How should senior citizens cope with increase in health insurance premiums? How can I get this offline or online?

Ans: For a family of three with ages 57, 51, and 20, the health insurance requirement depends on several factors like current health status, medical history, lifestyle, and location. Here's a general guideline:

Medical Inflation: Medical costs tend to rise with inflation. Consider the average annual medical inflation rate (around 10-15%) to estimate future medical expenses.
Healthcare Needs: Assess the healthcare needs based on family history, lifestyle, and any existing health conditions. Older individuals may require more frequent medical care and treatments.
Coverage Amount: A minimum coverage of Rs 5-10 lakhs for the younger member and Rs 10-15 lakhs for the older members is recommended.
Family Floater vs Individual Policies: A family floater policy can provide coverage for all family members under a single sum insured, whereas individual policies offer separate coverage for each member.
Considering the above factors, a health insurance coverage of Rs 15-25 lakhs for the family would be a reasonable starting point. However, it's essential to reassess your coverage needs periodically and adjust the coverage amount accordingly. Consulting with a Certified Financial Planner or insurance advisor can help determine the appropriate coverage amount based on your specific needs and circumstances.

Ans: Several insurance companies offer health insurance policies specifically designed for senior citizens. Some of these companies include:

1. Star Health and Allied Insurance: They offer various health insurance plans specifically for senior citizens with comprehensive coverage and benefits tailored to their needs.

2. New India Assurance: They have health insurance policies catering to senior citizens, providing coverage for medical expenses, hospitalisation, and more.

3. National Insurance Company: They offer health insurance plans with coverage options suitable for senior citizens, including pre-existing disease coverage and other benefits.

4. United India Insurance: They provide health insurance policies for senior citizens with features like cashless hospitalisation, pre-existing disease coverage, and more.

5. Religare Health Insurance: They offer health insurance plans specially designed for senior citizens, providing coverage for hospitalisation expenses, pre-existing diseases, and other medical needs.

6. Bajaj Allianz: They have health insurance policies tailored for senior citizens, offering coverage for hospitalisation, medical expenses, and other related costs.

7. Max Bupa Health Insurance: They offer health insurance plans with specific coverage options for senior citizens, including comprehensive coverage for various medical expenses.

Before choosing a policy, it's essential to compare the features, coverage, premiums, and exclusions of different plans to find the one that best suits your needs and budget. Additionally, consider factors such as network hospitals, claim settlement ratio, and customer service quality when selecting an insurance company.

Ans: Health insurance is hence important for senior citizens. Medical costs increase with rising age. Insurance helps in controlling the increasing expenses.

Some Features to Look for in a Policy
While selecting a health insurance policy for seniors, look out for the following features in it:

No Co-Payment: Ensure that the policy does not have any co-payment clauses. This ensures that the insurer will bear the entire amount of the claim.

No Deductibles: A policy with no deductibles is preferable. The insurer will pay right from the first rupee.
No Sub-Limits: Avoid policies having sub-limits for treatments or room rent. This will ensure that the policy provides complete coverage.
Available Options
Many insurers have products designed specifically for seniors. Here are some of the features these products could have:

High Sum Insured: Go for a policy that offers a sufficiently high sum insured. Medical treatments are expensive propositions.
Cashless Hospitalization: Pick policies which provide cashless treatment at a maximum number of hospitals. This relieves the financial strain during emergencies.
Pre-Existing Disease Coverage: Check that the policy covers pre-existing diseases after some waiting period.
Annual Health Check-Ups: Some policies offer annual health check-ups. This helps in early detection of health problems.
Domiciliary Hospitalization: Check whether the policy covers home treatment in case hospitalization is not possible.
Recommended Policies
Though no specific recommendations are given, take policies from reputed insurers. Here are some aspects to check:

Claim Settlement Ratio: High settlement ratios indicate reliable insurers.
Customer Service: It is essential and facilitates the smooth processing of claims.
Renewability Age: Some policies provide for lifetime renewability. This is vital for senior citizens.
No-Claim Bonus: Policies that come with a no-claim bonus increase the sum insured. This proves advantageous to healthy policyholders.
Keeping away from Common Pitfalls
While choosing a policy, watch out for common pitfalls:

Hidden Clauses: Go through the policy document with great care. Check hidden clauses that may severely limit coverage.
Network Hospitals: Ensure that there is a good number of network hospitals for the insurer around you.
Exclusions: Check what is excluded under the policy. Ensure that it does not exclude common treatments needed by seniors.
How to Buy
You can buy these policies online or through an insurance agent. Here are some tips for buying:

Compare Policies: There are comparison websites where you could compare different policies. Check coverage, premium, and features.
Consult a Certified Financial Planner: A Certified Financial Planner can provide advice with expertise. They will help you choose the best policy suiting your needs.
Final Insights
Health insurance for seniors is indispensable. Choose policies with no co-pay, no deductibles, and no sub-limits. Evaluate insurers on the basis of claim settlement ratios, customer service, and network hospitals. Consult a Certified Financial Planner for advice pertaining to the need.
Best Regards,

K. Ramalingam, MBA, CFP,
Chief Financial Planner,
www.holisticinvestment.in

Ans: Star senior citizen red carpet
Niva Bupa Senior First
Manipal Cigna Prime Senior
Care Senior Plan

Plz. Check the detailed policy wordings and seek help from your insurance advisor if needed.