A Longer Life Requires Better Medical Insurance

A brief look at medical care and income levels as you grow older, and what private medical insurance can add to the equation. Older people require greater medical care but without adequate insurance, the benefits of private health care is out of their reach.

One of the many benefits of modern medicine is a higher life expectancy which in turn has contributed to an ever-growing population over the age of 60 years. Most people who were born in the early 1900s did not survive beyond 60. Today reaching 70, 80 or even 90 years of age is not considered to a be a great feat.

The Money and Age Link

Unfortunately a longer lifespan also means continuing medical care and associated bills. Chronic diseases most often arise after 50 years of age and tend to persist lifelong. This in turn means that better medical insurance is essential in order to cover your rising health care costs as you grow older. Depending solely on public health care will not guarantee that your needs as a senior will be met.

It is now known that higher income levels are linked to a longevity. As the Preston curve (1) suggests, people living in wealthier countries tend to live longer than those in poorer countries. However, it is not just the first world government amenities that make the difference. A higher income level also translates into the ability to afford better private medical insurance.

Private Cover When You Need It Most

Love it or hate it, medical insurance plays a role in your quality of life and even life expectancy. The strained public health system, even in the most developed of nations, has to balance the needs of the population at large with the available resources. Without medical insurance, the elderly can expect to be sidelined on many occasions or until the need for care becomes a life or death issue.

We all have heard of the horror stories of medical insurance not paying out when it is most needed. In fact many of us may still look at medical insurers with distrust. However, it is a matter of basic economics - if insurers were not able to meet the needs of the majority of its customers then they would not be in business. Unfortunately complainants tend to omit the facts about why claims were rejected, pinning the blame squarely on the insurer.

No matter where you live in the world, the fact of the matter is that private health care is expensive for the average citizen. It is not entirely unaffordable for young and middle-aged adults but then it is not usually needed on a daily, weekly or even monthly basis. Factor in advancing age and the constant need for medical care and private healthcare becomes completely unaffordable without the aid of medical insurance.

Seniors should look at their retirement budgets with medical insurance among the top of their financial priorities. Even bare basic cover can make the difference in quality of healthcare that you can access. It may mean giving up that dream cruise around the globe or a few other luxuries that you had your eye on for your golden years.

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