Health Insurance Policies for Senior Citizens - YouTube

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Hello Friends , Sumit Bhandari welcomes you

On behalf of www.HealthInsuranceSahiHai.com

Thanks for watching this video

Our topic for today is " Health Insurance Policy for Senior Citizens in India"

Broadly Speaking , If we are buying Policy for our parents.."What is the Process n main precautions in it ?"

and What are the main steps in buying this policy

First of all, Focus on your main Objective of buying this Policy ?

What is the reason ?

In Financial Planning , Mainly We buy Health Insurance to protect our SAVINGS in a medical emergency.

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Every family plan for their monthly expenses.

Annual Expenses for Children education are nearly fixed

Cashflow for House EMIs is planned

Future Savings are planned

Your Retirement is planned

Only an emergency or contingency can derail this financial planing.

Such an emergency can damage our SAVINGS

Due to this main reason, We buy tools like Health Insurance or Term Insurance.

We buy motor insurance so that in case of any damage , We need not pay out of our pocket.

In this event , My savings are protected and loss is taken care by Insurance company.

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If we treat Human body as a Vehicle/Car

Over a period of time , Human body weakens due to age and atrition.

This vehicle is getting depreciated in strength with age.

Suspension , Bushings, ball joints, and struts are common failures in older cars.

As people age, There are numerous health issues like Cataract , Knee pain , Prostate , BP , Diabetes etc.

As a family , First of all , Its our parents who need Health Insurance.

If someone's parents are Govt Employee or has some sort of medical reimbursement facility,

They can still ignore the necessity.

They can buy a small policy for cashless facility.

If there is no such backup plan , then we must immediately plan health Insurance for parents.

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Now, Lets discuss the Health Insurance plans available for Senior Citizens in India.

Here, We will share a secret/misconception with you

There is no such word like Senior Citizen , which exists in Health Insurance in India.

Technically , there is no presence /usage of this word "SENIOR CITIZEN" in policy terms and conditions.

As an example , Lets take case of popular adhesives like Fevicol or FeviStick.

As marketing strategy, Lets assume Fevicol launches a product for Art Students.

The promote that product among Art Students showing benefits of use.

There is different Product range for Carpenters

Different campaign of products for professional artists.

Basic product or ingredient (adhesive) remains same in all

Similarly , Health Insurance Policy for 18 years old or 35 years old or 45 years old or 75 years old , technically remains same for all ages.

Due to adverse Health , Practically Companies try to avoid Senior Citizens.

BIggest example is , So called Govt sector companies have minimal options for people above 60

Normally People compare a strong or weak company as per Brand value , Turnover or Claim Settlement ratio

As per my experience , Best company is the one , Which follow a fair business practice to give a full fledged policy to all age groups without any conditions.

A good company must be brave enough to give similar policy for age 19 , 29 . 50 , 60 or 70....

We do research to check the work ethics and attitude of companies .

Is this company really lame by not giving policy to unhealthy demography.

That mean this company wants to give policy to healthy group till 60 and avoid bit unhealthy group above 60...

This is not a win win situation for company and end user.

If I start planning today, then I will immediately focus on buying policy for parents .

Because the probability of their illness is highest in family.

Its normal for most companies to avoid Policy for senior citizen as the chances of claim is high at their age.

What is fair business practice?

Company can issue a full fledged policy by taking little extra premium from them,.

So change your mindset of looking for a special senior citizen policy.

There is no such thing . For people above 60-65, their policies may have some conditions in few companies.

Its tough to clear medical checkup at this age

Special products are available for 60 to 75 group without any medical checkup

For age 55 , 59 , 65 , 74 ..Today, Policies are easily available without any pre insurance medical checkup.

One should avoid such policies, Still if you are buying , Kindly declare all pre existing disease or previous medical history for sure.

Honesty is the best policy. If you declare every past medical history , you will face least problem in claims in future.

Even company will honor the claim by respecting these declarations.

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There are excellent products available for senior citizens at any age.

Few companies are avoiding policies , that may be their business philosophy or vision. They may have underwriting risks.

We are openly declaring that there are excellent products available in India for Senior Citizens

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Now ,We know Policies are available , But How to buy them ?

There are 3 - 4 different type of policies in India

First Option is a Normal Policy with full benefits without any sub limits etc.. Compulsory medical check is required. Premium will be little costly.

Second option is little cheaper. It wont ask for medical checkup . There will be co payment of 20% in each claim.

So in case of claim , You will get 80% claim amount only. Rest , You have to pay.

But such policies are issued quickly within 2 days.

Such policies can be given to people with BP or Diabetes problems.

Pre Existing disease waiting period will be different.

Third Option is a normal Policy , As premium is high at this age so company will co payment after age 65 in lieu of normal premium hike.

If a person bought policy at age 55, then co payment will be applicable as he turns 65.

But, You have two options here . Either you accept the co payment or You can waive off co payment by paying some extra premium.

So you will keep on getting 100% claim.

So its a business proposition. Either pay extra and take 100% claim or reduce your premium by taking 20% co payment.

Such benefit shows excellent attitude of the company . It is your decision to choose either of them. There is no compulsion.

The decision to opt for co payment or not is totally yours.

Fourth option is a 20% co payment policy with medical checkup if your age is more than 65

Fifth option is if you enter in policy after age 61 and Sum insured is more than 5 lac , there will be co payment of 20%

In this option , If you choose 2 or 3 or 4 lac sum insured, there will be no co payment , but room rent limits will be applicable.

Our Consultancy fee is 499

Our role is to provide fee based advice in 499

We can help you in selection of policy.

e.g.- We can suggest you 5 products and you can choose any of them with our guidance.

There is no vested interest here by promoting a plan or brand.

We will explain terms and conditions of the policy in layman language.

Best things is You need not waste time of 10-15 days on internet by searching , comparing policies as well taking opinion of friends.

The probability of making a mistake is high in case of self search.

Its not that we have more knowledge or IQ than you. In fact you can also do research , provided you have enough time.

Pl remember that while you buy health insurance for senior citizens, the premium will shoot up very high with age.

We guide you with future premium , which are not easily available on internet websites.

Let me explain you with an example that mistake happens..

Suppose you bought a policy at age 65. Now most company increase premium by 25% at age 66...

Many company increases premium every year with compounding.

Many time , you dont ask about it due to lack of awareness or any other reaoson.

This premium hike come as a shock to most people as they were not aware of it...

Always do the job right the first time

If we have to take school admission for our child, we do lots of research and take review from friends.

Only then we take admission in a particular school

Similarly , Health Insurance is a simple product , albeit with lots of technical conditions/Jargon.

Though its the insurance company,Who has to pay you as per those conditions.

But its not very simple to understand these conditions and this info is not easily available.

Moreover , how your policy premium increase and how terms /conditions changeover number of year, Neither you check it , nor somebody tells you.

We save your time by sharing this info with you in a well designed PROCESS.

Please like and share this video , if you find some value in the content.

If you find some mistake in the content or want to give some suggestions , then contact us at whatsapp at 7015143936

Health Insurance Sahi Hai has a clear vision to provide unbiased information so that you can buy a genuine policy by understanding pros and cons of the product.

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