Health Insurance for Pioneer Generation/ Elderly | Know why it is Important
Health Insurance | Insurance
by Bienu
27 September 2020
Health Insurance for Pioneer Generation (elderly)
The best gift which we can give our parents is “good care” in their sunset years. Indeed, it is difficult to repay what they have done for us but covering significantly well for their health may go a long way in ensuring good health.
Worth emulating, Singapore’s health care system, covers senior citizens significantly well under MediShield Life which will help to pay for large hospital bills and selected outpatient treatments. Belonging to pioneer generation entitles them with significant subsidies and also 5% off on MediShield annual premiums between 60 and 75 years of age.
But they may need enhanced coverage, may be for pre-existing diseases or age-related ailments. Many private insurances can provide additional coverage to senior citizens with some riders, which are worth considering.
However, there are few caveats for health insurance for elderly like they can be insured up to 75 years of age (maximum entry age) for a policy which is lifelong, coverage for pre-existing diseases and many insurers may not cover for major illnesses, even if they have recovered.
Know the Criteria:
If parents are below the maximum entry age, and are relatively healthy, still compare cost of premiums and scope of coverage.
Also remember that premium rates are non-guaranteed and may be adjusted based on future claims experience, implying that if you make a claim, the premiums are likely to increase.
There are other aspects of the policy which you need to study like age limit on the plan, claim process and renewal and your insurer’s credentials regarding insurance of seniors.
All in all, sufficient health coverage is what can be termed as best gift for your parents.
