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Tuesday, September 30, 2014

Health insurance for senior citizens

 

Health insurance for senior citizens

Top up policies can come in handy to foot the medical bills of the elderly

 

Top up policies pay for medical expenses that are beyond your reach. The amount at which you want the policy benefit to commence is decided by you, at the time of purchase. This amount is called threshold limit. A top up policy pays medical expenses only in excess of the threshold limit.

 

It is good idea to buy a top up cover for senior citizens, because our dear ones are most vulnerable at this age. These policies cost less than a basic health insurance policy fund are meant to cover hefty bills.

 

There are two types of top up policies in market- those which apply threshold limit on each hospitalisation, and those which sum up annual medical expenses to reach the deductible limit. Insurance company pays the claim when deductible limit is breached.

 

It is better to go for the second type of top up policy, because although expensive, these offer better risk coverage. Based on the age and coverage required, United Super Top Up is a suitable policy. You can select threshold limit equal to sum assured of your parent's basic health cover. Annual premiums at your parent's age for a R5 lakh sum assured with R2 lakh threshold limit, amount to R4,000. The premium would go up to R6,400 if two family members are insured under the same policy.

Similarly, if you want to raise the threshold limit to R3 lakh for the same sum assured of R5 lakh, the premium would amount to R3,200 for an individual, and R5,100 for a family of two.

 

The premium rates will also depend on the general health of your parents. The company will medically assess your parents before insuring them

For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call

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