Health Insurance

How Important Is Health Insurance For Senior Citizens

by SMCIB on Friday, 02 December 2022

How Important Is Health Insurance For Senior Citizens

A restful old age is a reward for youth well spent. You have worked hard all these years, now it’s time for you to lie back, breathe a little more, and enjoy all that life has to offer. The post-retirement phase is truly beautiful.

However, we have to be realistic and acknowledge its drawbacks as well. Old age brings with it deteriorating health, physical challenges, and financial limitations.

So how do you live the ‘golden years’ to the fullest? By investing in a good personal health insurance policy!
 

5 reasons why Health Insurance is a must for Senior Citizens

Senior citizens are people who have attained the age of 60 years and above, and health insurance is a necessity for them, because -

  1. It protects against higher vulnerability to illnesses and diseases
    As you grow older, you become more susceptible to medical conditions, ranging from the common cold and arthritis to critical illnesses, such as cancer and cardiovascular conditions. The frequency of hospital visits, medical tests, and treatments increases. This takes a toll on you both mentally and financially.

    Also, we are living in a modern age with modern problems. Climate and lifestyle changes have increased the number of health issues. And the increase in diseases has increased the probability of people contracting them.

    The solution to all of this is investing in a health insurance policy. It will give you good financial backing to take care of the medical expenses, and your peace of mind.
     
  2. It shields against the rising medical inflation
    With the advent of new emerging diseases, come breakthrough medical technologies. But the cost of getting quality treatment is also rising exponentially. Factors like - expensive drug development methods, increased prices of supplies, shortage of specialised doctors and staff, etc. - lead to an increase in Medical Inflation.

    The importance of health insurance is vital in dealing with this situation. It helps you get state-of-the-art treatments, manage high expenses, and lead a healthier life.
     
  3. Your employer’s policy will stop post-retirement
    Nowadays, many companies provide health insurance to their employees. And you may not have purchased a personal health plan because you were already covered. But remember, an employer policy is linked to your employment. So it will stop as soon as you stop working and hit retirement. Therefore, only a personal health policy will keep you financially secure against medical bills now.
     
  4. It saves you from the debt crisis
    Once you turn 60 and you retire, you stop having a regular source of income. And in that situation, any medical emergency can quickly turn into a financial emergency. You may receive a pension or even have savings, but they are limited and will not be enough to tackle the hefty bills. Such financial distress can lead to a debt crisis. A health insurance policy will help you cope with all such expenses, and live a comfortable post-retirement life.
     
  5. It makes you live independently
    Old age can take a lot away from you, but it shouldn’t take away your freedom. With a health insurance cover in place, you don’t have to be dependent on your children or other family members for money. You will remain independent, take care of your spouse, maybe travel the world, and live a happy, healthy life.
     

Turning 60 brings a lot of changes. Physical, mental, and financial. But with all its good and bad, the second innings of life is for you. And you shouldn’t spend it worrying about finances. We hope you invest in a good health insurance plan. And live all the dreams you have seen till now.

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