Health Insurance for Senior Citizen during the Coronavirus Pandemic

Health is of the most vital factors that need to be taken care of, irrespective of whether we are young or old. However, as one grows older, health does come to occupy the primary focus; which is why it is so important to have health insurance to keep you protected during medical emergencies.

The essence of a medical health insurance policy during the COVID-19 has been realized like never before, especially for aged people. Let us see why it has become essential, like never before, for senior citizens to get themselves medically insured.

Corona’s worst targets are senior people

The news on this front is definitely alarming but in no way meant to cause a commotion! As per a piece of news reported on 3rd June 2020 in the Times of India, more than 50% of deaths due to COVID are of people aged 60 years and above. It is important to remember here that the population percentage of people older than 60 years in India is only a mere 10%. So, the figure directly points to the fact that Covid’s worst targets are people who are more than 60 years old. Of all the deaths reported till June 2020, 73% were in people with co-morbidities.

 

In several announcements by the Ministry of Health & Welfare, it has been mentioned throughout that the aged people are high-risk people and therefore need to ensure that they follow the requisite preventive actions.

 

Coronavirus is a contagious disease caused by a virus that affects the respiratory organs of the human body. It can also eventually lead to multi-organ failure. Senior citizens are most vulnerable to catch the infection since many of them have a weaker immune system as compared to the younger lot; also, things can get complicated if the virus enters their respiratory organs.

 

So, firstly aged people should practice social distancing and not move outdoors frequently. However, once the symptoms start to show, they should be taken to a COVID hospital for checkups and tests. Once it is confirmed that they are patients of COVID, the person should be admitted to the hospital for further treatment. The treatment, be it a government or private hospital, can be an expensive affair because the treatment is long-drawn with expensive medication; often the person needs to be in the Intensive Care on ventilation, and so on. This can all lead to high hospital bills.

As you can very well understand that to deal with COVID, you need to be well prepared. Having a medical insurance policy will help you sail through difficult times – at least you do not have to worry about the financial implication. Remember that insurance will help you pay for your hospital and medical bills, ICU charges, ambulance, and so. And, today most insurance companies offer cashless policies which are a big help for the senior people.

 

What do you need to know about the medical insurance policy to be stress-free during COVID?

If you are buying a new policy, you must choose a reputed insurance company to buy the mediclaim policy. If you have an existing medical policy, it has been confirmed that the treatment for Coronavirus will be covered under the policy.

And, the medical insurance policies that are now being designed specifically for the aged also include other elements of holistic treatment, like offering diet tips, fitness regime, and nutritional information. So, the purpose of taking a well-deserved insurance policy is to get end-to-end benefits from the insurance company.

As a senior citizen, your health insurance policy also comes with certain value add-ons, like:

– Covering not only the medical expenses during hospitalization, but also pre-hospitalization charges for at least the previous 2 months, and post-hospitalization for up to 6 months. Some insurance companies also provide the option to recharge your policy if your current plan is exhausted. This add-on feature can prove to be a big help in case there is any further treatment required.

– There is another benefit associated with taking health insurance for aged people. You can avail of alternative treatments that fall under the Ministry of AYUSH.

Factors to consider when choosing a health insurance policy for COVID

1. The first focus should be on the insured amount. Since treatment of Corona is costly and there is still no official medication to combat the disease, it is always best to go in for a higher assured sum. Also, your age and demographics will play an important role in determining the amount. One important aspect is also the place where you stay. If you reside in a metro city, the insurance amount will be higher than a city or town or a village that is non-metros. It is highly recommended that all the terms and conditions are read carefully before buying a policy.
2. The treatment covered also needs to be assessed. It is good to go with an insurance company that offers pre-hospitalization and post-hospitalization cost coverage. Some offer OPD charges too. Look in-depth before making a choice. Also, check if the policy offers homecare coverage or not. For many corona patients, especially old people, it is not easy to keep going to the hospital for the treatment. In such cases, if the care is being done at home, your insurance policy should offer coverage for the same.
3. You should also be evaluating the waiting period. In India, the waiting period is usually about a month from buying the policy. This means that the company will pay for all treatment costs only after a month of buying the insurance.
4. Lastly, after considering all these factors, you need to look at the price of buying the insurance policy. It should be as per your budget at your age. With many seniors surviving on their pension amount or funds transferred by their children, the budget needs to be worked out first so that it does not pinch your pocket.

Summary

Nothing is more important than your health. Thus, an insurance policy to cover your health is vital, especially during Corona. But, consider all factors well before making a choice.