Mediclaim after 60 years is crucial as it provides financial support during medical emergencies, which is common in this age group. With age, the risk of developing chronic diseases and health complications increases, which requires continuous medical attention and medication. The cost of medical treatments has also increased significantly in recent years, making it even more important to have health insurance. Without a mediclaim policy after 60 years, the burden of medical expenses can quickly drain the savings of senior citizens and affect their financial stability, making it essential to have robust health insurance coverage.
Need of a Mediclaim Policy After 60 Years
With age, the risk of developing chronic diseases, such as heart disease, hypertension, and diabetes, increases. These medical conditions require continuous medical intervention, which can be expensive. Therefore, having a mediclaim policy after 60 years is crucial to ensure that you do not have to bear the financial burden of these medical expenses.
Also, financial capacity may get somewhat restricted in old age. After retirement, there is a significant drop in income, and one has to rely on his/her savings to manage expenses. In such circumstances, medical emergencies can quickly drain your savings. A mediclaim policy for those over 60 years provides financial support during such emergencies and ensures that their savings remain intact.
Furthermore, with the advancement in medical technology and increasing demand for quality healthcare, medical treatment costs have risen significantly in recent years. This makes it even more necessary to have a mediclaim policy that covers your healthcare expenses.
Things to Consider While Buying a Mediclaim Policy for 60+
When buying a mediclaim policy after you reach 60, choosing a coverage amount sufficient to cover all your medical expenses is essential. As you age, medical expenses tend to increase, so opting for a policy with higher coverage is crucial. It is important to note that some mediclaim policies come with co-payments and deductibles, meaning you will have to shell out a specific percentage of the medical expenses yourself. Therefore, checking the co-payment and deductible clauses before buying a mediclaim policy is crucial.
Most mediclaim policies have a waiting period of 2-4 years for pre-existing ailments. Therefore, choosing a policy that covers pre-existing conditions or has a shorter waiting period is important. Next, it is crucial to check the network hospitals of the insurer offering the mediclaim policy before buying it. This will ensure you can avail of cashless hospitalisation at the nearest network hospital without worrying about medical expenses.
Do consider the premium as the amount for mediclaim after 60 years tends to increase with age. Therefore, comparing the premiums of different policies before buying one is essential.
In conclusion, mediclaim after 60 years is essential for senior citizens as it provides financial support during medical emergencies. Remember to consider the coverage amount, co-payments, deductibles, waiting period for pre-existing ailments, network hospitals, and premiums. By considering all these aspects, you can pick a policy that suits your medical requirements and budget.