Why insuring older people is an important decision?
Our parents and old age people have gained the experience of life and reach the point where their expert advice can help us to nderstand the true essence of life. However, as people age, they get affected with various health issues. This segment of the population is more prone to illnesses and hence the medical costs are also implied over and over again. As retired individual, due to facing health constraints, owning a suitable health insurance is probably the need of the hour. Getting medical insurance for senior citizens was almost difficult as insurance companies offered renewal only if you have been a policyholder on a continuous basis. With the initiative taken by IRDAI, companies have been instructed to set 65 as the highest age for entry into medical insurance policies. The health cover for senior citizens is a bit pricey, as to increase in age the risk of falling victim to a number of health problems and disorders increases. Secondly, the income of senior citizen comes to a standstill due to retirement or old age and thus, sudden medical expense can cause a strain on their financial status. During such time medical insurance policy for senior citizens proves to be the best helping hand. Those senior citizens who were covered under their employer’s group health cover before retirement and didn’t have an additional individual health cover or mediclaim plan have two options, after retirement: Either they an immediately switch to the retail policy of the insurer offering group insurance plan to their former employer which includes policy transfers from group to retail or seniors can consider buying an individual health cover from an insurer of his or her choice. It means you’re choosing to buy a new policy, with new terms and conditions.
Senior citizens should evaluate both the options and then make an informed decision on choosing the right option. While buying medical insurance for senior citizen, you will have to assess some important factors such as: Cover: Since, half the age has already passed on and health conditions are not so sound enough, obviously the amount of cover required become an importantconsideration in choosing a health insurance policy. Senior citizens need a higher cover to protect their health, as with age the risk of health disorder increases. Premiums: The premium applicable is the next important thing on your health insurance policy. It’s better to negotiate with your insurer and get some discounts on your premium payments. For eg. If you pay by particular credit/debit card you may get discounts on your premium payments. The Premium charged by the private sector insurers is usually on the higher side compared to the one by the public sector insurers. Co-Payment: Medical insurance for senior citizen come with a co-payment clause. In this the insured needs to share a portion of the medical expenses incurred by them and the rest is taken care off by the insurance company. Co-payment policies differ from insurer to insurer. Waiting period: This is the period before any form of pre-existing illness gets incorporated in your health policy claim. This is an important consideration for senior citizens because the risk of illness and consequent hospitalization due to a pre-existing medical condition is higher for senior citizens. Medical Check Up: Some insurers require medical check-ups to be done before they issue health insurance policies, while some insurers won’t. Some aged seniors may be
uncomfortable with certain tests like treadmill tests. So, its better to get confirmed with your insurer and buy policy accordingly.