With more senior citizens realising the benefits of opting health insurance, some insurance companies have started offering dedicated plans for them. Also, there are several comprehensive insurance plans existing in the market which can be bought for senior citizens.
With so many insurance options available, customers need to decide whether to opt for a normal health plan or one specifically meant for senior citizens.
As of now, experts say there is little advantage in opting for senior citizen specific plans as these offer lesser coverage as compared to general health insurance plans.
“With any normal health insurance, customers can opt for a high sum insured and can get additional benefits as well. While, the specific plans charge high premiums and come with several restrictions," explains Naval Goel, chief executive officer and founder, PolicyX.
Amit Chhabra, head- health insurance, Policybazaar also seconds Goel’s thoughts.
"Regular plans work out to be more cost effective for senior citizens because the pool is generally supported by young people, who make very few claims," he adds.
Senior citizens are more likely to use their insurance as they are more vulnerable to multiple diseases due to their age.
Normal health plans also cover all types of ailments and can be renewed annually.
"This is not in the case of any specialised plan," adds Ankit Agarwal, managing director, Alankit Limited.
Specific plans may even have a larger co-pay ratio. Health insurance co-pay refers to an arrangement in which the policyholder needs to pay a portion of the medical expenses on their own and the insurance company pays only the remaining amount. If the co-pay amount is high, the main purpose of the policy is defeated.
Medical costs have also become very expensive these days. So it’s better to buy a policy with a larger sum assured. This helps insured to pay for the treatment at a better hospital, even if the rates are costly.
First Published: IST