18 January 2022 10:15 am Views - 185
In celebration of 60 years, Sri Lanka Insurance introduces the ‘Medi 60’ exclusive medical insurance for senior citizens to cover an array of health insurance needs.
The product was launched as a tribute to the senior generation for their valuable contribution towards the economic progress of Sri Lanka and recognizing their limited access to health insurance due to age constraints.
According to the World Bank, 12.3 percent of the population of Sri Lanka is aged 60 or older, making it the country with the highest proportion of older adults in South Asia.
The Western province has the highest percentage of the country’s elderly at 31.7 percent, while the Northern Province has the least at 4.8 percent.
In just 15 years, more than one in four or 25 percent of Sri Lankans will be over 60 years of age.
The demographic transition from a youth bulge to an aging society creates several economic, health, and social challenges. Further, an aging population will put pressure on the country’s healthcare sector, which is already facing severe difficulties as a result of COVID-19. The healthy life expectancy in Sri Lanka is 67.0 years which is based on an overall life expectancy of 77.3 years. 10 years of healthy life lost with increased morbidity and disability that may require specialized and comprehensive care.
As the private sector pension and savings schemes are fragmented and have limited coverage, social protection for the elderly is weak. Due to the high dependency and not having arrangements to cover health and medical expenses, senior citizens are a highly vulnerable consumer group.
Being excluded from insurance due to the age limitations those who have crossed 60 years of age and fall in the senior citizen age segment are more susceptible to health disorders that require serious medical intervention, making health insurance cover for senior citizens an absolute must-have.
The ‘Medi 60’ Health Cover enables senior citizens to reimburse medical charges, including hospital & surgery costs and medicinal expenses. Senior citizens between the age of 60 and 70 are now eligible to apply for this cover, while the policy can be renewed until the policyholder reaches 80 years of age.
Moreover, policyholders also receive attractive discounts for laboratory tests, medicine delivery, and free wellness programmes in collaboration with ayubo.life.
The insurance policy covers a wider array of health insurance related expenses including hospital room, nursing home charges, and medicine expenses and fees of the doctors covered under the inpatient hospitalization benefits. Further coverage is extended to 136 daycare procedures.