Top 5 Myths about Senior Citizen Health Insurance
Health insurance is the best way to secure your family from various health issues. However, sadly, studies suggest that less than one-fifth of Indians take advantage of health insurance plans. The hesitation and indecisiveness to invest in the right policy are why 70% of healthcare costs are borne by Indians from whatever savings they possess. It is widely observed that senior citizens are that section of India’s population, which suffers the most as neither do they have health insurance, nor do they possess enough savings to meet medical needs.
Even the complexity of choosing the best senior citizen health insurance puts elderly at a disadvantage. Not to mention, there are several misconceptions that people have about senior citizen health insurance. Below are the top five myths and the reality behind it.
Myth 1 – My parents are healthy, and they do not need health insurance
Truth – As people grow old, their body becomes fragile and become susceptible to various illness. Many medical studies have proved that an old-aged person’s health is as fragile as a child. You must be extremely careful about your parents’ health and take the necessary precautions to keep them healthy. Even if your parents’ (who are senior citizens) show no sign of any health issues right now, their condition can change quickly, and it is paramount that you buy medical insurance for them.
The medical insurance for senior citizens has a waiting period for specific medical conditions, which must be served before filing a claim. Depending on the insurer, and the type of policy you buy, the waiting period varies. Purchasing medical insurance early will mitigate the risk of the waiting period and keep your finances secured during an emergency.
Myth 2 – Family Floater Insurance Policy will offer enough cover
Truth – A family floater insurance policy generally covers all the family members, including parents, spouse and children. It is a group insurance plan that has a fixed sum insured. If you make any claim because of illness to any of your family member, the sum insured is reduced, which means there will be only limited coverage for the elderly members of your family. The senior citizens may have special needs during a medical emergency. As such, the family floater plan coverage may not be enough, and you may have to pay out of your pocket for the treatment. To avoid this situation, it is best to buy separate health insurance for elderly family members.
Myth 3 – Senior citizen health insurance is expensive
Truth – Typically, people buy health insurance to cover the treatment expenses that they may incur in the future. You can safeguard your savings and finances today so that you can provide the best medical care and treatment to your parents in the future. Yes, the cost of medical insurance for senior citizens is slightly higher than the cost of insurance for non-senior citizens, but it is not extremely expensive. You can easily bear the cost with proper financial planning.
Myth 4 – The senior citizens in my family have a medical condition, they cannot be covered under health insurance
Truth – This is one of the most common misconceptions that people have about senior citizen health insurance. Many people avoid buying health insurance for the elder members in the family mainly because they believe that their pre-existing illness would not be covered under the plan. However, the truth is that the coverage is solely at the discretion of the insurance company. If the insurer you choose is willing to cover the pre-existing illness, you can get a health cover for your parents. Before approaching the insurance, make sure that you research thoroughly about the insurance companies that provide coverage for pre-existing diseases.
Myth 5 – Buying health insurance online is not safe
Truth – Many people believe that it is not wise to buy health insurance policy online, but, the truth is that purchasing insurance online is safe and convenient. When you buy the policy online, the premium is much lower as compared to buying offline as there are no agents involved. Also, when you purchase a policy online, you can compare the plans and choose the one that suits your specific needs.
Now that you are aware of these myths make sure that take an informed buying decision. If you have a family member who is a senior citizen, it is wise to buy health insurance to protect them illnesses and keep your finances secured.