For senior citizens, a regular health cover works better than a dedicated policy

Published in Moneycontrol

Senior citizens account for nearly 50 per cent of the total deaths (5,598) caused by the novel Corona Virus Disease-related (COVID-19) in India, as on June 2 and as per the Union Health Ministry’s data. The elderly make up just 10 per cent of the country’s population. This apart, individuals with co-morbidities – existing ailments or conditions – made up 73 per cent of the COVID-19 deaths in the country. Clearly, as is the global trend, COVID-19 impact hits the seniors the hardest. And it gets worse for those with pre-existing diseases. So, how must the elderly go about buying a health cover?

Choose better features over cheaper premium

Medical costs are always rising, so it’s better to buy a policy with a larger sum assured. This helps you to pay for your treatment at a good hospital, even if the rates are expensive. Many times, policies that come with a co-pay ratio (where you have to foot a part of the bill and your insurer takes care of the rest) have lower premiums. But that is of little use if your co-pay ratio is as high as, say, 25 percent. “A policy without co-pay is ideal. However, since it is difficult for senior citizens to obtain such a cover, they must look for one where it is minimal. A 10 per cent co-pay share is reasonable,” explains Kapil Mehta, Co-founder and CEO, Securenow.in.

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