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    Health insurance awareness for senior citizen extremely low in India, shows report

    Health insurance awareness for senior citizen extremely low in India, shows report

    Health insurance awareness for senior citizen extremely low in India, shows report
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    By Anshul   IST (Published)

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    The share of insurance policies bought by the senior citizen category of age-group 60-80 years stood at 15 percent, between April 2020-December 2020, according to a report by PolicyBazaar- an insurance marketplace.

    The share of health insurance policies bought by the senior citizen category in the age-group of 60-80 years stood at 15 percent, between April 2020 and December 2020, according to a report by PolicyBazaar- an insurance marketplace. On the other hand, the share for the younger lot in the age bracket of 18-40 years between the same period was found to be 45 percent, the report said.
    On average, the share of health policies bought by kids for their parents was only 12.2 percent for the same period. The health cover of Rs 5 lakh was bought by most with a share of 41 percent, while the second most preferred choice was the Rs 5-10 lakh cover with a share of 24 percent, followed by Rs 10-20 lakh and Rs 20 lakh to 1 crore with 9 percent and 14 percent respectively, the report mentioned.
    This clearly shows, the report said, that the penetration level and awareness of health insurance for senior citizens is extremely low and is a matter of huge concern in India.
    According to Amit Chhabra, Head - Health insurance, Policybazaar, having health insurance at an elderly age is imperative because of the high medical costs and high morbidity rate.
    "Senior citizens, unfortunately, are still very under-insured in India which puts them at grave financial risk in the future. Senior citizens must be adequately covered (at least Rs 10 lakh per person sum insured) and ideally should buy comprehensive plans with no limitations like co-pay or sub-limits. However, if a cheaper option is needed, then they could look at senior citizen specific plans which come with some limitations like co-pay. The most important part is that all retail plans come with lifelong renewability, which will provide lifelong coverage to seniors," Chhabra said.
    There are various options available for a senior citizen, according to Policybazaar, such as Care – Care Senior & NCB Super Premium, Star Health – Senior Citizen Red Carpet, ABHI - Activ Care Standard, MAX Bupa-Health Companion, among others.
    As people grow old, the list of ailments increases, and the chances of repeated hospitalisation are quite high. To cater to this problem, it is advised to buy a separate health Insurance policy for senior citizen parents.
    However, there are a few things like pre and post-hospitalization, day-care treatment and PED coverage that one should consider before buying a policy.
    For senior citizens, the premium of the policy is mostly on a higher-end as the premiums increase with age and medical conditions. So, customers should compare the policies before buying and while comparing they should not look for lower premiums, but rather a policy that provides maximum benefits and comprehensive coverage, Policybazaar suggested.
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