Health Insurances 216 views
Many of you will surely agree on the fact that numerous life insurance companies prefer a younger clientele as the risk associated with them is lesser than it is with the case of elderly. Well, this is because older individuals are more susceptible to illness, thus insurers charge them with the higher premium. So, it would be advisable to buy a life insurance policy when you are young.
However, if experts are to be believed,and as per the latest survey report, people who are falling in the age bracket of 22-26 years are the least insured while 68% of the individuals lies in the age group of 55-60 years are having the insurance. Well, this thing clearly indicates that Indians generally prefer to buy a health insurance policy very late in their lives. However, it may be difficult to purchase a cover at an old age, but at the same time it is not impossible. So, here are the few things that you must consider:
Here, the most crucial thing is to search for such policies that have an advanced entry age. Yes, because there are some companies that offer health insurance to those people who lies in the age bracket of 60-80. However, when it comes to buying the life insurance at a later stage, it would be advisable for you to choose a plan that offers coverage for the longest duration. In fact, it is better to renew a policy then to actually purchase a fresh one at an old age. Moreover, in most of the cases, you cannot extend the health cover after one turns to 80.
- Pre-existing condition and coverage
Many insurer providers have a waiting period for pre-exisiting disease. Moreover, if a person is buying a fresh policy, it would not be wrong to say that the waiting period has to be considered. More to the point, the elderly are more likely to submit the claims for the pre-existing ailment. Thus, it would not be wrong to say that it makes a little sense to purchase the policy with just a protracted waiting period. A high premium, but a short waiting period is actually a far better deal during old age. In fact, the health policies do not necessarily pay for all the medical expenses. Moreover, there are plenty of insurers who do not cover pre and post hospitalization expenses, dental surgeries or hereditary conditions. You should ideally purchase a policy with minimum exceptions, even though it entails paying more premium.
- Insured amount
As the age increases the medical expenses also increase, and the real purpose of an insurance is to cover that. That is why an individual should assess his/her needs, and should go for a policy by keeping this thing in mind. Well, a high final coverage should take a priority over a low premium. Whereas, a policyholder can go for a top up or a super top up in addition to his/her existing medical policy. When it comes to top up and super top up policies, they have a higher deductible, and are reasonable as compared to the base policies with high coverage.
In case with senior citizens, there is generally a clause of co-payment. Actually, this requires the insured in order to pay a part of his/her expense. Moreover, the clause of the co-payment varies from company-to-company, hence a comparative analysis should be made.
- Reimbursement v/s Cashless policy
In India, 60 is the age of retirement, and senior citizens usually don’t have the regular source of income. Yes, as they mostly depend on the pension funds or savings. So, it is always a good idea to opt for a cashless policy as compared to the one which offers you reimbursement against the claims.
When it comes to reimbursement policy, the claim is processed only after the submission of all the documents. Till then, you have to bear the expenses from your savings that leads to the financial instability.
- List of hospitals
When it comes to making a claim, the insurer has to undergo the medical treatment from among the hospitals that are approved by his/her insurance provider. When you purchase a policy, it is important to consult the list of hospitals, and check if there are any in the vicinity or not. Else, an elderly person may end up travelling across the town simply in order to get the insurance benefits.
Currently, the Finance Minister, Mr. Arun Jaitley has raised the amount of the tax deductions for all the senior citizens from Rs.20,000 to Rs.30,000. Hence, even if the premium turns out to be slightly more, you can receive the tax benefits.