Wednesday, 7 March 2018

Why Health Insurance Premium Is Increasing For Senior Citizens

The health insurance solely focuses on helping the insured out from any health-related issues and it is seen that the senior citizens, after a certain age, are in grave need of this. However, in this age of price hike, the premium senior citizen health insurance is not left behind either keeping people awake at night.

As with growing age, the health condition starts deteriorating, the senior citizens look for certain help. By making a health insurance for a senior citizen, the person can be rescued as the benefits of the policy include coverage on the expenses for day-care procedure, transportation charges, pre and post-hospitalisations and critical illness.

Benefits of the Health Insurance for Senior Citizen in India

People over 55 to 60 years are usually eligible for the senior citizen health insurance plans in India where they get a multitude of benefits including,

     Ambulance charges
     Day-care procedures
     Critical illness
     In-patient hospitalisation
     Healthcare professionals’ e-advice
     Tax benefits

The elderly persons can even go cashless after getting senior citizen health insurance only if they opt for the pre-authorisation on all the reservations before 48 hours of the admission. In case of any emergency situation, admission post 24 hours can work. However, getting these benefits during the current era has become pretty difficult because several causes are increasing the amount of premium.

Why is Premium increasing?

The senior citizen health insurance which is best is becoming a huge burden on the senior citizens as the premium amount is almost too difficult to bear for them now. The recent financial budget in India has indicated about raise in premium which is generated by several factors.

Increase in Tax
As dearness allowance for the senior citizens has been decreased, the government is compelled to increase the tax affecting the senior citizen health insurance. Moreover, the interest rate in the financial institutions and banks are going down in each month. This has put the elderly people in a critical situation because the facility of senior citizen health insurance cashless is essential for them.

Age and Premium

The premium of senior citizen health insurance scheme is dependent on the elderly person's age and with each passing age; the amount of premium goes higher. Only a few of the insurance companies are an exception where the premium remains is dependent on the sum insured. In addition to the context, IRDA has made it regular that the senior citizen health insurance India is renewable until death. Moreover, the fixed age of the insurance has fixed that the insurances have no other choice than accepting memberships up to the age band of 65.

     Bajaj Allianz Health provides Silver Health where you can get sum insured of 5-50 lakh.
     The New India Assurance offers Senior Citizen Mediclaim for the people aging 60-80 years with the waiting period of 18 months. Additionally, the sum insured for senior citizen health insurance is 1-1.5 lakh.
     Apollo Munich Health offers the Optima Senior plan that starts from 61 years old.
     Care Freedom provided by Religare Health comes with the sum insured of 3-10 lakh.

Limitation of Hospital Expense

There are certain regulations applied by IRDA that indicates the sub-limits regarding the hospital expenditure are restricted. The different insurance policy makers fix different sub-limits in the senior citizen health insurances. Fees of the medical practitioner and nurses, medicinal cost, surgery charges and room rent are all included in the sub-limit.

     In order to get the best benefits regarding the sub-limits, the insured must go for senior citizen health insurance premium comparison.
     Through the help of senior citizen health insurance premium calculator, the insured can get the real picture which senior citizen health insurance can be the best for him.
     The senior citizen health insurance reviews refer to the fact that if a plan comes with a sub-limit feature, the sum insured is irrespective in case of the claim. If the room is capped at one percent in policy amounting Rs. 3 lakh, then the room can be limited up to Rs 3000 only.
     By availing the senior citizen health insurance plans comparison, you can opt out yourself from paying more for the unnecessary expenses that often due to the sub-limits.

How to Deal with the Situation?

As the premium hike of senior citizen health insurance can be difficult for people, getting a family floater plan can be helpful extensively. Moreover, avail the portability feature to switch to a more inexpensive plan. Keep track of the discounts and special offers so that the overall expense can be reduced to a huge extent.

Changing lifestyle or keeping up a healthy lifestyle can be miraculous even when it comes to dealing with old age problems. Additionally, comparison of senior citizen health insurance can give you the most convenient one with a cheaper premium.

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