5 Reasons Why Health Insurance Is a Must for the Elderly

The onset of old age carries with it a slew of costly health issues. The high medical costs can turn out to be overwhelming for you and your family, especially if you are physically inactive and financially not that sound.

Purchasing senior citizen medical insurance to cover any unexpected medical expenses is certainly a sensible decision – and you can click here for some great options. Nowadays, most insurance firms you will contact have a wide range of health insurance plans for senior citizens. These plans are developed primarily to meet the medical needs of those over the age of 60. But is health insurance for seniors necessary?

Need For Health Insurance For Elderly

1.   Change In Lifestyle And Rise In Diseases

A health insurance policy is beneficial for a variety of reasons. The seismic upheaval in our way of life has rendered us more vulnerable to various health conditions. Commuting, demanding work schedules, poor eating habits, poor food quality, and rising pollution levels have contributed to an increased risk of developing health disorders.

Buying health insurance is an ideal way of protecting your family’s finances in the event of diseases and health issues synonymous with old age.

2.   To Protect Your Retirement Savings

Unanticipated illness can not only cause mental stress and anguish, but also leave you drained financially during your retirement age.

You can better manage your health-related expenses by purchasing a suitable medical insurance plan. This way, you won’t tap into your retirement funds. Retirement savings can be used only for purposes they were intended for, such as purchasing a home, funding your child’s education, or even vacationing.

3.   To Deal With Medical Inflation

As medical technology advances and diseases increase, so does the expense of treatment. Ambulance fees, the cost of a doctor’s consultation, medicines, diagnosis tests, operation theater fees, etc., are all rising.

If you are not well-prepared, all of them could put a significant burden on finances. By paying a fairly affordable annual health insurance premium, you can avoid the burden of medical inflation while receiving high-quality care without worrying about expenses.

4.   Saves From The Debt Crisis

Seniors may find it difficult to keep up with rising healthcare costs as their income declines. According to a report released by the Employee Benefit Research Institute (ERBI), a retiring couple in the U.S. at the age of 65 would require as much as $400,000 in savings to meet future medical bills. A startling figure, isn’t it?

When you retire at 60, you may not have a steady source of income, which is why any medical issue can quickly turn into a financial emergency. Apparently, debt crises can result from these financial emergencies. Fortunately, medical insurance saves you from such predicaments.

5.   Peace Of Mind

Having an insurance policy that covers emergencies during your senior life is very reassuring. Most health insurance plans for the elderly cover things like hospitalization, laboratory services, mental and behavioral health, prescription drugs, emergency services, and more.

Assurance brings peace of mind. This allows you to live your senior life to the fullest. You engage in the things you enjoy without the worry of an injury – and the costs that come with it.

What To Consider Before Purchasing A Senior Citizen Health Plan?

Don’t Just Go For The Cheapest Premium

When comparing the available policies, don’t let the premiums be the single determining factor in your decision.

Even if it means paying a slightly higher premium, look for additional aspects under the plan, which are more acceptable to you, such as the limit on hospitalization charges, critical illnesses covered, the choice of network hospitals, and so on.

This is because the older you become, the more chronic illnesses you’re likely to develop. As a result, it is always preferable to be fully protected, even if the payment is slightly larger than other, less expensive options available.

Consider The Waiting Period

Some senior citizen health insurance policies have a waiting time of 1-2 years for certain health conditions, while it can be up to 4 years for pre-existing diseases. Choose the one with the shortest waiting period, but make sure you don’t have to pay a large co-payment for this benefit.

Don’t Hide Critical Information

Although most health insurers require medical examinations before granting coverage to the elderly, people are tempted to conceal some vital information to save money on premiums.

Some people may want to conceal their medical histories, pre-existing medical conditions, or drinking and smoking habits. Doing so will only jeopardize your health insurance claims when you need them the most.

If you don’t want to risk having your claim denied, be sure you haven’t withheld or provided misleading information to your insurer while applying for health insurance.


Having a health insurance plan during your senior years is not a luxury, but a necessity. As we have seen, it helps you put your mind at ease, considering today’s ever-rising hospital bills.

All said and done, with any senior citizen insurance policy, it is all about the services, benefits, and ease. Take time to compare all the available options based on the points mentioned above. Most notably, ensure the insurer you choose partners with a good network of hospitals. It’s all about doing homework and figuring out what suits your needs.

Ricardo is a freelance writer specialized in politics. He is with from the beginning and helps it grow. Email: richardorland4[at]