Health Insurance For Senior Citizens Why Should I Buy One

Things You Need to Know Before Buying Car,House, Health & Life Insurance online.

Insurance Buying Tips #1: Shop smart
When looking for insurance, your No. 1 priority should be to find adequate coverage. Price is important, but you’ll want to determine what kind of coverage you need first. Then you can fit that coverage into your budget and determine which carrier can provide you with the most comprehensive policy for your situation. You may be tempted to choose insurance with the lowest price tag, but if you don’t have enough coverage (or the right kind of coverage), you will see less financial benefit when it comes time to file a claim.
Insurance Buying Tips #2: Look for discounts
Once you evaluate your coverage needs, factor in your budget and find ways to save. Ask your insurance agent if there are any discounts on your coverage. Often, carriers offer discounts for things like paying your policy in full, staying auto accident-free or, if you’re in school, getting good grades. You also can save money by “bundling” multiple policies, such as purchasing a home and auto policy from the same carrier.
Insurance Buying Tips #3: Fill in the gaps
An average policy will cover the basics, but you may need to add extra coverage to meet your unique needs. For instance, you may have items like electronics or a nice piece of jewelry that would be financially difficult to replace, even with the assistance of your average renters or homeowners policy. You may want to add additional coverage for these items.

This idea seemed quite a nice and unique idea but little did I know about what was in store for me! I had no idea if I could actually buy health insurance policy for my parents who are in their “golden years of life”, the 60+ age group.

I was thrilled to know that buying a health insurance policy for my parents is extremely advantageous owing to the following reasons:

Insurance Buying Tips #4: Purchase life insurance—you aren’t too young
Life insurance is essential, no matter how young or old you are. And for millennials, buying now may be a smart move because it’s cheaper to buy a life insurance policy when you’re young and healthy. This kind of insurance can help your family cover unexpected costs in your absence, including student loan debt or a mortgage, in addition to end-of-life costs. And if you have kids, a life insurance policy can also support their education or childcare expenses. Additionally, every millennial should consider long-term disability coverage, which helps you stay afloat financially if an accident happens and you become disabled and unable to work.
Insurance Buying Tips #5: Talk to an independent agent
An independent insurance agent is an essential resource when purchasing insurance—especially if this is your first time. An independent agent works with multiple different carriers, which is different from captive agents who can only sell insurance from the carrier they work for. Working with an independent agent can help make sure that you are getting the best coverage, for the best price. You’ll also benefit from independent agents’ insurance knowledge; they know how to talk you through your options and actually explain what each policy includes. An independent agent will make sure all of your assets are covered, help you find discounts or other ways to save, and be a valuable resource as your life changes and your insurance needs change, too.
Insurance Buying Tips #6: Only buy insurance to maintain your existing standard of living
You don’t need insurance for events that won’t severely strain your finances. Start with your basic needs (home, auto, business), then work your way to include other needs (cyber, liability). You can always obtain coverage later for something if you change your mind. You can minimize your risk and maximize your savings by buying insurance that won’t cause you to break the bank.

  • Health Coverage: Buying a health insurance policy for senior citizens is a crucial investment as falling sick is an inevitable factor that comes with ageing. So I wanted to plan for expenses that might occur in future and wanted to take care of it in a systematic manner. In case of health crises I wanted to be ready for the sudden financial need and the financial vacuum that may arise due to it.
  • Pre Existing Disease Coverage: I was under the wrong impression that a health insurance policy does not cover any existing illness and that I won't be able to secure the health of my parents. However, a few health insurance policies do cover “Pre-Existing Diseases” if you pay a certain extra premium. Pre-existing diseases are nothing but ailments or diseases that existed or occurred even before buying a health insurance policy. Since my father had medical complications already, I wanted a health insurance policy with a pre-existing disease coverage and was happy to know that there are quite a lot of them.
  • Annual Health Check-Ups: With my parents being in their 60's, getting a free medical check-up every year is more than what I can ask for. The fact that their medical check-ups would be done regularly done and it is free of cost, was an added benefit of the health plan. Also, the medical reports are electronically archived for my reference at any point of time. Quite a lot of senior citizen plans have annual health checkups, which help in monitoring health in the later stage of life.
  • Cashless Facility: In the plastic currency age a health insurance for senior citizens provides for cashless services like ambulance charges, hospitalization expenses etc. without worrying about the availability of cash.
  • No Sub-limits: In hospitalization a major part of the medical expenses is the room charge. An apt health insurance providing company provides with reimbursement on room charge which varies upon the sum assured of your plan and the type of plan chosen. So, all I needed to do is opt for a health plan with high or no sub-limits which restricts my benefits of availing a better quality of room on hospitalization for my parents, if ever required.
  • Paraphernalia Expenses: A health Insurance policy not only covers for the hospitalization expenses but it also covers for the pre and post hospitalization expenses which includes medical bills, checkups etc. before and after hospitalization (depending upon the number of days and manner of illness). These are expenses no one really keeps a track of, but yes, it accounts for quite of lot of the expenses. Since most health plans, including the senior citizen ones, have pre-hospitalization and post-hospitalization benefits, it is an additional relief for my parents.
  • Day Care Treatments: Health Insurance Policies cover day care cost for treatments like dialysis, angioplasty, cataract operation and chemotherapy where generally hospitalization for a minimum period of 24 hours is not mandatory. It is more important that the patient gets proper and quick treatment at the least cost and insurance companies are pro-active in ensuring that unnecessary hospitalization doesn't happen because of “minimum period of hospitalization” clause!
  • Co-Pay: To shift the burden of heavy medical expenses health insurance policies have co-payment policies these days. The co-pay policies provide with co-pay option i.e. a fixed amount is to be borne by the insurer for various treatments. This is a good option as there is less burden of paying for the treatments and majority of the bill will be paid by the insurer. So, even if there is a mandatory co-pay in some cases for older parents or with some pre-existing ailment, it still makes sense to opt for the same!
  • No Claim Bonus: Another interesting perk I will get is that for every claim-free year, the insurance provider will give me benefit of increased sum assured for the same premium as per the approved premium charts. This is called the No Claim Bonus which could be in terms of additional coverage in most cases or sometimes in gift vouchers or health check-ups, etc.
  • Tax Rebate: Last but not the lease, I will get a tax benefit for the premiums paid by me on health insurance policy purchased for my parents. Since my parents are more than 60 years of age, a maximum of Rs. 30,000 a year of tax deduction can be availed. So, when it comes to premium paid for whole family i.e. for self, spouse, children and parents, a maximum of Rs. 55,000 tax benefit can be availed.
Insurance Buying Tips #7: Ask your insurance provider what the policy doesn’t cover
Every insurance policy has perils that are not covered by your policy. These perils are referred to as “exclusions”, and every policy has them. Ask your insurance provider to explain the exclusions in your policy to avoid discovering what they are once you incur damages or a loss.
Insurance Buying Tips #8: Consider bundling several policies with one insurance carrier
here may be value in bundling several policies with one insurance carrier. If you’re looking to insure multiple vehicles or obtain multiple types of business coverage (e.g., liability, property, cyber), then you may want to consider obtaining coverages under one insurance provider who carries multiple products, and who may be able to offer you multi-policy discounts or loyalty programs.
Insurance Buying Tips #9: Review your insurance needs on a yearly basis
As your needs evolve, so will your insurance policy. Maybe you’ve acquired a new vehicle since obtaining auto insurance for your primary vehicle, or started operating your business out of your home, or experienced a cyber-attack during the year… Whatever the change(s), you’ll want to make sure you’re covered for any new risk exposures. Talk to your insurance provider to stay on top of your insurance needs.
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