After the outbreak of Coronavirus pandemic, the demand of well being insurance coverage appears to have gone up. With the expense of hospitalisation due to Covid-19 operating into a couple of lakhs, the want to have sufficient coverage has turn into the want of the hour. Also, senior citizens have been identified to be more vulnerable than these at a young age. So, how is the preparation by these above age 60 in meeting the hospital bills? According to Amit Chhabra, Head – Health insurance coverage, Policybazaar.com, “From April 20-Dec 20 when the entire world was fighting against the pandemic and people were concerned about their health the most. The share of policies bought by the senior citizen category of age-group 60-80 years stands at only 15%, whereas the share for the younger lot in the age bracket of 18-40 years was found to be 45%.”
While most well being insurance coverage plans permit anybody beneath 60-65 to get insured, these above that age may perhaps have to get senior citizen well being insurance coverage plans. “The minimum age for someone who is looking to buy a senior citizen health insurance plan is 60 years,” Informs Amit. Both of them can be renewed for lifetime and therefore purchasing as early as attainable support. “Senior citizens must be adequately covered with at least Rs 10 lakh per person sum insured and ideally should buy comprehensive plans with no limitations like co-pay or sub-limits. However, if a cheaper option is needed, then they could look at senior citizen specific plans which a come with some limitations like co-pay,” says Amit.
A common senior citizen well being insurance coverage program will have two key differentiating function. One, most of them will have co-payment function and secondly, there will be sub-limits and caps for therapy of a variety of ailments. Under co-payment, the policyholder will have to bear a particular quantity for instance 20 per cent of hospital bill just before the balance is re-reimbursed by the insurer. Also, many ailments such as cataract, Renal Diseases and so on have an upper cap.
“Around 20% of the claims made by senior citizens are for Eye and Adnexal treatment, while 15% belong to Circulatory and Heart Disease and 8% are of Malignant Neoplasms. The Average claim amount made for cardiovascular disease is around Rs 75,000 and for a musculoskeletal disorder, it is around Rs 1,06,000 which accounts for 8% of the claims made by senior citizens,” informs Amit.
Premium
The premium to be paid by senior citizens will be larger than these at a younger age. “For senior citizens, the premium of the policy is mostly on a higher-end as the premium increase with age and medical conditions. So, you should compare the policies before buying and while comparing do not look out for lower premiums, but buy a policy that provides maximum benefits and comprehensive coverage,” adds Amit.
What to look for
It is particularly significant for senior citizens to meticulously go by means of the policy document and look at such sub-limits, inclusions and exclusions just before purchasing. “There are few things like Pre & Post Hospitalization, day-care treatment and PED coverage that you should consider before buying a policy. You should also look out for waiting period, co-payment clause, sub-limits and other possible exclusions,” says Amit. Finally, guarantee that you declare current ailments and medication if any that you are taking even though purchasing well being insurance coverage program. Correct disclosures will support in the smooth processing of the claim if it arises.