Health insurance is a product that reimburses the cost of medical illness and surgical expenses of an insured individual. It covers all the expenses incurred on illness or any injury of an insured individual. For the reimbursement of medical expenses, it is necessary to take a health insurance policy and any individual can avail of a health policy by paying a sum of premium, monthly or annually. Health insurance for senior citizens is especially beneficial because it saves the costs incurred whenever they are sick. 

 

There are several options when you buy health insurance. The life-long renewability option refers to the policy which can be renewed again as the term period is over. If the individual dies then the claim is given to the individual’s legal representatives and if the person stays alive then the policy is renewed again.

 

In the current scenario, with the changing lifestyles and diet which has an undesirable effect on the health, and as the medical issues of senior citizens increases with the increase in age, there is a need to buy health insurance on a renewal basis. Click here to know more about renewability options for health insurance policies for senior citizens. 

 

Why should you buy health insurance with lifelong renewability options?

 

The main reason to buy health insurance for the senior citizen is that the people who are 60 years or above are mostly retired and don’t have any type of source of income rather than a pension. On the other hand, with the increase of diseases, it is very much required to get financially sound and the health insurance for senior citizens is significant in that regard. Some reasons to buy health insurance with lifelong renewability option are:

 

• Renewal after claim

Even after the amount is claimed, the policy can be renewed again without any obligations, which means that even those who have become uninsurable are guaranteed the right to renew the policy. The insurance company has to renew the policy again of any senior citizen insured.

 

• No re-medical exam

Before taking any insurance policy there is a medical check-up of an individual who wishes to get insured against the claim. As the renewal policy is taken, the insured doesn’t have to be stressed from giving the medical exam again and again as the term expires. 

 

• Cost-effective

The cost of renewing a policy can be cheaper than purchasing a new policy. After taking the health insurance policy, all the cost of day-to-day expenses is covered. So, you should always buy health insurance for senior citizens with a renewability option.

• Flexibility

As the term of the policy is going to end or nearer to the expiry the insured can enjoy the peace of having an option of extension. Most of the insurance companies have an agreement with the hospital to provide cashless treatment.

• Convenient

The renewal of health insurance for senior citizens is chosen so that after the expiry of the term period, the insured person doesn’t have to follow the procedures again for the new policy and the policy of one insurance company can be maintained and can also get cost benefits due to loyalty towards the same company. 

• Ambulance charges coverage

In case of emergencies, when the ambulance is required for an individual to take him/her to any hospital or shift from one to another hospital, most of the health insurance policy covers this ambulance cost also. 

• Pre and post expenses

After taking the health insurance, all the expenses which are paid or incurred before hospitalization and after discharging the senior citizen are covered under the policy. 

• Independence

After buying health insurance for senior citizens on a renewal basis, the senior citizens do not have to be much dependent on their family members as all the expenses of the insured person will be borne by the insurance company.

• Premium

As the age increases, the risk of death also increases, and with that, the premium also increases. The premium of a senior citizen is high as compared to normal individuals. Thus, opting for renewable health insurance for senior citizens can lower the premium amount by some percentage.