According to a survey conducted by Secure Now, a leading insurance brokerage firm, it takes longer for senior citizens to settle their health insurance claims as they often have to inform insurance companies about their illness and treatment immediately after being admitted to the hospital. fail in.
According to a Secure Now survey, it takes a week longer to settle health insurance claims for senior citizens below the age of 60. The main reason is that senior citizens are slow to inform insurance companies about treatment after hospitalization, although the premium they pay is much higher than other age groups.
The survey explores findings from a sample size of 1,250 claimants, of whom 576 were seniors.
“Seniors take longer to report claims to insurers, have longer hospitalizations, higher treatment costs, and slightly higher insurance deductibles. They also pay a lot for insurance, someone at the age of 75 has to pay 6 times the premium than someone at the age of 30. There is an opportunity to support seniors in selecting the right insurance and supporting them through claims,” said Kapil Mehta, Co-Founder, Secure Now.
The survey reveals that a senior citizen’s health insurance claim is settled in an average of 28 days, while it is 23.2 for individuals below 60 years of age.
Noting that the number of insurance products has increased significantly over the years, indicating that insurers are taking more care of insurance of senior citizens, he said, “More work remains to be done as seniors are extremely vulnerable. “
Mehta said insurers, middlemen and hospitals also have a duty to assist senior citizens in filing claims promptly, if they have not opted for cashless settlement.
On the other hand, he said, it is also necessary for senior citizens to carefully evaluate their health insurance, especially with regard to restrictions in the treatment of cancer and digestive diseases.
According to the survey, the claim settlement ratio for senior citizens is low in case of specific diseases like diarrhoea, cancer and prostate enlargement. However, it is higher in the case of coronary heart diseases.