Settlement of health insurance claims of senior citizens takes more time because they often fail to promptly intimate to the insurance companies about their illness and treatment post hospitalisation, as per a survey conducted by a leading insurance brokerage firm SecureNow.
According to the SecureNow survey, it takes a week longer for settlement of health insurance claims of senior citizens than those below 60 years of age.
The main reason being that senior citizens are slow in intimating about treatment to insurance companies after hospitalisation, though the premium they pay is much more than those in other age groups.
This survey explores the findings from the sample size of 1,250 claims, of which 576 were seniors. “Senior citizens take a longer time to intimate claims to the insurers, have a higher hospitalization stay, incur higher treatment costs, and have slightly higher insurance deductions.