Combating Rising Medical Costs: The Role of Mediclaim Insurance for Senior Citizens

When people age, their immune systems weaken, making them susceptible to diseases. Additionally, medical costs are rising due to advancements in the healthcare industry. This can put a financial strain on individuals during medical emergencies. This is where mediclaim insurance comes into the picture.  

Let’s look at the need for the health insurance best plan for seniors, the criteria for choosing the insurance policy, and how to buy it. 

Understanding Mediclaim Insurance for Senior Citizens

Deteriorating health conditions in elderly people have increased the need for the health insurance best plan. These plans serve as a safety net and offer protection against exorbitant medical expenses, including pre-and post-hospitalisation, diagnostic tests, prescription drugs, surgeries, and more. 

What is the Need for Senior Citizen Health Insurance Plans?

Life is unpredictable, and medical emergencies can drain anyone financially and emotionally. However, if one has invested in the health insurance best plan for elderly people, they can safeguard themselves from high medical costs. 

Mentioned below are some of the reasons that explain the need for mediclaim insurance for elderly people:

• Rising Healthcare Costs: Ageing weakens people, increasing the need for medical attention. Bearing these costs alone can be financially burdensome due to rising medical costs. However, insurance can help individuals cover such expenses by providing financial support. 

• Increased Vulnerability to Critical Ilnesses: Elderly people are prone to health conditions such as heart disease, diabetes, and arthritis as they grow older. Insurance offers preventive care services like regular health check-ups, vaccinations, and treatments that are often necessary to manage these conditions. 

• Prescription Medications: Pre-existing conditions are common among senior citizens, making them reliable on medications. The cost of these medications can be significant, especially when taken long-term. Health insurance plans typically cover prescription drugs, making it more affordable to access the medicines.

• Access to Quality Care: If one hasn’t invested in an insurance policy, they might be unable to access top-notch healthcare facilities because of a limited budget. However, if they have the insurance, it will help to provide access to quality healthcare at reputable hospitals whenever required. 

• Peace of Mind: Everyone wants peace in their lives. Health insurance is one way to mitigate the financial burden during medical emergencies, offering peace of mind. This enables individuals to enjoy a stress-free life and contributes to an overall higher quality of life. 

Things To Keep in Mind When Purchasing the Health Insurance  Policy

There are numerous insurance options available in the market, which often creates confusion. Therefore, when planning to purchase insurance plans, one must consider the factors mentioned below:

• Coverage Limits: One must review the insurance policy before buying. This helps in gaining a better understanding of what treatments and medical services are covered under the plan. Ensure the insurer covers hospitalisation charges, operation charges, surgeries, and more. 

• Network Providers: Look for insurance plans that include reputable healthcare facilities in the network. Using in-network hospitals can help lower out-of-pocket costs, thereby reducing overall financial burden. 

• Insurer’s Reputation: The insurer’s reputation can be measured using the Claim Settlement Ratio (CSR). This ratio represents the successful number of claims settled in the given fiscal year, reflecting the insurer’s financial position in the market. Make sure to invest in a company with high CSR. 

• Critical Illness Coverage: Critical illnesses are common among elderly people. One must ensure that the insurance policy covers life-threatening illnesses like cancer, heart disease, or kidney failure. 

• Premiums: The premium is an amount the policyholder can pay in three instalments, such as annually, monthly, or quarterly, in exchange for the coverage. Look for policies that align with the needs and requirements. 

Wrapping Up

Health insurance plans are no longer a luxury. They have become a necessity due to evolving healthcare needs, especially in older individuals. This small investment can save them from high medical costs, ensuring their financial safety. 

Whether you are looking for the best mediclaim policy for family or senior citizens, Niva Bupa stands out. They are one of the most trusted insurance providers in India, with more than 10,000 network hospitals. Niva Bupa ensures you have access to quality healthcare when needed. They care for your health as much as you do. 

So wait no more, and contact them today to book your plan.