The advancement in the field of health, improved healthcare and medical science have led to an increase in geriatric population. According to an UN report, the share of population over the age of 60 in India is going to increase by 20 per cent in 2050.
This growing with itself also brings several healthcare requirements. A person becomes more vulnerable to diseases as the age progresses and in such a scenario health insurance has proven to be the best possible method to stay ready for any health risks and financial crisis.
Keeping the demands from senior community in mind, Bajaj Allianz General Insurance have released a series of data on claims based on its internal data for last three years to under the trend.
The numbers give the picture that:
There has been a 52% increase in the number of claims by people above 60 between 2016 to 2019
The average claim size is in the range of Rs. 60,000 to Rs. 65,000
Across the past 3 years, 60% of the total claimants are males
The average age of claimants is 68 years
There has been a 40% increase in the number of senior citizens who have been claiming from their individual health insurance policies. This is a welcome trend, one that represents an increase in insurance penetration
“Since ageing is inevitable and irreversible it is suggested that everyone starts investing in a good health insurance policy at a younger age, so that any pre-existing disease gets covered within the stipulated timeframe,” said Bhaskar Nerurkar, head of health claims at Bajaj Allianz General Insurance.
“This is also the reason why we suggest everyone to get an individual health insurance for themselves as a company sponsored GMC might be terminated or may be inadequate post retirement. This World Senior Citizen Day, we wish to see our senior citizens equipped with adequate amount of health insurance so that they continue contributing to community building, while their health insurance takes care of any health related financial exigency,” he further added.
The data also showed a rise in claims across states. The table below illustrates growth over 3 years:
1. Diseases of the eye and adnexa - Cataract , Glaucoma , Pterigium , Age related macular degeneration (AMD)
2. Diseases of the circulatory system- Coronary Artery Disease (CAD), Ischemic Heart Disease (IHD), Myocardial Infarction (MI), Cerebrovascular Accident (CVA) / Stroke
3. Diseases of the genitourinary system - Urinary tract infection (UTI ), Benign Prostatic Hypertrophy (BPH ), Urolithiasis (stones in the urinary tract)
4. Neoplasms – Tumors, Benign ( Noncancerous ) Malignant ( Cancerous)
5. Endocrine, nutritional and metabolic diseases - Diabetes Mellitus , Thyroid disorders