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

●     Pre-hospitalisation

●     Post-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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Health insurance myths and realities in India

In the midst of critical diseases in the world, we all are trying to live better. However, to give you relief, there is a particular policy that can not only cover your surgical and medical expense in adulthood but will also continue to do so even when you are fighting to keep your grey hair black. The senior citizens health insurance will be there for you if you need to be supported financially when your body fails to earn your livelihood.

It is always unknown to you when you may be exposed to adversities of life that can lead you to be admitted to hospital for days. The uncertainty and fear of the unknown can make you lose your night's sleep, and you may fall sick. Due to these reasons, a health insurance is a wise thing to invest in while you are own 20's.

What is precisely Health Insurance of Senior Citizens?

When your hair starts greying, or your body becomes fragile, you may find yourself to stand alone with no financial backup for undergoing the medical surgery you need. The senior citizen health insurance can be exceedingly useful when you hit age bar of 60 without proving yourself medically unfit. Through this policy, you can get consultations from healthcare professionals whenever the need arises and enjoy your life like before without stressing.

Myths of Health Insurance for Senior Health Insurance Debunked

As you should not judge a book by its cover or a movie by seeing casting members, you should not presume the facilities of senior citizen health insurance scheme even before getting one. Here are few misconceptions of people about the senior citizen health insurance that need to be resolved at once,

Many people often assume that senior citizen health insurance plans need to be renewed every often as you use it more often than you have used your health insurance. This is entirely wrong because you are offered the lifetime renewal with health insurance for senior citizen in India.

You might have led a healthy life with zero diseases in medical history that often made you think you would die peacefully. However, this is not the real scenario most of the time as you can be a victim of critical diseases in your old age for that senior citizen health insurance is highly needed.

Thinking of opting for the senior citizen health insurance premium only when you are in your 60s will not be a foolish thing to do. You should make proper plans for senior citizen health insurance so that you get full coverage when you are eligible to use the policy.  

While deciding on the senior citizen health insurance policy, you may think your habit of smoking and drinking alcohol will restrict you getting one. However, do not invest time on such thoughts as you are eligible to opt for senior citizen health insurance online with any habit. The main reason is that no medical test is done prior your request for the policy.

Unbelievable Benefits  

The benefits of the senior citizen health insurance are so significant, in truth, that your life expectancy will get increased a little out of your happiness. 

●     Coverage for Medical Expenses - Whether your parents are admitted to a hospital for 24 hours, the entire medical expenses are covered including the bed charges and medical fees of the healthcare professionals. Apart from, including the nursing fees, senior citizen health insurance India covers the expenses on the medicines as well.

●     Transportation Charges are Taken Care of - You may be wondering the senior citizen health insurance only covers the amount that took place within the hospital premise; however, the amount you needed to pay while reaching to the hospital is also included. From the ambulance charges of being admitted to the hospital, the policy is helpful on a large scale.

●     Coverage of Critical Illness - Another thing you find yourself thinking that you may not get coverage for day-care costs. However, this is not true if you are undergoing critical illnesses like cancer and you need chemotherapy or dialysis, then the daycare charge will be taken care of by senior citizen health insurance.

Why Compare this Health Insurance?

As the senior citizen health insurance rates vary from policymaker to policymaker, you need to go for a compare check for getting the insurance at the lowest premium. There are many policymakers that give offer the policy at 46 years old or 60 years old. In order to get unique benefits, at the earliest possible, comparison of senior citizen health insurance is needed.

You should understand why the insurance is beneficial at the wintry stage of your life and the value of comparison of senior citizen health insurance before rushing to get one. Moreover, while comparing the policies, you will get to know that only the specific diseases are covered in the policies. So it is needless to say before getting insurance, read all the terms and conditions thoroughly.

Senior Citizen Health Insurance Policy Myths Busted

The most important features of a senior citizen health insurance policy are hospitalization coverage including room charges and medical bills, the facility of cashless hospitalization, day care expenses arising due to technological advancements, ambulance expenses, pre-existing illness, no medical screening required before buying health insurance plan, higher sum assured coverage, faster and convenient claim settlement.

It is very important to buy a senior citizen health insurance policy as it helps to keep a financial emergency away at the time a senior citizen needs healthcare services the most. 

Myths about Senior Citizen Health Insurance

When it comes to buying health insurance for the senior citizens, many people have several apprehensions due to a few myths revolving around the senior citizens’ health insurance. Even at such old age, people don’t buy health insurance plan for their dependent parents due to certain misconceptions.

