With medical costs increasing at a rapid pace, it is necessary that every individual possesses a medical insurance policy to meet unexpected expenses. This becomes all the more important as one grows old, as health care expenses are bound to rise substantially when they attain old age, and there is also a decrease in earnings. Even though the Indian health insurance sector has grown with more and more companies offering senior citizen specific products, as HDFC ERGO health insurance policy for senior citizens is best one among all. It continues to be an under-serviced segment, with most players still preferring to cater to the population below 60 years of age.
On analyzing senior citizen health insurance policies by both public as well as private health insurance companies, based on various parameters, it is clear that when you choose a policy, you should be looking at various factors like the coverage scope, premium amount charged, exclusions under the policy, co-payment clause, waiting period for per-existing diseases and the offered salient features.
Let’s take a brief look at these factors:
Coverage Scope: As age advances, you might look for a health policy with more coverage with growing health to protect yourself medically. Most public sector insurance companies offer a very low coverage for senior citizens, with a maximum Sum Insured being Rs.3 lakhs. Private players provide a little more coverage and offer up to Rs. 5 lakhs cover, yet this falls on the lower side as compared to the policies these companies offer to the young population.
Premium Amount Charged: More the benefits, more the premium. Senior citizen plans by most private insurance companies are costlier than those offered by the public sector companies. Premiums are charged by state run players are more attractive than beneficial.
Co-payment Clause: All senior citizen health insurance plans include a co-payment clause which obliges the policy holder to contribute a predefined percentage of the claim made. The lower this percentage, the better it is for you. As per different health plans for senior citizens, this percentage ranges from 10% to 30%.
Pr-existing diseases waiting period: Old age is prone to more diseases and providing medical covers for these per-existing diseases may become a nightmare for insurance companies. As a measure, the insurance companies offer a waiting period after which the per-existing diseases will be covered under the policy. Senior citizens should look for a health insurance policy offering shorter waiting period.
Offered salient features: Some policies offer a small discount in premium charged if any member of the family is included in the policy. Also there are Cumulative bonus clauses in health insurance policies, wherein, the Sum Insured amount is increased on completion of every claim-free year. Some policies also offer value-added services like a complementary second-opinion from a medical panel or health services and products at discounted prices. Evaluate the benefits you receive as against the premium you pay for these benefits.
Before selecting a policy, the senior citizen must identify their needs and wants correctly. Understand whether you want low premiums and lower sum insured or slightly more premium for a greater sum insured. Opt for a health insurance policy that includes a lower percentage co-payment clause. If you are suffering from a disease then you may want a policy plan with shorter waiting period. A wide range of value added services are provided by insurance companies to choose from. Select a plan that offers services you really want.
Let’s take a brief look at these factors:
Coverage Scope: As age advances, you might look for a health policy with more coverage with growing health to protect yourself medically. Most public sector insurance companies offer a very low coverage for senior citizens, with a maximum Sum Insured being Rs.3 lakhs. Private players provide a little more coverage and offer up to Rs. 5 lakhs cover, yet this falls on the lower side as compared to the policies these companies offer to the young population.
Premium Amount Charged: More the benefits, more the premium. Senior citizen plans by most private insurance companies are costlier than those offered by the public sector companies. Premiums are charged by state run players are more attractive than beneficial.
Co-payment Clause: All senior citizen health insurance plans include a co-payment clause which obliges the policy holder to contribute a predefined percentage of the claim made. The lower this percentage, the better it is for you. As per different health plans for senior citizens, this percentage ranges from 10% to 30%.
Pr-existing diseases waiting period: Old age is prone to more diseases and providing medical covers for these per-existing diseases may become a nightmare for insurance companies. As a measure, the insurance companies offer a waiting period after which the per-existing diseases will be covered under the policy. Senior citizens should look for a health insurance policy offering shorter waiting period.
Offered salient features: Some policies offer a small discount in premium charged if any member of the family is included in the policy. Also there are Cumulative bonus clauses in health insurance policies, wherein, the Sum Insured amount is increased on completion of every claim-free year. Some policies also offer value-added services like a complementary second-opinion from a medical panel or health services and products at discounted prices. Evaluate the benefits you receive as against the premium you pay for these benefits.
Before selecting a policy, the senior citizen must identify their needs and wants correctly. Understand whether you want low premiums and lower sum insured or slightly more premium for a greater sum insured. Opt for a health insurance policy that includes a lower percentage co-payment clause. If you are suffering from a disease then you may want a policy plan with shorter waiting period. A wide range of value added services are provided by insurance companies to choose from. Select a plan that offers services you really want.
