Are Senior Citizen Health Insurance Plans Worth the High Premiums?

Sep 30, 2022

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Health and health insurance awareness had been a concern in India for many years. But the Covid-19 pandemic has been an eye-opener for many individuals. We now realise the importance of balanced nutrition, exercise, mental well-being, and securing ourselves and our families with the right health insurance plan. Apart from this, medical inflation has been skyrocketing, which has made quality medical care unaffordable for common people. Therefore, covering yourself and your loved ones with sufficient health insurance coverage is crucial. However, buying a health insurance policy for senior citizens can cost a pretty penny as the premiums of senior citizen health insurance plans are very high. If you are a senior citizen or looking for a health insurance plan for your parents, you must be wondering whether buying a health insurance policy at such a high premium is worth it or not. This article explains why senior citizen health insurance policies are so costly and whether you should buy one.

Here are a few reasons why senior citizen health insurance premiums are higher:

1. Need for Higher Coverage:

With the passage of time, ageing comes with different complications. The immunity takes a dip with the passing of age. Thus, elderly individuals can contract more illnesses. Senior citizens who are 60 years and above are more prone to health disorders, resulting in the need for higher health insurance coverage to cover maximum disorders. Many health insurance providers have launched special Health Insurance plans that cater for the needs of senior citizens. You can check and compare different plans and choose the one that suits you the best.

Are Senior Citizen Health Insurance Plans Worth the High Premiums?
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2. Medical Expenses Get Expensive:

With increased age, the chances of serious health issues requiring expensive medical treatment also increase. In most cases, as the income of senior citizens cuts down or completely stops, it can become challenging for them to manage these heavy medical expenses. Moreover, the cost of medical treatment for senior citizens is comparatively higher. If you are a senior citizen or planning to buy a Health Insurance Plan for your elderly parents, then you definitely do not want your or your parents' hard-earned income of many years to spend on hospital bills. Therefore, a good health insurance plan is required for elderly people. It will not only help our parents to age gracefully but also will save their and our hard-earned money.

3. Requirements Change:

Senior citizens have different requirements from their Health Insurance Plan as their health issues are completely different from young people. Elderly individuals are more prone to medical issues and likely to have different surgeries, such as joint replacement, cataract, etc., as their organs become less functional with age. These surgeries are costly.

As senior citizens require more healthcare, many insurers offer separate health insurance plans that cater for the needs of senior citizens - senior citizen health insurance plans. These plans charge a slightly higher premium compared to regular individual health insurance plans as they offer wider coverage. However, before blindly opting for any senior citizen health insurance plan, it is crucial to analyse your health and health history and choose the right plan that provides coverage for the medical treatments or situations you are likely to require in the future. Here are some of the common things you should look for when buying a Senior Citizen Health Insurance:

  • Critical illness coverage

  • Psychiatric care

  • Domiciliary care

  • AYUSH (Ayurveda, Yoga, Unani, Siddha, and Homeopathy) treatments

  • Daycare procedures

  • Bariatric surgery

  • Periodic complimentary health check-ups

  • Lower waiting period for pre-existing diseases

  • Network hospitals in your area

  • Suitable co-payment clauses

  • No caps on room rent and ICU rent

  • Higher claim settlement ratio

  • Affordable premium

 

Are senior citizen health insurance policies worth the high premiums?

As we discussed, senior citizens have different and more complex health care requirements compared to young individuals. The senior citizen health insurance plans are designed specifically to ensure all these requirements are met in a single health insurance plan. Since these plans provide wider coverage, they are completely worth the high premium they charge compared to regular individual health insurance policies.

To conclude...

Although you can buy a Family Floater Health Insurance Policy for elderly people, it is advisable to opt for a senior citizen health insurance policy or individual health insurance policy as it makes a considerable difference in the premium that you will pay. Senior citizen-specific policies have added benefits that you would otherwise not get with a normal health insurance policy. Senior citizen health insurance plan ensures you get the required coverage as they are designed to cater for the needs of elderly individuals. Hence, if you are a senior citizen or looking for health insurance for your parents or in-laws, it makes sense to buy a senior citizen health insurance plan to get maximum coverage at an affordable premium.

 

Warm Regards,
Ketki Jadhav
Content Writer



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