Old Age and Insurance

Purva

@-Purva-

Dazzler

24

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Posted: 13 years ago

#1

While the show on the Old age was excellent, I wish there had been some light thrown on the Insurance aspect of old age. How many of you are aware that above 65 years of age there are very few policies for the elderly? In fact if you do not get your Insurance scheme renewed on the lapse date there is some grace period given, however for the elderly there is no such grace period.

In the sunset years of their lives, when they need medical coverage the most is when the Govt. laws and the policies of the Insurance sector deprives them of the privilege. I feel that this aspect should've been covered and also the poll question changed to reflect better laws regarding medical facilities for the elderly.

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axeion

@axeion

Stunner

36

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Posted: 13 years ago

#2

They don't in India? That's news to me, thanks for sharing 😃

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Purva

@-Purva-

Dazzler

24

+ 5

Posted: 13 years ago

#3

After 65 you cannot get a new medical policy, renewal becomes difficult and the premium payable is raised. There's no grace period of even one day to renew the policy. Irrespective of the fact that you've had the policy for 30 odd years, even one day lapse results in loss of medical coverage and no new policy either. Whereas if you are below 65, you have a grace period of 10-15 days.

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axeion

@axeion

Stunner

36

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Posted: 13 years ago

#4

Hmm, never realized that. Though all my grandparents had/have policies even after 65. But ya, that's ridiculous. Is it a govt rule or the companies rule?

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Purva

@-Purva-

Dazzler

24

+ 5

Posted: 13 years ago

#5

It is an unofficial rule by all companies, so its almost like a market clampdown. Basically a ploy to keep the people who are most likely to claim Insurance out of the market.

Your grandparents might've had their policies from their younger days and the same are continuing. They would not be eligible to get new policies now.

The problem becomes even more severe when we take into account the fact that most people are covered under mediclaim from their employer's organizations. When they retire is when they think of getting independent coverage only to realize that there are virtually none that give adequate coverage.

Edited by Chitrashi - 13 years ago

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axeion

@axeion

Stunner

36

+ 2

Posted: 13 years ago

#6

I just googled a bit, and funny... None of these companies offer a health insurance after 80. 😡

http://www.healthinsuranceindia.org/senior_citizen_health_insurance.asp

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Purva

@-Purva-

Dazzler

24

+ 5

Posted: 13 years ago

#7

My parents are in their 70s. I know about this problem, because just a few days ago, I noticed that Dad was extremely tensed and would not share his problem with anyone. After a lot of persistent questioning, I discovered that he thought he had probably failed to renew his and Mom's medical policies and was not able to get through to the agent to confirm if they'd been renewed or not. Those were the tensest 15 days we went through.

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axeion

@axeion

Stunner

36

+ 2

Posted: 13 years ago

#8

Originally posted by: Chitrashi

Your grandparents might've had their policies from their younger days and the same are continuing. They would not be eligible to get new policies now.

That could be possible, 'coz the family is very particular about insurances and certain things of the likes.

I liked this article, it's old though. Kind of makes sense, specially if you are an elderly person enrolling into a new policy! You really don't have ur funds accumulated through your premimums, plus you are more prone to illness. Keeping the two pools of policy holders separate does make sense, but that shouldn't stop companies from taking up new policies for the elderly.

http://business.rediff.com/special/2009/jun/24/perfin-all-about-health-insurance-for-senior-citizens.htm

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axeion

@axeion

Stunner

36

+ 2

Posted: 13 years ago

#9

Originally posted by: Chitrashi
My parents are in their 70s. I know about this problem, because just a few days ago, I noticed that Dad was extremely tensed and would not share his problem with anyone. After a lot of persistent questioning, I discovered that he thought he had probably failed to renew his and Mom's medical policies and was not able to get through to the agent to confirm if they'd been renewed or not. Those were the tensest 15 days we went through.

Ohh, hope it all got sorted out. That brings up another topic, however older we get.. Our parents still think we are too small to try dealing with their problems 😡

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Purva

@-Purva-

Dazzler

24

+ 5

Posted: 13 years ago

#10

Yes, that information is a bit dated. Also most of these companies are offering a coverage with higher premium and lower coverage, whereas it should be the opposite for the elderly.

For most people living on their pensions it is a choice between paying a high premium for an unforeseeable eventuality or meeting their own monthly expenses.

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Old Age and Insurance

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