What are the Benefits of Long-Term Insurance Policies for Elderly People?

As people grow old, they become susceptible to many ailments due to a weakened immune system and certain underlying health issues. Medical costs, therefore, become integral to old age. With medical and hospitalisation expenses increasing rapidly, these form a huge dent in senior citizens’ finances. This is where a senior citizen's health insurance plan comes to their rescue.

A long-term health insurance plan provides coverage for a longer duration, typically 2-3 years. It helps senior citizens get uninterrupted medical coverage without worrying about yearly renewals. However, they have to pay the premiums in one go.

Benefits of Long-Term Health Insurance Plans for Senior Citizens

·         Financial security for a longer duration

An important benefit of a long-term health plan is that senior citizens are financially covered against medical emergencies for a longer duration. As the elderly are susceptible to diseases and infections, a long-term plan provides a safety net against rising medical costs.

·         Get discount on premium

An insurer provider may offer more discount on the premium of a long-term plan compared to a yearly policy. 

·         Don’t have to renew the policy annually

As the senior citizens are covered for 2-3 years, they don’t have to renew their policy every year. For the elderly, renewing the policy annually can be inconvenient. A long-term plan also saves them from the burden of paying the premium every year.

·         Full medical coverage

When looking for senior citizens’ health insurance online, you will find many options with extensive medical coverage, including consultations, medical procedures, diagnostic tests, surgeries, and post-operative processes. Without a health insurance policy, you would have to pay for these out of your pocket, impacting your savings and retirement corpus.

·         Cashless coverage

When you opt for treatment at one of the insurer's network hospitals, you can be assured of cashless treatment.

·         Preventive health checks

One of the best benefits of long-term health insurance for elderly people is the coverage for preventive health checks.  Some policies cover for 1 or 2 health checks every year. These checks help you diagnose issues, if any, and treat them on time. Most ailments can be cured when they are diagnosed on time. Thus, these preventive health checks, as a senior citizen, are a great way to track your overall health.

·         No Claim Bonus

If you have not made any claims throughout the tenure of the health insurance for senior citizens, you are eligible for a no-claim bonus from insurance companies. This is a small token of appreciation given to you by the insurer for maintaining your health in good condition throughout the policy tenure.

NCB bonus can be of two types:

·         In the form of premium discounts when you renew your health insurance after 2 or 3 years; this discount may range anywhere between 20% and 50% based on the terms of your policy

·         In the form of an increased percentage of the insured amount for the same rate of premium when you renew your policy.

·         Hospitalisation coverage

Today, the daily charges for even a basic hospital room can run into thousands of rupees. This can cause huge financial strain, especially if you have to stay in the hospital for many days.  However, with a proper health insurance plan, you need not worry about these charges. Your hospitalisation charges (including pre-hospitalisation and post-hospitalisation) are mostly covered in your plan.

·         Home healthcare services

Sometimes, senior citizens may not be healthy enough to get treated in a hospital. Due to their lack of mobility, they may require medical attention in their homes. Some health insurance policies cover these home healthcare costs as well. You can opt for 24/7 supervision of the elderly in your home without worrying if these charges will burn a hole in your pocket.

·         Mental health coverage

Senior citizens are vulnerable to mental health issues like depression, memory loss, stress, anxiety disorder and more. Having a health insurance policy will ensure you are covered for mental health treatment procedures.

Tips for Choosing Health Insurance for Senior Citizens

·         Consider the health risks of senior citizens when choosing the amount of coverage. If you are prone to many ailments, opt for a high coverage amount. While the premiums may increase as the coverage increases, every penny spent is worth it.

·         Check the coverage details thoroughly to choose the best policy. Choose policies that provide coverage for critical illnesses and other health issues that senior citizens are prone to. Read the inclusions and exclusions of the policy in detail to avoid unpleasant surprises later.

·         Choose a policy with a broad network of hospitals. This will be helpful when senior citizens have a medical emergency or are diagnosed with issues that require hospitalisation.

Conclusion

Health insurance for senior citizens is no longer a luxury; it is a necessity. With increasing medical costs, long-term plans ensure that senior citizens receive quality care and treatment for an extended period without any financial stress.

When a senior citizen faces an unexpected medical emergency, he can be assured that the plan will take care of him, leaving him to focus on recovery without worrying about medical bills.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

Disclaimer: This article is published in association with HDFG Ergo and not created by TNM Editorial.