Latest News | Seniors Take a Week Longer Than Others in Getting Health Insurance Claims Settled, Says Survey
Get latest articles and stories on Latest News at LatestLY. Senior citizens tend to take about a week longer than others when it comes to health insurance claim settlement because of their lack of urgency in telling insurers about their treatment, according to an industry survey.
New Delhi, Jul 11 (PTI) Senior citizens tend to take about a week longer than others when it comes to health insurance claim settlement because of their lack of urgency in telling insurers about their treatment, according to an industry survey.
Those above 60 years of age usually take about a week more than those below their age as they are "slow" in intimating about the treatment to insurance companies after hospitalisation, even as they pay higher premiums, Kapil Mehta, co-founder, SecureNow, said during an interaction.
Revealing the outcome of the survey conducted by the company, Mehta emphasised insurance companies, intermediaries as well as hospitals need to do more and assist senior citizens to file claims promptly in case they had not opted for cashless treatment.
Whereas it takes about 23 days for those below 60 years in getting their health insurance claims settled, for senior citizens it goes up to 28 days, as per the survey conducted by the insurance brokerage firm which mainly plays in SME insurance, health and also caters to mid-market clients.
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Mehta said senior citizens pay much higher premiums than those below 60 years of age, the number of products catering to their health needs have also increased over the years, more needs to be done as senior citizens are extremely vulenrable.
The average premium for Rs 10 lakh sum assured rises sharply for senior citizens.
From Rs 10,365 for a policyholder of 30 years of age, it rises to Rs 15,239 for a 45 years old. It more than doubles to Rs 31,905 for a 60 years old and up further to Rs 66,368 for a 75 years old, SecureNow data showed.
"It is also the duty of insurers, intermediaries and hospitals to assist senior citizens to file claims promptly in case they had not opted for cashless settlement. Besides, it is also required of senior citizens to carefully evaluate their health insurance, especially with regard to restrictions in treatment of cancer and digestive ailments," Mehta said.
Among others, the survey reveals that the proportion of claim settlements for senior citizens is lower in case of specific ailments like diarrhea, cancer and prostate enlargement. It is, however, more in case of coronary heart diseases.
Co-founded by Abhishek Bondia and Mehta, SecureNow sells commercial products, including group health insurance, property, marine and liability covers. It also handles claims and insurance services on behalf of its clients.
The company has insurance partnership with three dozen insurance companies, both from life and non-life.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)