Elderly Health Insurance Up to 79 Years Old
Elderly health insurance - The high cost of treatment at this time to make us ketar - ketir. Not only worry about how to prepare health funds when retired, but also when to help parents against the cost of health. You can take advantage of old age health insurance that protects until age 79 years.
Some time ago, after a health insurance article appeared, I received many questions from blog visitors. One of them is about health insurance for old age. Interestingly, this question is raised not by parents, who should need this type of insurance, but by their children.
From the conversation, I learned that many parents do not have adequate healthcare funds while retiring, while health facilities from workplaces, which have always been a mainstay, have stopped. In fact, the need for health costs in old age is the greatest. Children should intervene to help.
This is a classic problem that we are all likely to face. If not managed properly, the high cost of these healthcare costs, not only deplete the pensions of parents, but also can disrupt children's finances. Hence, the solution needs to be well thought out.
In my opinion, the most efficient way to overcome is to buy insurance. Great health costs are shared through insurance mechanisms. As a result, the cost becomes more affordable. But, is there, health insurance for that old age?
To answer that, I surveyed several health insurance companies in Indonesia, figuring out how old they were, the benefits they were provided and how much the premium was.
Age Terms
From the survey, I found two types of health insurance in Indonesia. Both have different age and variety requirements.
First, stand-alone health insurance, which is not part of unit-linked life insurance. Often called pure health insurance. In this type, you can immediately buy health insurance, without the need to have unit-link life insurance first.
Second, hospital inpatient facilities that are part of unit-linked life insurance. Called rider, or additional insurance. You must purchase unit-link insurance first, then take this additional health protection.
I compare pure health insurance Allianz, AXA Insurance (general), Cigna and Sinar Mas, while unit-link health facilities from Manulife (MVP - Manulife Value Protector).
In my conclusion, hospital-based unit-link health protection has a longer age requirement than pure health insurance. Comparison in the table below:
Comparison of Age of Health Insurance
Entry age is the age at which the insured can first be accepted by the insurer. In pure health insurance, the oldest entry age is 65 years. In Manulife Value Protector (MVP) unit link, entry age is received up to 70 years.
After becoming a customer, insurance coverage can be extended to certain age limits. The limit is called the age of repetition. Age of repetition in pure health insurance up to 70 years, while unit - link MVP to 79 years.
Manulife Health Insurance
Based on the results of this comparison, I further examine the matter of health protection from Manulife Value Protector insurance. How it works, benefits, premiums and other terms.
This insurance has a rider called Advanced Hospital Benefit Plus, which provides health protection in the form of reimbursement for hospitalization due to illness or accident. Outpatient is not covered by this insurance.
Some important things to understand about health insurance is as follows:
1. Additional Insurance or Rider
The definition of this health insurance is additional insurance, rider, so the protection can only be obtained if the main product purchase, ie life insurance unit - link Manulife Value Protector. Without buying unit - links, this health protection program can not be obtained.
Protection programs are provided for individuals and families (husbands, wives and children). For family health insurance, premium calculations are limited to 4 members, ie husband, wife and 2 children. Although there are more than 4 family members, such as 3 children, the premium to be paid is only for 4 family members.
2. Benefits of Coverage
What are the benefits of health insurance? In summary in the table below (more benefits click here):
Health Benefits of Manulife Value Protector
The important thing is the benefit of health insurance is given per per-person disability. That means coverage is given per disease. Limit set per disease.
If for example suffering from 3 different diseases within a year, which need to be hospitalized, then each of these diseases will be replaced according to benefit table. Replacement of these three diseases does not reduce each other. Each disease received full replacement.
There is no limit to the time span of claims filed between different diseases. If this week you are hospitalized for dengue fever, then 2 weeks later go back again due to stomach acid, then the hospital's cost of both diseases is replaced by insurance.
How is the replacement for the same recurrent disease in 1 year? For example, you have dengue fever several times a year. There is a so-called profit recovery period. What is that? If the same disease occurs less than 90 days (calculated from the outset of the hospital), the insurance does not reimburse. After 90 days, the same disease will be replaced. Here's the illustration.
Same Replacement Procedures for Disease
3. Cashless and Double - Claim
This insurance has two facilities, which I think, good for customers, namely cashless and double-claim.
Cashless. Another benefit is the cashless facility, which does not need to be paid in cash while doing inpatient care at a partner hospital, simply shows cashless cards and identity cards. Cashless this makes the hospital administration process becomes more comfortable. Only, it is necessary to ensure that hospitalization is done in the hospital of an insurance partner.
Double - claim. Does this insurance allow double - claim? That is, if you have two health insurance, whether both can be claimed simultaneously, considering the original receipt is issued only once by the hospital. Manulife Insurance allows the filing of claims with legalized receipts. Double - claim becomes workable.
4. Pre Existing Condition and Elimination Period
In this Manulife health insurance, as well as health insurance from other companies, there are two important provisions, which customers need to know and understand the implications.
