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In Dulce et Decorum Est, hags is used to describe young soldiers. The simile 'coughing like hags' was used because the young soldiers went into battle strong and full of life. After battle, they returned looking aged and beat down - hence 'hags' or resembling beggars.
This is called word analysis.
When you are trying to figure out what a particular word means, you are obviously going to analyze it. Maybe you know what its root means, or you can deduce the meaning based on its prefixes and suffixes. You will probably take into consideration the context and neighboring words in the sentence as well in order to analyze it.
