Healthcare expenses dip into a significant proportion of household budgets of the elderly, establishing the link between aging and exponential health needs. With the Indian healthcare landscape metamorphosing far slower than the astronomical healthcare expenses it is becoming a burden on an ageing population, especially those without medical-linked savings or health insurance. And owing to the convoluted, un-fragmented nature of the domestic healthcare ecosystem, many senior citizens are having trouble navigating through the medical space and rationing their funds into suitable long-term plans.
Insurance plans can play a critical role in hedging risks and minimizing costs for the elderly. And yet, the time-served question – is insurance for senior citizens worth it? – is still shrouded in ambivalence.
The Age-old Debate: Should Senior Citizens Invest in Insurance?
Senior citizens make just as likely candidates for quality health insurance covers, given their age profiles and health risks. Children can also gift these insurance covers to parents. However, Insurance covers vary based on types and importance. Here is a spotlight on the three primary forms of insurance, and their advantages.
- Health Insurance
In India, the average health insurance premium paid by a senior citizen annually is in the region of Rs. 20,000 to Rs. 40,000. Colossal, no doubt, but imperative nonetheless. Forking out such a significant amount of money requires careful deliberation and is predicated on preexisting health conditions and predicted health risks. A well-matched policy is especially important if you have significant medical expenses that are only set to rise with age. Also, if your health is volatile, pick a comprehensive cover that sweeps across critical and chronic conditions like stroke, diabetes, and cancer. Stay one step ahead and consider the possibility of unforeseen exigencies in the future. You can never be too prepared.
- Life Insurance
Life insurance can seem like an empty investment for most retirees, especially for those who have zero debt. So, for who does life insurance really make sense? There are several scenarios. For senior citizens who still have debt in the form of a mortgaged home or borrowed money or dependents whom they must support, life insurance can be a blessing that assures long-term coverage. Life insurance can also serve as a gift to kin, presenting them a handsome lump-sum payout if anything were to happen to the policy holder. Life insurance isn’t necessarily an advisable instrument if you’re a retiree who doesn’t have dependents.
- Travel Insurance
Travel insurance should be a non-negotiable instrument for senior citizens flying abroad. With overseas healthcare entailing astronomical costs, insurance can lend a welcome umbrella of financial security.
If you’re daunted by the tradeoff between your annual premium and your long-term outcome, consider insurance as an investment, blanket protection for times of need. While premiums can seem outrageously overpriced, they can be well worth the outflow compared to the large healthcare expenses you can expect in the absence of a cover. Whether you’re on the anvil of your golden years or have parents that are, invest in a well-crafted insurance policy and keep fate on your side.
Founded in 2013, OurHealthMate (OHM) is a health-tech startup. Their award-winning services are rooted in a three-pronged service strategy: care planning, business intelligence, and quality execution. OHM support and appreciate senior citizens for their brilliant achievements. They believe that with proper insurance guidance, elders can be gifted with the financially-independent old age.
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