Health Insurance for Senior Citizens – Why Do You Need It? by KV Gopalakrishnan

When you are more than fifty years of age, it is natural that your  requirements for medical assistance increases. Periodical visits to Medical  centers become important now for safeguarding you from health problems and also  for making it possible for you to recoup should you fall ill. Until now, you had  been keeping mostly healthy and your own medical requirements have either been  paid by your company or organization or effortlessly been managed with your  earnings and savings.

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Now that you are contemplating to retire and enjoy life, this is the time to  consider choosing a health insurance policy for senior citizens to take care of  your (and your spouse’s) health-related expenditures. Here are some more points  to consider:

  • Hospital Expenses tend to be skyrocketing these days particularly since most  of us have the tendency to choose treatment in branded Private Hospitals. This  can create a dent on your retirement savings in the event you do not have  medical insurance for senior citizens.
  • For anyone who is preparing to retire and survive on pension or interest  earnings from savings, a medical emergency can lead to a monetary crisis. To  steer clear of this, it is advisable to consider a comprehensive policy of  health insurance.
  • The medical coverage, which you had in the course of your career, generally  ceases when you retire. Suitable Medical insurance can replace this insurance  cover.
  • It may not be a good idea to count on your children to avail their  employee/group insurance for you as this insurance cover would also cease when  they happen to change occupation.
  • Pre existing ailments are excluded from health related insurance for senior  citizens for a period of two to four years in most instances. If you join early,  you can avail the policy even for treatment of existing illness (after the  stipulated period), before the illness develop into a serious one.
  • If you are confused as a result of the countless choices available in the  field of insurance available to senior citizens, do not hesitate to seek  guidance of an independent insurance adviser.
  • In normal instances, for availing insurance, medical checkups are essential  for anyone above 45. In case you are reluctant to undergo such tests, you will  even be able to find policies, which are provided without these tests.  Nevertheless, it is best to declare your pre-existing illnesses truthfully, to  steer clear of rejection of your future claims.
  • Please be aware that recently Government of India has issued some  stipulations (July 1, 2009) which makes it mandatory for all health insurance  companies to refund 50% of the expenses made by you on medical tests related to  the policy, in case they accept your policy.
  • Government of India has also issued guidelines that every health insurance  company has to offer insurance coverage for individuals up to 65 years of age.  There is also a provision for shifting insurers if you are not satisfied with  the current provider.

 

Please keep it in mind that there is a great deal of differences in terms and  conditions in the policies of health insurance for senior citizens provided by  various companies. You will even find companies which even offer “No age  restriction for enrollment” and “assured renewal for life”. Take your time to  choose a suitable health insurance policy which meets your personal needs.

Wish you a happy, healthy and enjoyable time after 50.

KV Gopalakrishnan Senior Citizens Consultant

http://enjoyafter50.com/

Visit this website for tips and tricks to make your retirement life happy and  enjoyable.

Article Source: http://EzineArticles.com/?expert=KV_Gopalakrishnan

 

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