A recent survey by Aditya Birla Health Insurance suggests that only 18% of senior citizens have health insurance cover, while 26% rely on their children to take care of their medical emergencies. Moreover, 32% claimed that they had full control of their finances for medical emergencies. 10% and 14% seek help from their neighbors, relatives, and friends respectively.
Interestingly, 66% of the senior citizens expect their children to support them financially during emergencies, while only 17% do not need any assistance from their children. Whereas 6% are not sure if their children have the money to support medical bills and 11% think their children don’t have money to spare. Only 37% feel that they are financially secured and 42% feel insecure sometimes, while 12% feel frequently, and 9% feel all the time.
Hospital bills are generally shocking unless you have insurance to cover that. Life expectancy stands at 71 years from 53 two decades back. With longer life spans, the need for medical health insurance also increases.
Nowadays companies are offering health insurance exclusively for senior citizens to meet their high medical costs during hospitalization. The premium would depend on the age of the individual. Most of the companies follow a band for group ages and premium falling under that would be fixed.
Those who are younger than 60 and have already purchased don’t need to buy a new health insurance plan, and it is better to continue with it. There are individual and floater health plans which allow them to buy them until 65 with lifetime renewability. You are also eligible for the benefits of pre-existing ailments.
It is always good to have health insurance at the age when you start earning. In case of senior citizens, it becomes essential for you to have a health cover in the form of insurance.
While purchasing insurance, it becomes crucial for you to carefully read the document, check the list of hospitals included, if they are nearby your home or not. In some cases, one needs to make the payment first and then have to claim for reimbursement in case of hospitalization.
Reading terms and conditions before signing the document is always highly recommended!