How to select the right medical insurance
More than any other age group, senior citizens require health cover the most. However, given the number of senior citizens being hospitalised, insurers have hiked rates to a large percentage of the sum insured.
For instance, if a 25-year-old individual pays 1.5% of the sum assured as a premium, then the same number can be as high as 8% of the sum assured for a 60-year-old individual.
“An insurer prices a policy based on two risk factors. One; for how long an individual is required to stay in the hospital and two, what the individual stands to lose because of the sickness. These risk factors are high and are common among the senior citizens,” said Rahul Aggarwal, CEO, Optima Insurance Brokers and CEO click2insure.in.