Health Insurance - A cover to protect the pillars of our society
India
is a land of traditions and culture. A culture where a child still doesn’t
smoke or drink in front of his or her parents and older people of the society
whom they respect a lot. These elders stand as pillars that have worked hard
all their lives and contributed to the development of the nation and built such
a conservative community. Though sometimes shunned by the younger community but
there is much to learn from them. Some continue to be productive and work in
various capacities. Most organizations give opportunity to work for these
skilled manpower up to the age of 65 to 70 years often known as senior citizen.
These elders should be backed up with sufficient health policies to look after
their health needs and requirements. The article will guide you through why
senior citizen needs health insurance policies, its benefits and some factors
to be considered while buying one.
Why Health Insurance for senior citizen
Healthcare
costs in India are increasing at an alarming rate. A hospitalization for a
serious illness can cost upto Rs 5 lakhs or above. Besides costly medicines intakes,
growing pollution, complex treatment procedures and growing age only add up to
their problems in life. Therefore, it becomes even more relevant for senior
citizens, because health risks increase substantially with advancing age.
Unfortunately in India, the senior citizens are still under serviced as far as
health policy is concerned. Increased health related risks and associated costs
coupled with lower income during retirement, makes health insurance one of the
most important aspects of financial planning for senior citizens.
The
Indian health policy market for senior citizens is gradually growing and there
are many companies that offer policies that cater to their specific needs.
These policies have their own plus and minus points. It is advisable before
deciding to buy a policy you should know what you want from your insurance
cover. Try discussing with your friends and families, understand are you struck
with similar health issues what they have been at this age and what are the
possible coverage they have taken from particular insurer, do some reading
yourself before making the commitment. Whatever the outcome, taking a policy
for health is a great way of gifting the elderly a triumph card to extend the
longetivity of their lives.
Benefits of health insurance for Senior Citizen
A
health policy empowers an elderly person to go for health check-ups, financial
help during emergency health problems as well as long-term medical treatment.
Besides on monetary terms, a policyholder enjoys tax benefits for premiums up
to a certain level under Section 80D of the Income Tax Act. A good number of
insurance companies in India are trying to overcome the challenges concerning
the senior citizens.
Some factors seniors should evaluate while buying
individual health insurance policies are:
Cover:
Senior citizens need higher cover to protect their health, as with age the risk
of health disorder increases. The public sector insurers usually offer lower
sum insured compared to the private sector insurers.
Premiums:
Premiums are obviously an important consideration in buying a health policy.
Premiums charged by the private sector insurers are usually on the higher side
compared to the premiums charged by the public sector insurers
Co-payment:
It is better if insurance for senior citizens comes with a co-payment clause.
In other words, the insured needs to share a portion of the medical expenses
incurred by them. Co-payment policies differ for insurer to insurer.
Medical
check-up: Some insurers require medical check-ups to be done before they issue
health policies, while some insurers do not require medical check-up. Try
choosing the insurer who understands your age and then sets the check-up list
for you.
Conclusion
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