On the occasion of World Senior Citizens’ Day, why not consider giving them a health cover to ensure a secure and happy life?
There’s a protective and nurturing cover to our health that our elders and parents provide us with when we are rocking in the cradle. And since then, they have always been the strongest support system. However, in return, most senior citizens in our society do not necessarily enjoy the same attention that they had blessed us with. After decades of hard work, it is one’s right to desire a life filled with protection. But at a time when they are most vulnerable, elderly are devoid of such things. On the occasion of World Senior Citizens’ Day, why not consider giving them a health cover to ensure a secure and happy life?
With the world aging rapidly, it is more likely that the number of senior citizens in need of health cover is only going to rise. As per a recent study published in the Lancet, it is estimated that by the end of the century, the world will have 2.37 billion individuals older than 65 years and 1.70 billion individuals younger than 20 years.
Similarly in India, various studies in the past decade have reported that 20 per cent of the Indian population will be older than 60 years by 2050, which as per the government can be as high as 34 crore people. At a time when India is struggling to deal with the challenge of population explosion, making healthcare accessible to the growing number of senior citizens is a daunting concern.
There are numerous reasons why a good health insurance cover is essential for the elderly and why it is an urgent need that should be met. Senior citizens face many challenges including financial struggles, increasing dependency, need for specialised infrastructure, lack of social support and so on... Then there comes healthcare issues as well. They are also most vulnerable to diseases and are at a higher risk of hospitalisation. Over the years, people develop several non-communicable diseases (NCD). Elderly people are generally patients of comorbidities and degenerative ailments. They suffer from a weaker immune system too. The cost of treatment for any of NCDs or conditions is generally high. Even before admission into the hospital, the OPD and monthly medical bills become a major constraint. The long-term cost to recovery can be a huge drain on the financial and mental health of the senior people and their families.
With the recent outbreak of COVID-19, the risks of hospitalisation have increased as it’s a generally accepted fact that elderly people and those with comorbidities are more vulnerable to contracting the virus. Therefore, it becomes even more imperative for them and their families to invest in health insurance so as to ensure that the cost of quality healthcare is covered.
The ongoing global pandemic has witnessed a sudden spike in the demand for health insurance policies, which has caused panic buying. Although it has become an absolute necessity for the senior citizens to have a health insurance policy, it is equally important to carefully evaluate your purchase.
A modern-day health insurance policy may cover an older individual, his or her spouse and even the entire family. The senior citizen health insurance schemes are packed with unique benefits for them including cashless hospitalisation, no pre-policy medical check-up, short wait-period for pre-existing diseases cover, annual health check-up and day care expenses. If you are planning to get a health insurance or gift your parents or grandparents a health cover, here are some of the very basic things to look for:
Aim for the higher sum insured
This is of utmost importance. A young person may not need coverage of a higher amount. However, elderly people have pre-existing conditions. Their response to treatment is longer and they need more critical care. So it is better to opt for those insurance policies that offer high coverage.
Type of plan
Is it a family floater plan, an individual, a cashless or reimbursement plan? Knowing these features are vital for informed decision making. It is recommended to choose a policy that offers cashless treatment and covers post-hospitalisation expenses. Some policies cover a policy holder’s spouse as well within the same plan. Other plans provide free annual health checkups at any time of the year.
Take a closer look at what's not covered
When you choose a policy, it is wise to choose the one which provides a wider coverage. Insurance may cover core treatment costs but may not cover other costs including OPD expenses, ambulance charge and consumables.
Coverage
It is wise to go with an insurance policy that covers pre-existing diseases. It should cover all issues and challenges that come with old age. Basically, the plans need to be age appropriate. The ones which cover associated medical expenses, pre- and post-hospitalisation charges should be preferred.
Consider the waiting period
Carefully learn about the rules relating to the waiting period, especially those that are applicable to pre-existing ailments because it can go upto four years. A policy which ensures cover in a shorter duration is the one that should be considered.
Co-payment
This means that the insured person will be bearing the cost of treatment along with the insurance company. The less the co-payment, the more viable the policy.
Network of hospitals
An insurance policy with a large network of hospitals can be a life-saver. It is important to check whether the network of hospitals span across India if you’re a frequent traveller.
Discounts and additional benefits
Do understand discount, top-ups, additional benefits and such aspects of policies carefully. A good package can really make a difference.
It is a natural truth that aging brings its challenges, but we are a species known for defying age. On World Senior Citizens’ Day, let’s resolve to support those who have nurtured us to defy their age and give them some of the best years of life, full of health, care, security and happiness.
(The author, Ajay Shah, is the Director and Head — Retail Business, Religare Health Insurance.)