I work for a multinational company in Ireland. My aging parents who currently live in India are covered by my company’s policy. However, the premiums for senior insurance are much higher. Are there other policies specific to seniors that add an extra layer of security?
I work for a multinational company in Ireland. My aging parents who currently live in India are covered by my company’s policy. However, the premiums for senior insurance are much higher. Are there other policies specific to seniors that add an extra layer of security?
– Sammit
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It is commendable that you take care of your aging parents at home in India as it can be quite worrying to take care of them who live in another country. Because your parents are already covered by your company’s group health plan, they have health insurance in case of an immediate emergency. However, I advise you to educate yourself on the sums insured and coverage offered in this policy, especially if they cover your parents’ medical needs. As your parents age, their medical needs change, which must also be covered by your insurance policy in order for them to have access to the best medical care.
First, I would recommend a top-up policy for your parents that can supplement the group protection you have for them and act as a buffer in the event of a serious illness. However, you must also have a separate individual cover for them. Some insurers have launched policies designed exclusively for seniors to cover their age-related medical conditions. Senior health plans usually cover pre-existing conditions, hospital expenses, as well as benefits for shorter wait times, checkups, zero floors, etc. for pre-existing conditions, some even home or home care expenses.
It’s natural to still worry about parents, especially how they go about their daily lives without much support. Recently, some insurers have introduced tabs to meet end-to-end senior needs alongside standard health coverage. These drivers include services such as emergency or scheduled rescue services, home physical therapy services, home nursing services, fall detection services, and unlimited medical teleconsultation services.
A fall detection device is used to alert the service provider in the event of a fall, who will then dispatch emergency services to assist the insured.
Insurers have also gone a step further by offering services such as booking electricians, plumbers, carpentry services, travel bookings and debit/credit card blocking among other value-added services specifically tailored to the needs of seniors.
Tapan Singhel is Managing Director and CEO of Bajaj Allianz General Insurance.