First, the provision of pre-existing condition for 24 months. That is, any type of disease that already existed will not be covered, unless the coverage has lasted more than 24 months from the date of issue of the policy. How does that mean?
For example, a policy is issued in January 2014. According to this provision, if the claim of the disease is made within a period of 24 months from the date of the policy, Jan 2014 - Dec 2015, then the insurance will prove or investigate that the claimed disease has not been suffered before the policy is issued. If proven, the disease has been suffered before, no replacement is given.
However, for disease claims after 24 months after the policy is issued, for example in the example in March 2016, the insurer will not investigate claims. This is beyond the pre-existing period. Claims can be paid. The illustrations are explained below graphically below.
Pre-Exisiting Condition
Whether this condition does not make you think, "why complicated". That's a reasonable thought. I initially had the same thoughts. But then I realized that this is a condition that is required in all insurance. The conditions we should all know, ideally before taking health insurance.
Related to this provision, the most important thing is to be honest about the health condition to the insurer. As long as it is honest and open, everything will be fine.
However, if you are not honest, you have a risk that the claim is not paid because the insurance is given enough room to catch the dishonesty. This provision basically gives the insurance time to prove that you are not hiding your health information, which you already knew before, to the insurance.
For example, I've heard insurance refuse claims of someone who died (less than 24 months since the policy was issued) because the insurer found that the person actually already knew that he was suffering from a certain stage of cancer, while proposing life insurance, but not telling the insurance company.
I once asked the insurance how if when applying for insurance, we do not know that a disease has actually entered our bodies. Common conditions encountered. Usually because there has been no complaints or routine medical check-ups, so the disease has not been detected.
In this condition, as long as it is proven we do not know, for example there is no evidence of ever having a medical examination of the disease, the insurance can accept its claim. It's a condition that the way each insurance company handles can vary - and the situation of prospective customers are different from each other. Therefore, if you have a concern about this, you should immediately discuss with the insurance.
Second, the elimination period is 60 days. This stipulation stipulates that the claim will not be paid within 60 days of the date the policy was issued except due to an accident.
For example, you just bought a health insurance, after which a few days later hospitalized in the hospital, not because of an accident, then the insurance will not replace medical expenses. You are still within a 60 day elimination period. So, if you want to get sick, wait two months after the policy is issued, so you can claim the benefits.
5. Warranty 'No Lapse Guarantee'
In this Manulife Value Protector type-linked insurance unit, you do not make additional premium payments for health facilities. In a unit - link, there is a policy called Value, which is the result of investing in the financial instrument you choose. The payment of the cost of rider is deducted monthly from the value of this policy.
The cut value, or cost of the health rider varies, depending on the type of coverage chosen. For example, the room per day Rp 500 thousand different cost ridernya with room per day Rp 1 million. In the illustration provided by the agent, or in the policy, the monthly cost of riders who will deduct the value of the policy, shall be listed in a transparent manner.
With such a process, there can be concerns about how the value of the policy slumps, for example due to deteriorating stock and financial market conditions, so that the amount is not sufficient to pay the rider fees. There is a risk of the policy being lapse or inactive due to underpayment so that health protection can not be used.
These concerns are commonplace and often raised. A common solution is that customers add funds, top-ups, to boost the value of the policy to keep the policy active. However, Manulife proved to have additional provisions that seek to protect customers, namely the provision of 'No Lapse Guarantee'.
'No Lapse Guarantee' is that during the first five years of the policy, as long as the customer pays the premium according to the terms and does not withdraw the funds, Manulife guarantees that the policy remains active (not lapse), even though the value of the policy slumps is not enough to pay the rider premium.
With the provision of 'No Lapse Guarantee' is, the risk of inactive policy can be soaked. Customers can be quieter, at least in the early years when the value of the policy is still small.
6. What is the Health Insurance Premium?
I do not have a premium calculation example for ages over 60 years. The following is a 30-year and 40-year age benefit forecasts for premium payments of Rp 12 million per year on the assumption of an investment return of 14% a year. Here are the results:
Comparison of Premiums and Benefits Age 30 years and 40 years
Manulife Insurance Premium
For the age of 30 years, the health facility is the daily room cost of Rp 500 thousand (details of benefits see here). Death of Rp 520 million. At the age of 55 years, the investment value reached Rp 952 million.
For the age of 40 years, the health facility is the daily room cost of Rp 500 thousand (benefit details see here). Dies Rp 130 million. At the age of 55 years, the investment value reached Rp 190 million.
Is this premium expensive or cheap?
This is a frequently asked question when discussing insurance. Everything is relative because premiums can not be separated with benefits. You should see in terms of benefits can only be an expensive or cheap premium. Not from the absolute value of the premium.
In the case of this elderly health insurance, you should consider cheaper where it costs, between:
- let our parents without insurance so that the threat of high healthcare bill can come at any time, OR
- paying insurance premiums so that parents' health care needs are guaranteed.
It's a decision you have to reflect well.