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.
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.