There's Good news for senior citizens! Private health insurance companies show keen interest to give policies for senior citizens.
Private insurance companies are envisaging special Health insurance policies for senior citizens. Earlier the private insurance companies were not keen to offer health policies to senior citizens. This was because they felt senior citizens were a high risk group and there would be more claims from this group.. But this they now realize is not true and hence the change in the trend.
Commenting on the changing trends, V. Raman, AGM of United India Insurance Company said that according to a recent survey, citizens who are in the age group of 45-65 are the ones who seek medical treatment often. The survey also states that mostly citizens visit the hospitals for medical treatment for either cataract surgery or heart surgery.
There is a steady decline in the number of those who are above sixty and seeking admission to hospitals. The insurance companies take into account the age of the person and those who continue in active service.
The National Insurance Company's Area Manager Ramabadran said, "We have introduced the senior citizen's plan well ahead of others i.e. in December 2006. In spite of the early introduction, many senior citizens came up with their complaints and now we are taking serious measures to meet up with their requirements and serve them with the best changes."
The health insurance plans for senior citizens when compared with the other plans have been slow in gaining popularity. The reasons are - the premium rates are high for senior citizens and also the policyholder 's existing health problems are not taken into account, hence they cannot make claims for health problems which were caused due to existing diseases. The insurance companies are working hard to change these conditions and facilitate claims for the senior citizens.
To claim for existing diseases treatment there is a small rider in the policy. To qualify one needs to make no claims for three years before being eligible to claim for their existing diseases. The National Insurance Company has included diabetics and high blood pressure patients to avail medical claims right from the first year. To avail of this facility the person has to pay a higher premium. Those who insure for more than three lakhs are eligible for this facility.
Source - Anandha Krishnan New India Assurance