Will opening out of Insurance business provide medical insurance coverage for senior citizen beyond 65 years?

I think Mr. Paul you are not fully informed. There are atleast 5 companies who are providing medical insurance cover to persons upto the age of 69 or I should say less than 70. There are no tests. Though the premium is slightly on the higher side. And there is one company who is giving medical insurance upto the age of 80. Though this is done only after the underwriter has included the exclusions. But it is there.

Well Mr. Paul's points are well taken and if you have observed the recent trend of providing medical cover / PA cover along with life insurance by life insurance companies including LIC, it is just the beginning to concentrate on the health insurance portfolio understanding the great untapped market having enormous potential. There are also insurance schemes though funded by state governments like Rashtriya Swasthya Bima Yojana program of GOI, Arogya Sree in AP, Yeshasvini in Karnataka (Self Funded), Teachers Health Insurance in WB, SHGs is only a positive step towards realising healthcare insurance as a shield towards rising treatment costs.

nationalised general insurance companies are offering medical coverage exclusively for senior citizens. But the point should be whether opening up the insurance sector allow more benefits to senior citizens? Well i feel it will be difficult to assess it since for them the low risk group population will be better to target than such high risk group. But also selective and well designed policies might be selectively promoted by such cos after assessing risk.

While appreciating different views of members, I would like to mention that the point in question is that while Medical Insurance facility is  taken by any one in their young age, say upto 40 to 45 years of age, it should be for full life coverage.  The premium should be balanced amount based on this. 

For Senior Citizen who have not taken any medical insurance during their young days, there shall be a scheme with higher peremium with a cap on annual medical expenses and the amount acrued above expense incurred in the accounting year to be refunded or adjusted against future premium. The balance in credit at the time of death shall be payable to a nominee.

Mr. Choudhury,  It is not fair to say that a service industry shall be immune to general welfare.

Opening out the the industry will bring in competition that in turn will bring in new ideas and possibilities. For example, like the Pharma companies explore the possibilities of healthcare as a business diversification, the insurance companies would come up with ideas of setting up hospital chains.

There will be scope for government also to come out with contributory health care schemes for economically backward citizens, especially for the elderly ones with insufficient income to pay heavy hospital bills.

Paul

Yes the foreign companies are coming to DISTRIBUTE LADDOOS MADE OF GOLD TO ALL THE NATIVE DESIS.Come on man how can anybody be so naive?????!!!

Some Insurance companies do give medical cover upto the age of 70 years (entry age).  But the premium would be a little high.  The premium should not be considered a hindrance if one can get our hospital bills paid once such senior citizens are covered.

Nilofer

Relaxation in restrictions is one of the advantages of opening up the insurance sector. Also there is huge potential and hospital expenses are high now a days . And I second  the point made by Sharath Chandar sir, with more risk they will be demanding better premiums. Of course the government have a role to play. A benefit regarding will be cost reduction, due to specialist players being available

arrival of foreign companies is least likely to affect the current scenerio of health insurance market for senior citizens not just b'coz people under this age category are most likely to suffer from various critical illnesses that are covered under insurance schemes .so the claim ratio for them would be higher then their younger counterparts.as far as bringing down the premium prices is concerned , state and central government should step forward and create public funds with inviting certain sum from beneficiaries per month. accessees of such a nationalised fund  would be liable to be recieve special concession from partnered hospital(partial ppp model)in case of major illness .and it should be open to people of all section of society.such intiative will prove to be boon in long term and can be expanded to rural ares as well so as to bring a prevalent effect.mere opening gates for new competition will further fume the agressive policies and bring more price takers in an almost perfect competitive market.

Providing medical insurance to senior citizens at a nominal premium may not be possible irrespective of allowing foreign companies or not.

If government can provide some contribution, then it is possible even today!!! With the kind of claim ratios in health vertical, I doubt how far insurance companies and government will take a step in this direction. The moment a subsidy is given, there will be lots of intricacies and controversies.

But, if government is genuinely concerned, it should bring out a scheme similar to Arogayshree launched by Govt of AP!!! It will be a good social security initiative.