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Why is senior health insurance important?


Health insurance for the elderly provides medical coverage for people over the age of 60. Health insurance for the elderly offers benefits such as cashless hospitalization, coverage for pre-existing conditions, care costs, no medical test required, and a higher coverage amount.

Aging increases the risk of contracting diseases and falling ill. Having a health insurance policy to cover medical emergencies is a good idea because the last years of our lives are physically and financially more difficult. Although we live longer, there is a greater chance of needing medical care later. Many of us don’t take into account the extent that these medical expenses can eat into our retirement corpus. Health insurance policies for the elderly have various features such as critical illness cover, cashless hospitalization and specific cover for diseases like stroke, cancer, etc. Find out why senior health insurance is so important.

The importance of health insurance for seniors

1: Stress-free planning

Getting sick as you age is inevitable, but you can always plan for your financial security when such a medical emergency strikes. Purchasing a health insurance plan is a hassle-free process in itself and does not take much time. So you can purchase health insurance and plan for your future medical emergencies without any stress.

2. Savings on the debt crisis

In retirement, when you don’t have a regular source of income, you may face medical emergencies that can turn into financial emergencies. And financial emergencies can lead to debt crises. Having health insurance protects you from such situations.

3. Rising medical costs

With the increase in technology, medical costs have also increased. With such high costs in the medical field, it is good to have a health insurance policy that will help you at the time of medical emergencies.

4: Limited or unstable income after retirement

Since there is no fixed source of income after retirement, income becomes limited or unstable. After the age of 60, it is important for elderly people or retirees to have good health insurance so that they do not have to face a financial crisis.

5. Financial dependence on children

People generally rely on their children for financial support after retirement. At the time of medical emergencies, the breadwinner of the family should pay all expenses out of pocket if there is no health insurance. That’s why it’s important to have a separate health insurance plan for seniors.

6. Termination of employer-sponsored health insurance after retirement

Nowadays, companies offer health insurance to their employees. Most people don’t buy their own health insurance for the same reason. But after retirement, these policies aren’t renewed by your employer, so it’s always best to keep your own health insurance handy.

With rapidly increasing medical costs, it is difficult for senior citizens to pay their medical bills. Elderly people who do not have a fixed regular source of income may not be able to afford medical treatment, which is why elderly health insurance is necessary to obtain timely medical treatment for a emergency hospitalization.

Start now and choose the best health insurance plan from Chola MS General Insurance which also offers many other health insurance policies!

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Post expires at 2:48am on Tuesday June 28th, 2022