperative in that regard.
Importance of Health Insurance For Senior Citizens
Given below are some reasons why it is important and beneficial to have a decent health insurance policy for Senior citizens.
1. Stress-Free Planning
Though falling is obvious with aging, you can still plan to be financially secure when such a medical emergency arises. Buying a health insurance plan is a hassle-free process in itself and wouldn't require much of your time. So, you can buy health insurance and can plan for your future medical emergencies in a stress-free manner.
2. Saves from Debt Crisis
After 60, when you are retired, you may not have a regular source of income and that's why any medical emergency at that time can become a financial emergency. And financial emergencies can lead to debt crises. Health insurance saves you from such situations.
3. Serves As Shield Against Higher Vulnerability to Illnesses and Diseases
Growing older makes you more prone to illnesses and diseases, elder people are more likely to get ill and hospitalised. That's why it is important to have a health insurance policy for Senior citizens.
4. Rising Medical Costs
With the increase in technology, medical costs have increased too. With such skyrocketing costs in the medical field, it is good to have a health insurance policy that will help you at the time of medical emergencies.
5. Limited or Unstable Income After Retirement
As there is no fixed source of income after retirement, the income becomes limited or unstable. After 60, it is important for Senior citizens or retired citizens to have a good health insurance plan so that they wouldn't need to face any financial crisis.
6. Financial Dependency on Children
Usually, after retirement people are financially dependent on their children.
At the time of medical emergencies, the bread earner of the family would need to pay all the expenses from their pocket if there is no health insurance. That's why it is important to have a separate health insurance plan for Senior citizens.
7. Ceasing of Employer's Health Insurance Policy Post Retirement
Nowadays, companies provide health insurance to their employees. Most people don't buy their own health insurance for the same reason. But after retirement, those policies are not renewed by the employer that's why it becomes a need to buy your own health insurance policy.
With the rapid rise in medical costs, it is difficult for Senior citizens to pay for their medical bills. In recent years, the life expectancy of an average Indian citizen has increased with advanced healthcare facilities. Senior citizens who don't have a fixed regular source of income may not be able to afford quality medical treatment, that is why Senior citizen health insurance is required to get timely medical treatment for emergency hospitalisation.
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.