Urgent Measures Needed for Senior Citizen Health Insurance
India's healthcare crisis: 98% of senior citizens lack insurance amid soaring costs
Health insurance policy is an important aspect of financial planning. India is on a back foot and is facing a healthcare crisis in the segment of senior citizen health insurance. Statistics reveal that a startling 98% of senior citizens lack health insurance due to soaring health insurance costs. With the increasing cost of health care services, senior citizens must avail of comprehensive health insurance coverage; however, the health insurance gap continues to be a challenge.
What do reports suggest?
According to the reports by the census, India has a senior citizen population of 138 million and it is expected to be on a rise by around 56 million in coming years. Sadly, only 25% of the corporate companies offer parental coverage providing senior citizen health insurance to parents and parents-in-law. Thus, bringing to notice the huge health insurance gap in health insurance coverage.
Plum an insuretech company surveyed approximately 300 customers and observed that 29% of the corporate employee's company-sponsored health insurance is inadequate i.e. it does not offer ample financial coverage (sum insured) to the policyholder.
Additionally, 13% of the company employees availed of top-ups as the base plan offered by the company-sponsored insurance company did not cover parents and family. These statistics show a grim face of inadequate insurance products for senior citizen health insurance.
The good side
The positive side of the above-mentioned statistics is that there is a demand for health insurance for senior citizens from the employees. The rising pressing need for insurance products to bridge the health insurance gap should be prioritised by the insurance regulatory bodies, government, and policymakers. The collaboration between them will help make health insurance affordable and accessible for the elderly population.
The much-needed action plan for the health insurance industry
The insurance regulatory bodies, policymakers, and the government need to find potential solutions for increasing senior citizen health insurance. One way to approach it is by buying super top-ups that cover elderly citizens or by creating tailored health insurance plans by keeping in mind the health needs of the elderly population.
Increasing the awareness and importance of health insurance is another way with which the health insurance gap can be dealt with. All must understand that the cost of medical treatment is on the rise especially for senior citizens because due to age their need to visit a doctor or receive medical attention increases. Therefore, having a health insurance in place for senior citizens is beneficial to cover the medical expenses arising due to the medical attention they receive.
Conclusion
The rising healthcare costs along with the unavailability of suitable health insurance options for senior citizens is one of the most pressing issues as a startling 98% of senior citizens lack health insurance. It is important to bridge the health insurance gap for senior citizens as they not only need to be self-sufficient financially but also emotionally in their golden years. Financial and emotional well-being along with dignity is of prime importance for senior citizens.
Related blogs
Can health insurance be claimed without hospitalization
Term insurance vs. health insurance
Get Quick Quote