Health Insurance for Senior Citizens in India

Health insurance for senior citizens or parents is a must, considering the rate at which the medical expenses are rising every year. On an average, the medical costs are rising around 15% every year. Interesting fact is, Indians pay around 75% of their medical expenses from their own pocket.
All you need to do is go to an insurance comparison website and complete a simple form with information about yourself and your insurance needs. Once you submit the form, you will soon receive quotes for affordable health insurance from multiple A-rated insurance companies.

The Insurance companies have started considering senior citizens as a potential market and address their need for a Health Insurance product. Insurance Regulatory and Development Authority (IRDA) has also taken various steps to boost the inclusion of senior citizens in the health insurance sector.

Hospital Expenses tend to be skyrocketing these days particularly since most of us have the tendency to choose treatment in branded Private Hospitals. This can create a dent on your retirement savings in the event you do not have medical insurance for senior citizens.

With increasing age, people are more susceptible to illness and injury. Illnesses such as hypertension and diabetes require long term care and medication, hence increasing the overall cost. Age is seen as a high risk factor to the profitability of the insurance company. This results in the premiums for senior citizen health insurance being higher.

The last thing that you will find is that many times, senior citizens can't afford the insurance. Even if they find a company willing to insure them, many are retired and are on a limited income. The cost of premiums alone can eat up any retirement check or pension income. Many have to choose between insurance or keeping a roof over their heads.
Senior citizens need healthcare and they need it more than the other age groups as they need access to quality medical assistance because of their advancing age that makes them vulnerable to disease and disability. It is for this reason that medical care in many countries is free for senior citizens and they have access to the best medical facilities.

The insurance policies that have been framed for senior citizens by Medicare are short term insurance policies that have been targeted for the welfare of these citizens. There are certain cholesterol levels, blood pressure, family history, height, weight and other considerations that are taken into account for these citizens. In fact, the above policy considerations are more liberal than the ones that are made for younger adults.

The life insurance sum will generally pay for the funeral arrangements and provide a lump sum to whoever is left behind. Some also help to pay the fees should one go into a nursing home facility as well. Because of the baby boomers living to a more advanced age the need for this type of health insurance is starting to increase.

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