How to Get Financial Help for Senior Citizens

Savings are significant at every phase of life and conceivably it becomes most vital when your parents hit the phrase of retirement. Maintaining the quality of life is possible if you have planned well in advance and also if you are smart and prudent with your money once you turn 60.

So, today in this blog we are going to talk about how senior citizens can ensure they live well and remain financially independent in their post-work here. Know more about financial assistance for elderly.

The first thing they have to ensure is their health insurance is in place. Most of the senior citizens because of diabetes or blood pressure or some other illnesses are not able to get the health insurance, so the sooner the start planning for it by 54-55 of age, one should make sure that he/she has health insurance started on your framework and then you hit the age of 60 and you are beyond all your waiting period and you are on the plan for life.

If you cannot take health insurance for any reason maintain a medical contingency fund of 10 lakh rupees for a metropolitan city.

What are the fine prints one should be aware of if someone’s buying a policy for senior citizens?

First, the person should disclose every medical problem that he/she has, there is no point hiding any of these problems from the insurance provider. You also need to understand that you need to cover for illnesses which are not the consequence of the illness that you have already.

For example – if somebody is diabetic and we don’t think so if the people end up having cataracts, his cataract surgery will be denied.

But even if the insurance cover is for a lesser amount because of your pre-existing illness you should go and sure get one for yourself.


And beside the health cover, you can also explore the super top of plans that actually gives you a cover within minimal base which is covered by the other insurance. So as long as you have the health cover through super top-up as well it should be safe enough to protect you from the4 medical emergencies.


What would be the typical waiting period in a policy for senior citizens?

At least three years. It could go up to that You can always take insurance cover for your parents who are on the verge of retirement; besides you will also get a tax reduction on that. And your parents as senior citizens can also take medical insurance by themselves.

Now the question is which one is better perhaps is more prudent?

If you are qualified and employed enough and contacted an organization, and you want to take health insurance for your parents, mostly you will get a better policy. And as there is corporate insurance product involved they will process your parent's claim faster than their individual policies, so, you must be looked into the matter that your parent's medical policy is covered through a group plan.

And if you are not able to get that for some reason then you can always rely on your parent's health insurance covers, but try to see if all the claims are processed through your own company insurances that you have taken for your parents and you get a tax deduction for both the insurance premiums that you pay for yourself as well as for your parents under section ATD.

Other Related References-

http://bestsmallbusinessloans.bravesites.com/

https://dailygram.com/index.php/blog/728698/business-loans-for-women-in-covid-19/

https://ext-5486829.livejournal.com/285.html

https://www.goodreads.com/story/show/1291782-home-improvement-loans

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