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24 Nov 2019

Important Insurance Considerations for the Elderly

Besides the Risk of Critical Illness, Here Are Some Important Insurance Considerations for the Elderly - Asura


The risk of critical illness can indeed come at any time even though parents do not have this history. Besides choosing the standard benefits of health insurance, it is even better if you complete it with the benefits of the risk of critical illness. This is very important considering that handling critical illness requires very expensive maintenance costs. Examples are stroke, kidney failure, cancer, malignant tumors, heart disease and so on. Not all insurance companies provide complete protection against critical illness. Moreover, you also have to ask whether the insurance will cover critical illness from the first stage. Most insurance companies provide rules for critical illness claims if they have entered a severe stage.

Note the Collateral Value of Rising Inflation

It's like saving, over time, the value of money will be eroded by the increase in inflation. In insurance business, it does not matter with one condition that the value of protection also increases along with the increase in administrative costs. Therefore, it is important that you assess the increase in maintenance costs for a certain period of time.

Remember That There is an Age Limit for Entry

Each product or insurance company has different rules. Generally, insurance companies determine the age limit for entry between 50 and 70 years with different periods of protection.

Consider Health Insurance That Offers Cash

Although this feature is quite rarely offered by insurance companies (both private and government-owned), you can find information regarding this matter. Cash is needed when the maintenance costs will exceed the specified amount.

Consider Health Protection Until Old Age

We do not know until what age a person will reach, therefore, seek insurance with the maximum protection time. Many insurance companies offer protection for up to 100 years.

Pay Attention to the Period of Elimination and Pre-existing Condition

Pre-existing conditions and eliminations apply in health insurance. Pre-existing condition is a condition where the insurance can be claimed after waiting for the age of the policy to be sufficient. Elimination or better known as the elimination period, is the time lag of claims against the time of illness. In the case of the risk of critical illness, there is usually elimination for 60 days. So, insurance cannot be claimed before the sufferer has passed the elimination period from the date the policy was put into effect. Therefore, it is important to pay attention to these two things so that if you get sick at any time insurance can be claimed immediately.

Study the Policy Seriously

Policy is the essence of health insurance itself. The policy must be understood correctly and you are obliged to ask the insurance company if there is something difficult to understand in the policy. The rest, you also have to be as open as you are about the condition of your parents before signing the policy, this is important so that the insurance company can fully understand the risks that might occur.

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