Insurance industry is a global industry in modern times. Insurance agencies are running to insure after each and everything that is available under the sun.
The health risks increase with age. As we grow old, Health related problems becomes more frequent which can bring financial problems. SO we need insurance policy which can cover medical treatement costs. There arre many companies providing comprehensive plans that cover all the requirements of old age.
The benefits of these plans are :
Inpatient and outpatient treatment
In such a scenario, those people who need insurance the most are not to be left alone, i.e., the senior citizens or the older generations who are more prone to risks, sickness, and disabilities. Seniors insurance has been in the insurance industry for some time now, and there are various forms of seniors insurance services available all around the world. Some of them are:
Annuities (This is an insurance product designed by insurance companies to provide income – either in future date or immediately. They regarded as insurance for a retiree since they protect him/her from outliving his/her financial resources)
Burial Expense (This form of insurance is designed to be conveniently purchased and there is no requirement of a medical exam or a complex questionnaire)
Dental Plan (basic care for specific dental services)
Life Insurance (It provides protection against the death of the insured’s death in the form of payment to a designated beneficiary)
Long Term Care (This pays for care giving services for the elderly or chronically ill. It covers the cost of long-term custodial care in a nursing facility or even at home)
Medicare Supplement (This is a private medical insurance policy that reimburses for out-of-pocket expenses. It allows individual to have insurance coverage for the remaining percentage for which Medicare doesn’t pay)
Prescription Plan (helping seniors to save medical costs by enabling them to have proper usage of prescription medicine)
Vision Plan (helping seniors to have a normal and healthy vision)
Pensions (Though not insurance in regular meaning of the term, but they could also be supplemental insurance since they include payments made in the form of a guaranteed annuity to a retired or disabled employee). Some retirement plans(or superannuation ) help in accumulating cash balance that a retiree can withdraw after retirement.
Some of world’s seniors insurance agencies are:
National Seniors Insurance
Australian Seniors Insurance Agency
Last Updated on : 5th June 2013