Providing cover to the years of old age

Being in the ripe old age of sixty and above comes with a number of predicaments which more often than not are restrictive in nature. Be it an age related disease or any lifestyle oriented illness, the vulnerability of human body peaks as the immunity comes down. Scientific statistics point out a major decline in metabolism rate for inactive seniors, leading to a number of illnesses. The enhanced vulnerability of old age is the recipe for skyrocketing medical bills and expenses relating to recurring illness. With the current inflation scenario, it is no secret that medical costs have reached epic proportions and an average individual with a decent income source finds it hard to maintain the same.

A solution to this grim scenario can be the effectiveness of health insurance cover. Those having foresight, go under a medical coverage scheme before they cross sixty to take advantage of the enhanced coverage options and obviously the lower premiums. There is some technicality involved in the provision for senior citizen health insurance in India.

1)      Late entry equals higher premiums: The later you go into health insurance cover, the more inflated the premium costs be. Most companies in India allow senior citizens over sixty to come under medical coverage, but with added premiums to guard against the enhanced risk factor. Lower life expectancy plays a leveraging pat in inflating the premium pays.

2)     Lower periphery of coverage: With the added years, cover against critical illness becomes less. For example, most companies provide cover against pre-existing diseases after the first or second (even more) years of acquiring the policy. Many also do not cover critical ailments.

3)     Restriction in medical coverage: While it doesn’t necessarily mean that the senior citizen can’t get medical coverage, there are some organizations that restrict the entry age. Normally the age bracket applicable ranges from 60-80 years. In some instances that age is restricted to 69 years. People trying to acquire medical coverage must have a deeper look into these parameters.

Given the context of the complexities involved, it is advisable to go under the radar of medical insurance before one attains the age of sixty. One can certainly benefit from the lowered premiums and the extended coverage. 

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Covering the twilight years with health insurance coverage

Growing old is never easy, but it can be made more secure if covers their recurring medical expenses with a well-tailored medical insurance. Finding a suitable policyfor senior citizens can be a tricky as the limited life expectancy added with late date of entry inflates the premium value.

The key question in this regard lies in answering the question, “Can one buy a decent health insurance at the age of 60 or above?”

There answer is certainly positive, but one needs to gauge out some details before going in for senior citizen coverage

1)      Entry age: This is the most important aspect to take into consideration. Some companies limit the entry age of a policy rendering one ineligible, while some others provide provision for entry at maximum age. Normally the age bracket for senior citizens eligible for coverage is set to 60-80 years.

2)     Coverage against pre-existing diseases: This is another vital aspect to take into purview for senior citizens. Normally coverage against pre-existing diseases is offered after 1-2 years after one takes the policy. The timeline can differ from one company to another. It is also advisable to read between the lines to ensure that the pre-existing diseases are taken care of. Some companies do not provide coverage against some critical illness like AIDS.

3)     Amount of premium: If you are looking to acquire coverage for your parents, there is always a chance that the premiums will be on the higher side due to the late date of entry. Additional premiums are levied if the insured person has a pre-existing disease.

4)     Sum assured: Those with limited knowledge about the intricacies of medical coverage often goes wrong in this part. As the premium amount is directly proportional to the sum assured, people tend to thread in the lower margins here. This can be a grave mistake to have a lower sum assured. Taking into purview the ever-increasing medical costs, it is necessary to have a balanced sum assured. Under family-floaters, the math of co-payment in premium comes into play as well.

5)     Bonus if no claim is made: Though the medical policies are taken to cover against diseases and illness, one normally doesn’t want to face the scenario where they have to actually use the provision. It is important to keep a keen eye on the bonuses, which can be accrued if no claim is made during the policy tenure. Normally, the no claim bonuses are levied at a rate of 5% to 30% on sum assured.

Apart from these key facets, one should have a better understanding of the renewal age parameters and the tax benefits available on the premium paid.

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Health Insurance for Senior Citizens

The health care industry has come up different healthcare plans of the senior citizens. In the past, getting a decent healthcare plan for the elderly was a difficult task. However, with the latest policies that have been introduced by various insurance companies, obtain healthcare for the senior citizens has become fairly easy. Having a proper plan becomes even more necessary if you are planning on retiring and living on pension or some other form of savings. Medical emergencies won’t give you a prior notice before taking place, and such emergencies can cause major financial troubles. A good health insurance plan will keep you covered in times like these.

As far as the new guidelines of IRDA suggest, insurance companies are liable for providing coverage to elderly individuals of up to 65 years of age. The new guidelines allow elderly individuals to get coverage even at a later stage of their lives. They can even change their insurer in case if they are not satisfied with the services they were provided. Such insurance policies are specifically for individuals who belong to the ages of 65 to 80. If you are thinking of carrying out a price comparison between the different health insurance providers, you would need to consider a few points. These points include renewability, waiting periods and coverage for specific diseases.

Not all plans provide the same coverage. Difference policies may cover different areas. However, there are some common areas that every health insurance plan must cover. Some of them include:

·         Hospitalization coverage

·         Medical expenses

·         Daycare expenses

·         Medical expenses required before hospitalization

·         Ambulance charges

·         Pre existing diseases

These are some of the factors that you need to learn before opting for Policy for senior citizens. If there are personal requirements, you may include that in your list of requirements.  

                                              

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Finding the right Policy for senior citizens

Everyone wants to have good health but with age fitness level and immunity reduces as a result you fall ill often. Thus this is the time when most of you will need insurance to cover your health related expenses. Most of you might have had some sort of policy before you reached a certain age, but that may not cover all the health expenses.

After a certain age it becomes difficult to obtain a policy. Government gives certain rebate to the elderly on medical treatments, however that is not enough. Certain insurance companies have Policy for senior citizens. Though the eligibility criterion differs, the facility given is almost same. Apart from covering part of the hospital expense it also covers ambulance charges, health check-ups etc.

When it comes to obtaining such policy there are certain terms and agreements that you may have to sign. The company may want to know about your previous health record. Thus you have to get those documents ready before you apply. There are separate plans these companies offer and the facility differs according to the plan. Most companies offer medigap plans, however it does cover all the problems. Then there is the long term plan that covers all the problems, even chronic illness. Most of senior citizens will require policy that can cover all their health care needs, however it might cost more. The premium will depend upon the policy you take.

Buying a policy that suits all your needs can be quite difficult. Most of the big names in insurance have come up with special plans for the elderly. There are plenty of formalities to be followed and a lot of paperwork. Thus it’s best to seek help from a company that will help you make the right choice. There are certain companies who act as brokers to help you find a policy that will suite your needs. At first they will try to understand your requirements and then they will bring policies that will be best for you. They give their unbiased opinion, which will help you choose the best amongst the best. They have experts working for them who also speed up the claim settlement for you.

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