What To Look For In Medical Insurance For Senior Citizens17 Jan 2023
Insurance is not just for the young. Although with fewer dependents and less financial commitments, the risk of health complications increases as we enter our golden years. Premiums are higher than if getting insured when young, but it could pay itself in the long-run. Here’s what to look for in medical insurance for senior citizens (aged 55 years and above).
Higher sum assured
Medical costs for the treatment of seniors are higher due to the complexities. There has also been consistently high medical inflation in Malaysia. In general, medical inflation has stayed at 4-5x above the average inflation in Malaysia. Malaysia’s medical inflation was projected at 12% in 2022. This can easily eat up the retirement savings of Malaysians if not insured. According to EPF in 2021, only 3% of EPF members can afford to retire. Getting medically insured helps avoid dipping into retirement or emergency funds, or even asking for help from loved ones.
High room and board limit
With an older age, recovery becomes even more challenging. Room and board during hospitalisation could become a very important part of recovery. A single room, although more expensive, is easier to stay in during recovery with less potential disturbances and distractions. Smart Health Cover has a room and board limit of up to RM350.
Covid-19 continues to be an on-going health concern. Seniors are the most vulnerable group with older people at least 2.5 times more likely to require intensive care or die from Covid 19, as compared to their younger counterparts.
Cashless and hassle-free admissions
For seniors, health complications are more likely to be severe, and recovery may be more difficult due to old age. That’s why it’s important to not worry about medical bills to be able to focus on recovery.
Cashless and hassle-free admissions are when an insurance company directly settles the claim with the hospital and you do not have to pay anything from your pocket. Want easy access to most major hospitals and medical centres with options on hospital rooms and boards? Check if the insurer has a wide network of hospitals within your area or if your preferred hospital is part of the list of panel hospitals.
Getting medical insurance as a senior provides peace of mind of not having to turn to loved ones to bear the medical expenses. It also prevents a debt crisis when you should be enjoying your golden years. Smart Health Cover has all of the above to look for in a medical insurance plan. Get a high annual limit of RM2.5 million a year and coverage up to 99 years old. Learn more here.