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How can medical insurance benefit elderly people?

Oct 30, 2019 | 9 months ago | Read Time: 2 minutes | By iKnowledge Team

When people reach a certain age, they notice that sickness and ailments have become regular visitors. Most of the time, their diet is restricted, and every meal includes a few tablets for something or the other. The delicate period of old age, is when people mostly like to spend their time alone, and manage their finances with whatever savings they are left with or the pension they get through their investments. With life moving at a slow pace, being struck with financial crisis is the last thing they expect.

People between 60 to 85 years of age are prone to illness, and owing to low immunity, even a simple fever can prove lethal. Senior citizens, who live alone, do walk on string-tight budgets, and must make sure that they are not left with an empty pocket till the next pension date. In such situations, an unexpected medical emergency, can not only drain them of their finances, but also expose them to financial pressure. Insurance on the other hand, can save them from such plight, and provide them with the best medical care possible.

With more than 100 medical insurance policies provided by the various insurance companies, choosing the right one can really be daunting. If you are not able to conclude, you can start with buying a basic health insurance.

Health insurance is designed to cover the insured from costs related to hospitalization and medications. A health insurance policy ensures the best quality care to the insured, and basically takes care of the expenses incurred by the policyholder. Some companies also offer added benefits to the policyholders like free checkups and doctor’s consultations. Such perks can be a boon to the senior citizens during medical emergencies, as they will not be drained of their finances.

There are two types of policies which can be availed for under health insurance, i.e., Indemnity Health Insurance and Benefit Health Insurance.

  1. Indemnity Health Insurance: If you are worried about the hospitalization costs, then an indemnity insurance plan is the best solution for you. There are many benefits of having an indemnity insurance, one of which includes cashless facility. Most of the insurance companies have tie-ups with hospitals which provide medical treatment without taking a single penny from the policyholder, while the charges are deducted from the insured’s sum assured. Moreover, if the insured uses a part of sum assured from the policy, the rest of the amount is kept as balance till the policy ends.
  • Benefit Health Insurance: In this policy, the insured gets a lump sum amount from the sum assured to fund the treatment or surgical procedures. However, in this plan, it is essential that the diagnosed disease should be covered under the plan.

If you are worried about contacting a major illness that a normal insurance policy might not be able to cover, such as cancer, it is advised that you opt for a critical illness insurance plan. Plans like these especially focus on the diseases that can be lethal to human health. Critical illness insurance covers medical conditions like cancer, first heart attack of specified severity, major burns, deafness, and many more. To know about Aegon Life’s life insurance products like term insurance and other products, visit our home page.


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