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The Benefits of Short Term Insurance For Senior Citizens

Sipping the evening tea while watching the beautiful sunset from his balcony, Ramesh, a man living in his late 50s, had less to no worries in his life. His wife, Savita, almost a decade younger than him, is the most valuable person in his life. Things took a sharp turn, and Ramesh felt a stinging and unbearable pain in his chest. When admitted to the hospital, he was informed that he had missed a major heart failure. Luckily this time, but Ramesh wondered he will there be another? He looked at his wife, who stood by his bed and thought, how can I prepare myself for another health attack like this?

Do you, too, have similar doubts like Ramesh? The best solution is to get short Term Insurance for senior citizens. Keep reading this blog to find out what is short Term Insurance and what are its benefits.

What is Short Term Insurance?

Short Term Insurance is a type of health plan. It can provide you with temporary medical coverage when you are between health plans, outside enrollment periods, and need some coverage in case of an emergency. It is typically available for periods from 30 days to 90 days. In some instances with some insurers, short-term medical is available for up to 12 months. Most people take up a short Term Insurance plan so that they don’t have to pay a heavy premium associated with a long-term health plan.

Benefits of Short Term Insurance for senior citizen

  • Lesser premium rates

The best reason to go for a Short Term Insurance for a senior citizen is that it has lesser premium rates in comparison to lifetime health insurance. It seems nonsensical to pay greater rates for longer health coverages in your older days. Short Term Insurance gives almost similar benefits as Long Term Insurance but at a lesser rate and for a shorter duration.

  • Hospitalization expenses

A Short Term Insurance all kinds of hospitalization expenses like the doctor’s fee, nursing fee, cost of medication, etc. These fees, when paid without health coverage, can cost a lot in your pocket, get rid of the financial tension by getting yourself a Short Term Insurance.

  • Cashless hospitalization

Some insurance companies even provide the facility of cashless hospitalization across the channel of the network hospitals under that company. 

  • Ambulance charges

Most Short Term Insurance policies cover the charges of an ambulance by which the patient is brought in.

  • Tax benefits

Short Term Insurance can help you get income tax extemption under section 80D of the Income Tax Act, 1961.

  • Pre and post hospitalization charges

It simply means that whatever charges an individual incurs before getting hospitalized and the charges that he incurs during the recuperation period after once has been discharged are all reimbursed. This doesn’t happen in every Short Term Insurance policy. But some companies do provide it.

  • Daycare costs

Some companies even cover the costs of daycare. It means that it covers the cost of procedures that don’t require hospitalization.

  • Preventive health check-up

Some companies include free annual health check-ups for the policyholders. This ensures early diagnosis, and it helps take preventive measures against the disease or health condition (if found any).

  • Peace of mind 

Having any kind of Term Insurance, be it short or long, puts the policyholder’s mind at ease. Even if any sort of catastrophic event struck your life, you know that you have backup funds that will help you through it. Short Term Insurance will help you say bye-bye to horrifying thoughts of financial crunch during times of health crisis.

Conclusion 

If you are a senior citizen or about to be one, then this is the best time to get yourself a Short Term Insurance to help you from preventing stressful cash situations during times of health crisis. There are many benefits of getting yourself a Short Term Health coverage policy like hospital charges, free health check-ups, pre and post hospitalization charges, tax benefits, all of it at a lesser premium price. Old age is very unpredictable in terms of health. You might have been super fit throughout your lifetime, but it is better to be ill and insured than ill and stressed.

FAQs:

What is covered by short Term Insurance plan?

Short term plans cover:
# Unexpected illness and injury
# Inpatient and outpatient hospital services
# Emergency room visits

Short-term coverage may also include discounts for using doctors and facilities within a preferred network. A short-term plan's exact coverage and benefits depend on the particular policy and the insurance company you choose.

What isn't covered by short Term Insurance plan?

There are certain standard exclusions under this; they are:

# Diseases contacted within 30 days of policy purchase.
# AIDS or other similar conditions.
# Any non-allopathic form of treatment.
# Any harm or injury caused by self.
# Drug abuse.
# Cost of spectacles/lenses and dental treatment.
# Cosmetic surgery.
# Illness contracted due to war, the act of a foreign army, etc.
# Pregnancy and maternity
# Immunisations
# Preventive care
# Foot care

You should always consult your specific plan details to see what medical conditions and treatments are covered or excluded.

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