As age advances beyond 60 years, we are more likely to face Health Issues which usually causes huge financial burden due to costs for medicines, hospitalisation and treatment are rising at an exponential rate. Hence Insurance coverage is required to cater at times of such huge crisis.
Importance of Health Insurance for Senior Citizen:
- Rising medical costs
- Limited, unstable or no income after retirement
- Financial dependency on children
- Year-on-year decrease in savings
- Increased vulnerability to accidents and illnesses
- Unexpected financial contingencies, unforeseen expenses
- Ceasing of employer’s health insurance policy post retirement
The following are the key factors for selection of Health Insurance Plan for Senior Citizens.
Factors to consider while choosing any health insurance for Senior Citizen in India
- Dedicated Plan vs Normal Plan: The Regular plans work out to be more effective for Sr.Citizens because the pool is also supported by the young people who make very few claims. But Go for Senior Specific plan if you are not eligible for normal plans.
- Base Cover vs Super Top Up: Another way to reduce the burden of premium is to skip the base Health Insurance cover and try to manage only with Super Top Up Plan. Our suggestion is to have Basic Plan plus Super Top up which works out to be cheaper than only the base plan.
- Co-Payment or not: If you have enough liquidity and can handle 20% of the expenses, go for the Co-payment option and enjoy the reduced premium.
- No Pre-Acceptance Medical: Health Insurance plan having no Pre-Acceptance Medical is a better choice.
- Life Time Renewability: opt for a Plan that provides the longest coverage tenure.
- Premium: The annual premium for a health cover keeps increasing with age. So, while choosing the option compare the current and expected future premium of the company. Bancassurance Health Premiums for account holders are lower in comparison to normal plans offered by the insurance companies.
- Critical Illness: While Health insurance will meet hospitalisation expenses, an independent critical illness cover will help to meet additional expenses triggered by the illness. In Critical illness plan the money is paid out in a lump sum on detection of a particular illness and is not based on actual treatment cost.
- Child's Corporate Cover: Dependence on Child's Corporate Cover is risky as its continuity depends upon working with the corporate so do have an individual plan in place.
If you have any issues related to renewability of your health insurance or are facing any claim rejection, please contact Insurance Samadhan
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