Sunday, January 29, 2023
  • Login
Samarth Community
Advertisement
  • Home
  • Health
  • Travel
  • Lifestyle
  • Inspiration
  • Home & Family
  • Money-matters
  • Food
  • Retirement
No Result
View All Result
  • Home
  • Health
  • Travel
  • Lifestyle
  • Inspiration
  • Home & Family
  • Money-matters
  • Food
  • Retirement
No Result
View All Result
Samarth Community
No Result
View All Result
  • Home
  • Health
  • Lifestyle
  • Inspiration
  • Home & Family
  • Money-matters
  • Travel
  • Food
  • Retirement
Home Health

How do seniors manage their healthcare expenses?

Insights from Samarth's Community Pulse!

0
SHARES
90
VIEWS
Share on FacebookShare on Twitter

Every week we at Samarth Community, conduct a short survey with seniors. Topics of the survey range from financial matters, to health and well-being. Based on the responses we get, we derive insights and share them with our community. If you also want to be part of this process, sign up here.

This week we asked our seniors about how they manage their expenses related to healthcare. These are some of the insights that we gained.

join now

Join Samarth Community

Special offer, only ₹50 ₹100 per month (50% off payable annually)
Samarth membership gives you access to discounts, programs and services.

Join Now >

 

45% of our seniors keep cash/credit card to meet the emergency need for funds for medical issues even though 63% of the seniors have a cashless health insurance coverage. This shows that having liquid funds available for emergencies and not relying on insurance alone is quite important for many seniors.

 

 

 

 

85% of our respondents have considered buying health insurance for themselves in the last few years. Choosing the right health insurance plan for yourself can be a time consuming affair. This article contains a few pointers for seniors when it comes to health insurance.

 

 

 

Over 44% of our respondents shared that expenses on prescription medicines amount to over Rs.10,000 annually. General OPD/ doctor consultation and over-the-counter medication costs also account for an annual expense of more than Rs.10,000 for 38% of our seniors.

 

 

 

  • Expenditure on healthcare is often a costly affair. 18% of our seniors reported that they spent a minimum of Rs.50,000 to well over Rs.1,00,000 in the past one year on healthcare for themselves or dependents.
  • Over 80% of our respondents have some form of health insurance coverage. This makes the penetration of health insurance among seniors in our community much higher than the national average of around 15% (source: PolicyBazaar, an insurance marketplace)
  • Nearly half of those who currently do not have health insurance coverage, did not feel the requirement for health insurance. Getting a health insurance is usually expensive but it does act as a layer of financial protection against any unforeseen medical events. However, ultimately it is a personal choice.
  •  Around 32% of seniors feel that an annual insured sum of Rs.2-5 lakh would be sufficient for themselves and their spouses, while another 32% feel would be more comfortable with a Rs.5-10 lakh sum insured annually.
  • For a coverage worth Rs.10 lakh, most respondents would be comfortable paying a premium of up to Rs.1 lakh would be reasonable. This incidentally is much lower than what is generally available for good policies.

Seniors in our community would prefer their insurance plan to included the following services:

  • 86% of our seniors would want in-patient hospitalization expenses to be covered.
  • ICU charges and emergency ambulance charges can rake up quite the bill, over 50% of seniors would want those to be included in their insurance plan as well.
  • Over 30% respondents want expenses on mental healthcare and prosthetics to be included.
  • Around 25% people also want physiotherapy expenses to be included in their healthcare plans.
Tags: Health InsuranceHealthcareMoneypolicySeniors
Previous Post

All You Need To Know About Health Insurance

Next Post

OPD Cover in Health Insurance – Should you get it?

Related Posts

What Do Seniors Like To Do With Their Savings?
Money-matters

What Do Seniors Like To Do With Their Savings?

How to Tackle the 5 Common Fears of Ageing!
Lifestyle

How to Tackle the 5 Common Fears of Ageing!

7 Chakras of the Human Body – Explained!
Health

7 Chakras of the Human Body – Explained!

Travel Habits of Seniors!
Travel

Travel Habits of Seniors!

Dietary Tips for Seniors to Manage Stress
Health

Dietary Tips for Seniors to Manage Stress

How do Seniors Manage Stress?
Health

How do Seniors Manage Stress?

Next Post
OPD Cover for seniors

OPD Cover in Health Insurance - Should you get it?

Stay Connected

  • Trending
  • Comments
  • Latest
Gayatri Mantra – It’s Importance & Power

Gayatri Mantra – It’s Importance & Power

Understanding Estate Planning

5 Ayurvedic herbs that help you age better

6 Easy Exercises to Improve Balance and Agility in Seniors!

6 Easy Exercises to Improve Balance and Agility in Seniors!

The Power of Alagiri Nandini

The Power of Alagiri Nandini

senior passport

How To Get A Senior Citizen Passport

travel

5 Must-See Places In India For Seniors

6 Ways To Make The Home Safer For Seniors

6 Ways To Make The Home Safer For Seniors

Gayatri Mantra – It’s Importance & Power

Gayatri Mantra – It’s Importance & Power

Hiccups

Getting Hiccups – Here’s What you can do

Being Independent at your own home

Being Independent in Your Own Home

Optimizing Finances

Optimizing Finances for Seniors

Suboptimal Ageing

SUBOPTIMAL AGEING

Recent News

Hiccups

Getting Hiccups – Here’s What you can do

Being Independent at your own home

Being Independent in Your Own Home

Optimizing Finances

Optimizing Finances for Seniors

Suboptimal Ageing

SUBOPTIMAL AGEING

Samarth is India’s no.1 senior citizen organization, serving 30,000+ senior citizens across India.

Follow us

Facebook Twitter Instagram

Browse by Category

Health
Travel
Lifestyle
Inspiration
Home & Family
Money-Matters
Food
Retirement

Menu Bar

Community
Join
Events
Videos
Senior Living
Samarth Store
Magazines
Hello zindagi

Quick Links

Member Checker
In the Media
Privacy Policy
Refund & Cancellation
Advertise with us
Terms of Use

© Copyright 2021.  Samarth Community.

WhatsApp us