Here are some myths around senior citizens health insurance that must be busted so that more and more number of people can buy senior citizen health insurance plans.

1.       Group insurance coverage is apt

It is quite a common misconception that many people have. People believe that mediclaim group coverage is enough for their senior citizen parents. Plenty of insurers have stated that the coverage solely for the senior citizens needs to be expanded so that premium for family insurance plans can be reduced. Some insurance providers have gone to the extent of excluding senior citizens from the policy. It’s very important that one doesn’t rely completely just on mediclaim plans to offer insurance benefits to senior citizens.

2.       Pre-existing Illness

It is right that various health insurance plans don’t cover pre-existing illness, especially when senior citizens are involved. Due to this very factor, people don’t buy a health insurance plan for their parents as they feel that any pre-existing illness can make their senior citizen parents ineligible. There are a plenty of health insurance providers that provide coverage for pre-existing illness in case the illness is not terminal or critical.

3.       Insufficient Coverage

People have a tendency to consider medical insurance plans to be not of any use since they don’t offer coverage for specific pre-existing conditions. Almost all health insurance plans come with a waiting period of 4 years. Post that existing illnesses are covered. Still, your parents would be covered for the hospitalization expenses during the first 4 years for any other illness as well as accidents.

4.       Higher Expenses

Buying health insurance can be more expensive for some senior citizens. Still, one must buy health insurance for senior citizens because at the time of hospitalization the bill could be far more than the insurance premium. There are senior citizen medical insurance plans available in the insurance market that wouldn’t make a hole in your pocket as it will offer sufficient health coverage at a minimum premium.

5.       Healthy and fine

Your parents could be in the best shape having no pre-existing illness and no unforeseen situations like age related illness or any particular disease that can impose a threat to their fitness any time. It’s important to buy a medical insurance plan for your senior citizen parents even if their health is fit and fine.

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Why is it Important To Buy Personal Health Insurance?

"Buy health insurance when you don't want it, because you may not get it when you want it."

At present, most of the salaried professionals get health insurance coverage by their employer. A majority of such employees are highly dependent on corporate health insurance coverage in case of hospitalization.

Though, they fail to analyze their medical insurance needs and don't understand the benefits of buying a health insurance plan. Insurance experts recommend that professionals should go personal health coverage as well.

A senior citizen mediclaim policy is a must when your parents are financially depended on you. A basic health insurance plan won’t be able to offer the insurance coverage that senior citizens require.

A health insurance plan offers risk cover against expenses incurred by any medical urgency. Medical inflation and the inability to buy sufficient amount of health coverage can easily turn a medical emergency in a financial emergency

Here are the 2 common mistakes people make when they buy health insurance.

1.       They don't buy it when the time is right.

2.  When they realize their mistake, they over-compensate by purchasing way too much insurance coverage.

Here are the points that signify the importance of buying a health insurance plan.

1.       Insurance coverage of the health insurance policy offered by your employer

Majorly, the organizations provide its employees with a basic medical insurance coverage. The basic coverage provides insurance coverage for minor diseases. The basic coverage is inadequate when it comes to covering a major medical emergency.

2.       Validity of the health insurance offered by your employer

The validity of medical insurance coverage offered by your employer ceases to exist the moment you leave your organization and your current organization becomes your previous organization. A job change, (God forbid) job loss, retirement etc. are the situations that will leave you with no insurance coverage. During such times, you would have a huge amount of hospital bill and no insurance coverage. You’ll have no option but to bear the healthcare expenses from your own pocket.

3.       Early Bird Catches the Worm

In order to enjoy insurance benefits, buy health insurance when you are young. Chances will be high that you won’t have any pre-existing illness. As a result, your insurance premium would be minimum and insurance coverage would be maximum.

4.       Tax benefits

One of the best thing about buying health insurance is the tax benefit. As per section 80D of the Indian Income Tax Act, Health insurance premiums payment qualifies for tax redemptions. People who are less than 65 years old can claim to enjoy tax-benefits up to 15,000 Rupees.

The Bottom Line

Tax benefits shouldn’t be the sole criterion to buy personal health insurance plan.

Before you buy personal health insurance coverage, analyze your insurance needs and the then go for the plan that fulfills your health insurance needs.

Don’t just buy the first plan you come across. Compare health insurance plans online without any inconvenience. The sum assured depends on your insurance requirements.