Taking care of the senior members in one’s family is a matter of great responsibility and commitment. Their health issues, specifically, have to be addressed with serious concern as they tend to increase as one reaches the 60-65 age range. Many people usually buy a family health insurance policy and include the senior members in that plan as well. However, that may not always prove to be advantageous for the senior members. A better alternative is to buy a separate health insurance plan for senior citizens. Let’s understand the how and why in this article.
- Senior members may make frequent claims
As mentioned earlier, health issues tend to increase with age due to a weakening immune system. They especially become more severe as one crosses 60 years of age. This may lead to frequent hospitalisation, and consequently, repeated claims on the family health insurance policy. Many times, the family floater policy may not allow for such repeated claims. Some insurers also have a claim limit per policy period. However, a health insurance policy that has been purchased especially for senior citizens may not have such claim limits. Insurers understand the health concerns that come at a senior age and so, allow repeated claims to be made on the separate health insurance policy for senior citizens.
- Sum insured is retained for the family members
A family health insurance policy, more often than not, is a floater plan. That is, several members are covered under one sum insured. Now, while this is a cost-effective way to cover several people under one plan, the single sum insured aspect may prove to be inadequate if there are senior members within the plan. As their health issues cause them to raise repeated claims, it may lead to a depleted sum insured for the rest of the family members. Buying separate health insurance for senior citizens can help avoid this unpleasant situation and ensure a steady sum insured for everyone.
- Additional premium for add-ons can be reduced
Senior citizens may also require certain add-ons attached to their health insurance plans. For instance, a daily hospital cash rider can be helpful during long hospitalisation periods; or a critical illness insurance add-on may be required to deal with the increased risk of life-threatening illnesses at a senior age. A separate health insurance for senior citizens would require a smaller amount of additional premium for these add-ons as compared to paying for them in a family plan. A family plan would consider the add-on coverage for all family members and hence, demand a higher premium.
- Greater peace of mind for the senior citizens
Buying separate health insurance for the senior citizens of your family may bring them a greater sense of peace. They can pursue better quality treatment and increase their chances of healing when they know that the health insurance plan is solely for them. It gives them a certain sense of independence, which is important to have at a senior age.
Senior citizens have different health needs and so, it is quite natural that they would want a different health insurance policy as well. With a health policy made specifically for themselves, senior citizens can focus on only the most important things when they get hospitalised – rest and recovery.