With the ever increasing cost of health services, it is progressively becoming difficult for employers to maintain parental coverage in the group cover schemes. Many are either closing that option or introducing restrictions such as co-payment to manage their costs. Standalone policies, on the other hand, contain several exclusions of pre-existing conditions. For the senior citizens already in insurance several factors come into play that may affect your policy.
The Age of Insured could also affect the insurance cover. For those defined as senior citizens, a generally accepted axiom of health insurance is the older you are, the higher the risk on the cover. Increased restriction on pre-existing conditions such as higher co-payment is introduced with advanced age. Insurance companies tend to charge premiums on health insurance based on age bands and are also known not to be enthusiastic to pick up new clients over the age of 65. By getting coverage early, one can avoid getting entangled in restrictions of the next age band.
Employer Covers are typically generic and standard, although they cut across several employees, they are considered not viable for enhancement at an individual level. Such covers are limited to the extent of the existence of the employment. These covers, though still offered through some employers are often limited and discriminatory to the senior citizens due to their ‘generic’ nature.
Notwithstanding all these, being without medical insurance cover is not advisable. A single visit to a hospital can exhaust a person financially. It might seem costly to buy a medical insurance for a senior citizen, however, not taking insurance, on the other hand, is not an option. Sky high medical costs make a decent corpus look inadequate for one hospital admittance in future. Do not bite nails on medical insurance. Know the factors that affect the health cover for senior citizens and keep topping it up