What are the Health Insurance Products available for Senior Citizen in India?
INTRODUCTION
Historically in India senior citizen is generally disfranchised from social programs of the government, it is particularly true with issues of health, the government has washed its hands off after providing or creating infrastructure for its pensioners.
Historically in India senior citizen is generally disfranchised from social programs of the government, it is particularly true with issues of health, the government has washed its hands off after providing or creating infrastructure for its pensioners.
Pensioners of GOI, Armed forces, and railway are a class apart as they have access to the best establishment providing health services and are given many advantages like discounts on rates and services, easy access to specialty treatment.
For the rest of India, it is a struggle as they have suddenly lost the privileges of the job on retirement and have to fend for themselves in the case of medical emergency to them and their dependents particularly Spouse.
Old age brings with itself its own unique issues which include increased susceptibility to infections, accidents, and manifestation of already present morbidity factors like diabetes, hypertension, breathing disease, general weakness etc.
The expectation of something happening keeps a senior citizen in stress as any illness directly affects the status of their finances which may affect their mental well being in long term, the fear of running debt or raising debt for treatment of medical emergency run very high in their mind.
Rising cost of medical treatment and extinction of “doctor next door “ and spread of corporate high-end hospitals is already beyond their control and reducing numbers of doctors practicing medicine in the neighborhood has robbed a senior citizen of an essential social support base.
In 2006/2007 some health insurance companies raised premium costs drastically which made paying a premium during retirement just nonviable for a senior citizen.
IRDAI had been alive to the problem faced by Senior Citizen and after some deliberation has issued the following instructions in about health insurance for senior citizens to insurers:
The expectation of something happening keeps a senior citizen in stress as any illness directly affects the status of their finances which may affect their mental well being in long term, the fear of running debt or raising debt for treatment of medical emergency run very high in their mind.
Rising cost of medical treatment and extinction of “doctor next door “ and spread of corporate high-end hospitals is already beyond their control and reducing numbers of doctors practicing medicine in the neighborhood has robbed a senior citizen of an essential social support base.
In 2006/2007 some health insurance companies raised premium costs drastically which made paying a premium during retirement just nonviable for a senior citizen.
IRDAI had been alive to the problem faced by Senior Citizen and after some deliberation has issued the following instructions in about health insurance for senior citizens to insurers:
Individuals should be allowed to buy a new health insurance policy up to the age of 65.
Any rejection of a proposal for health insurance of a senior citizen should be in writing with reasons.
A senior citizen policyholder should be given an option to change his TPA wherever practicable
At least 50% of the cost for pre-insurance medical examination may be reimbursed where the risk is accepted by the insurer
No insurer can refuse the renewal of a health insurance policy except on grounds of:
