Mediclaim is obligation for senior citizens
For over two decades, Champaklal Shah and his wife have had mediclaim policies from New India Assurance for Rs 3 lakh each. The annual premium and policies in the early years was only Rs 3000 But now, the same cover, which costs about 25,000 rupees
Shah is not happy with the increase of the premium on your health insurance policy, as he paid his premiums regularly for 20 years. At the same time, afraid to stop their policy and do not know, when in fact they need coverage.
A major reason that triggered the reading age. Shah is at his 70 and his wife of 65 years.
Most of the elderly to see a sudden the share – which could be either because of their advanced age, or because the load of the prize after a complaint or a large amount of nutrition policy. Taking account of these cases, the insurance regulations and Development Authority (IRDA) came out with instructions for the renewal of the health premium for the elderly. “The burden of insurance premiums, if justified mediclaim policy renewals granted to the elderly, should not exceed 50-75% of the fees charged before the change,” he said.
Why is it expensive?
Insurance premiums have increased by almost 30% over the last two or three years because of increasing medical inflation and health costs.
“The insurance is to cover the risk, and providing cover for the right individual. From the company point of view, is an element of risk with age, which includes the possibility of problems. So, the elderly will pay a higher premium, because they carry a major risk factor for the higher age. For example, if you paid 1.5% of the sum insured, as a reward, at the age of 25 years, the premium may shoot up to 8% of the sum insured, when it comes to the load 60 occurs with aging. a complaint may also be another factor in the award, “says Rahul Aggarwal, CEO, Optima Insurance Brokers.
“The senior policy” generally co-pay clause, which means that the insured must bear a fixed percentage of costs in the event of a disaster. The balance is paid by the insurer, “said Pankaj Mathpal, CFP, CEO, Optima fund managers. “Contracts of general insurance and short-term contracts. An insurer can change the political and you may need to renew the policy as revised terms, “said Mathpal.
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For senior citizens with a mediclaim:
With the rising costs of premiums, most older people are wondering whether to renew their policies. This is because many people believe that instead of paying a premium, if saved and invested the money, they will be able to build a corpus of caring for their medical bills.
But most experts do not encourage such a notion.
“This question haunts those who are not old. Seniors, I have no other choice but to reform the current policy because of the lack of credible alternatives. After all, this is not a category of only being chased by the insurance companies” , said Jayant Pai R, a certified financial planner (CFP) and Vice Chairman, Parag Parikh Financial Advisory Services.
Source: [ET]
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