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Senior Citizen Health Insurance Plans- How to Stay Protected in Old Age?

Medical expenses get higher day by day. With the passage of time the age of a person increases and the health care costs also rises high which becomes a burden on the person. Read on to know the benefits of senior citizen health insurance policies in India.

Any individual who has reached 60 years of age is considered a senior citizen in India. At this age, most work organizations, universities and public services declare these individuals as retired. However, some continue to work while others try to lead a happy and peaceful life at home. This is an age when most individuals suffer from many health issues and financial crisis. This is because with the increase in age, the physical capacity of an individual becomes less which hinders his workability and healthy.

Government of India has introduced various policies to safeguard the needs of senior citizens. Our government has always assigned funds for the medical care of senior citizens. However, the total expenditure in the GDP is declining every year.

The IRDA Health report of 2010 states, Government expenditure has declined from 3.3% of GDP in First five-year plan to 1.7% in Eight five- year plan. Statistical studies indicate that the number of senior citizens in India is expected to increase to 13.75% of the total population of 194.79 million people, as compared to 8.62% of 101.23 million people in the year 2010. It is expected that by 2030, the cost of health care and treatments of cardiac diseases will increase by more than double the present costs.

Protection for Old Age:
For any person who is going to retire and survive on a pension or interest earned from fixed deposits, a sudden medical emergency can result into a huge financial crisis. To cope up with such situations, it is advisable to consider a comprehensive senior citizen health insurance policy in India. The health coverage, which you had on the during your career, generally ends when you retire. A senior citizen medical insurance can replace this insurance cover.

Many general insurance companies are offering health insurance for senior citizens that will protect you and your spouse from the burdens of huge medical bills and hospital charges. But you should be careful about the reputation of the provider. Best is to look for online providers as you can compare the charges and coverages of multiple companies and then choose the best one that fits your needs. Moreover, online purchase saves time, energy and money. You will not have to stroll on the roads or hire brokers in search of reliable providers. In order to check the reputation of any company, best is to read the online reviews mentioned on the websites. You can also buy health insurance policies for your parents in order to protect them during their old age.