Healthcare Economics: Senior Citizen Health Policy Analysis

This report delves into healthcare economics, examining various health insurance policies with a specific focus on senior citizens. It begins by highlighting the importance of health insurance in countries like India, addressing high mortality rates and low life expectancy. The report outlines key policies, including individual and family floater plans, as well as critical illness and senior citizen-specific insurance. It emphasizes the need for a mandatory senior citizen health policy due to the increased health risks associated with this age group. The analysis extends to health provisions, discussing the role of government and private sector involvement in healthcare solutions and research. A national comparison is made, referencing countries with similar health policies. The report concludes by emphasizing the importance of government-sponsored or subsidized healthcare to ensure affordability and accessibility for the general public, especially senior citizens. References supporting the research are also provided.

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Health Care Economics 1
In an effort to build the best health plan which could cover health along & not comes
as a deep cut to pocket. Every household in order to gain best of health spent a fortune
in taking a medical cover, but a large percentage still looks at health insurance as a tax
saving instrument.
For e.g. In a country like the United States, each type of health insurance be it social,
medical or a normal household is borne by the Government.
Studying in-depth about the country like India where there are an infant high
mortality rates, Life expectancy is low, low education rate etc. we need to have an
adequate health policy to cover all the plans. Some of the key policies highlighted
Individual Health Insurance Policy-: It covers all the health aspects of an individual &
depending on the premium or amount paid, one holds an advantage of this benefit
(“Policy Initiatives”).
Family Floater Health Insurance Policy-: covering all the member of the family by
paying one time or every month, so that they all avail secured health benefits.
Surgery & Critical Illness Insurance Plans-: Accidents, sudden health diseases such as
cancer or heart attacks, all can be covered by availing lump sum benefit or paying
every month.

Health Care Economics 2
Senior Citizen Health Insurance Plans-: Covering a secure health for the 60-65 years
of an individual age.
If we need to devise a suitable health policy then we will go for the Senior Citizen
Health Insurance policy. As chances of falling sick, retard or ill falls maximum within
this age group. Hence a secured health policy which is bare minimum & covers every
aspect of health should be attained here.
Health Insurance
In a country like India, due to low Human development Index, High Infant Mortality
Rate, Lifespan of Avg. 55-60 years, high lifestyle diseases, foul air, densely
populated area with epidemic disease always on rise one do require health insurance
to cover risk & benefit us in recovering from health. Cashless services, pre & post
hospital disbursements, full health cover regular checkup etc. all should be secured
with an adequate health insurance. Developing a health policy for the benefit of
Senior citizen will benefit a part of the major population in the age group of 60-65
years.
Some of the health insurances are majorly covered by the Private Insurances & then
sub-divided covered by the employer-sponsored such as delivery charges etc.
Sudden accidents or lifestyle diseases like cancer or heart attacks is still partially
covered depending on the optimum age it was invested into. But in case of natural
calamities like Earthquake, Fire or Tsunami etc. some health insurance do not cover

Health Care Economics 3
or include in health insurance plans. Hence the policy should be covered in the senior
citizen keeping an eye on sudden health developments.
Government & medical services do encourage health insurances & investing in it. But
it’s not compulsory or mandatory to get secured health plans (“Costing polices”). For
a senior citizen, such policies should be mandatory as life becomes uncertain after that
age.
If it's taken to cover keeping in mind about family & including per individual in the
coverage will give rise to more premium or amount paid. Depending on the choices
one can secure plan for individual or family. But at a specific age limit, it should be
compulsory for the senior citizen people.
Health Provision
The purpose of Health Provision is to provide innovative healthcare solutions to do
intensive care & simultaneously also provide the scope for research & development
(“Managing health”).
Majorly such health provisions has a limited scope & there are major private players
but funded by Government. Since it requires years of expertise, millions money
invested should have technical know-how knowledge hence Government projects are
tie up with private players.

Health Care Economics 4
If it’s invested & funded regularly to develop series of health provisions it will help in
combating epidemic diseases, control major health outbursts & help in dropping
mortality rates among the senior citizens.
If it’s a heavily funded, aided by government, major stakes are held by the
government during the developing stages & its developed keeping in mind for the
betterment of large public then the pricing will be as per the free market & controlled
by Government. Even if at high-priced, it will be subsidized by the government to
serve humanity (“Technical and effectiveness as determinants of firm performance”).
If the health provision is purely done by private research companies & just the cash in
the major investment to later sell it off to other companies or government, then it will
surely be priced by the Private players.
National Comparison
Countries such as the USA, UK, EU region, Canada, Japan etc. have policies similar
to health policy designed. If the health policy is adequately designed by Government
as per the researched it will result in a low cost per unit of health policy sold or the
government will sponsor at a subsidized rate to the general public. The senior citizen
will benefit in the way to approach medical facilities without getting losing the large
chunk of money.

Health Care Economics 5
References
Cascio, W. F. (2010). Policy Initiatives. New york: McGraw-Hill.
Cascio, W. F. (2011). Costing polices. , Cincinnati: South-Western Educational
Publishing.
Gomez-Mejia, L. R., Balkin, D. B., & Cardy, R. L. (2015). Managing health.
Huselid, M. A., Jackson, S. E., & Schuler, R. S. (2006). Technical and effectiveness
as determinants of firm performance. Academy of Management journal, 40(1), 171-
188.