Providing cover to the years of old age

Being in the ripe old age of sixty and above comes with a number of predicaments which more often than not are restrictive in nature. Be it an age related disease or any lifestyle oriented illness, the vulnerability of human body peaks as the immunity comes down. Scientific statistics point out a major decline in metabolism rate for inactive seniors, leading to a number of illnesses. The enhanced vulnerability of old age is the recipe for skyrocketing medical bills and expenses relating to recurring illness. With the current inflation scenario, it is no secret that medical costs have reached epic proportions and an average individual with a decent income source finds it hard to maintain the same.

A solution to this grim scenario can be the effectiveness of health insurance cover. Those having foresight, go under a medical coverage scheme before they cross sixty to take advantage of the enhanced coverage options and obviously the lower premiums. There is some technicality involved in the provision for senior citizen health insurance in India.

1)      Late entry equals higher premiums: The later you go into health insurance cover, the more inflated the premium costs be. Most companies in India allow senior citizens over sixty to come under medical coverage, but with added premiums to guard against the enhanced risk factor. Lower life expectancy plays a leveraging pat in inflating the premium pays.

2)     Lower periphery of coverage: With the added years, cover against critical illness becomes less. For example, most companies provide cover against pre-existing diseases after the first or second (even more) years of acquiring the policy. Many also do not cover critical ailments.

3)     Restriction in medical coverage: While it doesn’t necessarily mean that the senior citizen can’t get medical coverage, there are some organizations that restrict the entry age. Normally the age bracket applicable ranges from 60-80 years. In some instances that age is restricted to 69 years. People trying to acquire medical coverage must have a deeper look into these parameters.

Given the context of the complexities involved, it is advisable to go under the radar of medical insurance before one attains the age of sixty. One can certainly benefit from the lowered premiums and the extended coverage.