Tuesday, October 20

5 Common Myths About Senior Citizens Health Insurance

In today’s world, many of us depend on health insurance for our healthcare needs. In fact, it is a great way to stay covered and protect your hard-earned savings at the same time. While you may take a family floater health plan to cover your entire family, investing in a separate health plan for your parents might not be something you’re pondering upon. The reason being, in India we have certain misconceptions about senior citizens health insurance plans. 

Let’s delve deeper into these myths, that prevent us from taking standalone medical insurance for parents:

Myth 1 – Pre-existing medical conditions

Most of us think that parents cannot be covered under health insurance since they have some or the other pre-existing disease. However, this notion is utterly untrue since there are many insurers that provide health insurance for senior citizens in India.

While buying a health insurance plan for your parents, if you declare which medical conditions they’re suffering from and if it is critical or life threatening, the insurance company will gladly provide them with the health coverage they require. 

Myth 2 – Difficulty in claim settlement 

This is another myth that health insurance claims filed for the elderly people take much longer to be settled and insurance companies often do not want to pay them fully. 

However, the case is quite the opposite in reality. You will face no delay at all if you have made the claim keeping in mind the predefined exclusions and conditions that had been set by the insurer when you purchased the health insurance for your parents.

Myth 3 – Excessive premium

This is again a myth. Of course, health insurance premiums for senior citizens will be higher than those who’re comparatively young. But you’ve to look at it in a smart way. The truth is that the premiums for elderly people is on the higher side because the risks associated with their health is also high. 

Opting for a health insurance plan is necessary to protect your savings from unexpected, exorbitant medical expenses. So, if your parents are not covered and need hospitalisation, the amount that you will have to shell out will be much higher than the cumulative premium that you’ll have to pay.

Myth 4 – Healthy eating, fit generation

Perhaps the most common myth is that our parents do not need medical insurance since they belong to the generation of hard workers and their diet used to consist of fresh, unadulterated food. While leading a healthy life should be everyone’s top priority, it does not always mean that they will never get ill. 

The only guarantee that you can have is that if any medical exigency does come up for your parents in the future, the cost of its treatment will be borne by the insurance company if you’ve purchased health insurance for your parents.

Myth 5 – Family floater is sufficient

In a family floater plan, every member of your family is covered under one policy. During medical exigencies, the elderly people require some special arrangements to be made for them to go to the hospital and they also take longer to respond to the treatment and recover. 

All of this can engulf a large chunk of the family floater sum insured. It means that if someone else in your family is admitted to the hospital in the same year, they might not be able to avail the coverage. That is why, opting for the best health insurance for parents is a necessity.

Additionally, you can enhance the coverage of the health plan by opting for some add-ons such as Hospital Cash Cover available under the Pocket Insurance. With this plan, you can avail daily hospital cash benefit of up to Rs. 1,000 per day at Rs. 499 only. You can also check out the range of other personalised insurance covers that you can opt for to address your specific needs.

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