India’s grim reality: Over 98% of senior citizens devoid of health insurance on rising costs, reveals survey

India’s grim reality: Over 98% of senior citizens devoid of health insurance on rising costs, reveals survey

 

A recent survey conducted by prominent insurtech platform Plum revealed that over 98% of India’s elderly population lacks health insurance coverage, even as healthcare costs continue to rise. This alarming statistic underscores the significant gap in accessible healthcare support for senior citizens within the country.

The importance of providing comprehensive health coverage for senior citizens has grown increasingly evident. Despite this pressing need, achieving widespread coverage remains a formidable challenge. Census reports highlight that India currently comprises a senior citizen population of 1,380 lakh individuals. This number is projected to rise significantly, with an anticipated addition of around 560 lakh elderly citizens by the year 2031.

This data underscores the urgency of addressing the existing gaps in health insurance accessibility for this burgeoning demographic. As healthcare costs continue to escalate, the vulnerability of elderly citizens without adequate coverage becomes more pronounced. Without proper insurance, these individuals face the daunting prospect of financial strain due to medical expenses, which can lead to diminished quality of life and increased stress for both them and their families.

The increasing number of senior citizens in the coming years amplifies the need to address this issue promptly and effectively. Government initiatives and private sector partnerships that focus on tailored health insurance solutions for the elderly could play a pivotal role in bridging the coverage gap. By offering insurance plans that cater to the unique healthcare requirements of seniors, such as age-related ailments and long-term care, the industry can make significant strides in ensuring their well-being.

Additionally, enhancing awareness about the benefits of health insurance and simplifying the enrollment process could contribute to higher coverage rates among senior citizens. Collaborative efforts between insurance providers, healthcare institutions, and governmental agencies can facilitate these endeavors, ultimately improving the overall health and quality of life for India’s aging population.

Out of Plum’s extensive customer base exceeding 3,500 companies, merely a quarter, constituting 25%, offer parental health coverage. This glaring disparity underscores a substantial void in health insurance provisions for senior citizens, encompassing both parents and in-laws.

In a survey encompassing approximately 300 respondents, the insurtech observed that 29% of employees deem their organization-sponsored health insurance insufficient in terms of the insured sum. The study also revealed that 13% of employees resorted to super top-up coverage due to the limitations of their employer-provided insurance, which often neglects coverage for parents and extended family members.

 

The demand for comprehensive coverage for elderly family members has remained steadfast among employees. Addressing this need can be approached through super top-up insurance, in tandem with an increase in parental coverage.

Abhishek Poddar, co-founder and CEO of Plum, articulated the company’s commitment to tackling this prevailing challenge head-on. The stark statistic of 98% uninsured senior citizens serves as a poignant reminder of the vulnerabilities faced by this demographic.

Poddar reiterated Plum’s dedication to innovation, aiming to streamline access and availability of health insurance for the underinsured. The overarching objective is aligned with the vision of ‘Insurance for All by 2047’, striving to ensure that every individual, regardless of age or circumstances, can access the protective coverage they rightfully deserve.

In conclusion, the evident disparity in health coverage for senior citizens within Plum’s customer base highlights the urgency of addressing this gap. The findings emphasize the need for innovative solutions like super top-up insurance to cater to the specific health needs of elderly family members. Plum’s commitment to achieving comprehensive and inclusive insurance coverage resonates with the broader mission of providing equitable protection to all individuals.

Through a survey involving approximately 300 customers, the insurtech company conducted a comprehensive examination of employee perceptions. The findings revealed that a substantial portion, specifically 29% of employees, expressed dissatisfaction with the organization-sponsored health insurance. Their discontent stemmed from the perceived inadequacy of the sum insured provided by their employers.

This insight sheds light on a significant issue within the realm of employee benefits, where a notable segment of the workforce feels that the coverage offered through their organization falls short in terms of financial protection. The sentiment of insufficiency could be attributed to rising healthcare costs, which might not be adequately addressed by the existing insurance provisions.

These findings underscore the evolving expectations of employees concerning health insurance benefits. As medical expenses continue to escalate, individuals are increasingly prioritizing comprehensive coverage that can effectively mitigate the financial burdens associated with healthcare emergencies.

For employers, these insights highlight the importance of staying attuned to their workforce’s sentiments and adapting insurance offerings accordingly. Enhancing the sum insured and ensuring that the provided coverage aligns with the current healthcare landscape could serve as a strategy to attract and retain talent, while also fostering a sense of well-being among employees.

In essence, the survey outcomes accentuate the need for organizations to reevaluate their health insurance packages, considering the concerns of employees regarding the adequacy of coverage. This responsiveness not only addresses immediate apprehensions but also positions employers to provide a more secure and supportive environment for their workforce’s overall health and financial stability.