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Importance of Health Insurance for Senior Citizens in India

Usually, after retirement, elders rely on their pension or lifetime savings for meeting their old age expenses. With aging, the body immunity decreases making one’s health fragile and prone to illnesses and diseases often. Since falling sick is quite common in this stage, medical care insurance becomes a necessity and not an option for seniors. That is so because most clinical procedures are expensive and medical care assumes a critical role in their well-being. Therefore it is important to have a good Senior Citizen Health Insurance Plan (SCHIP) in place so as to prevent severe financial setbacks during medical emergencies. With growing healthcare costs, the younger generation becomes increasingly cautious about the medical needs of the elders in the family. Hence it is ideal for individuals to invest in appropriate health insurance policies early in life to avail and accrue its benefits during old age. These policies may also be purchased by children for their aged parents. S...