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.
Why is senior citizen health insurance important?
Old age is a time for rest and relaxation! Your working years are behind you - now you can finally kick-back and enjoy the golden years of your life. However, with age also comes the added risk of illness. Combine that with the rising cost of healthcare and you get a slightly precarious situation.
Fortunately, there is an easy way to protect yourself from healthcare expenses during your old age – all you have to do is get yourself a senior citizen health insurance policy. Let’s take a look at why medical insurance is a must during the autumn of life.
1. You stay financially independent
All these years, you have worked to support yourself and your family members. You’ve stood on your own two feet, not needing help from others - why should that change during your golden years? With senior citizen medical insurance, you can cover the cost of a medical emergency without relying on friends & family to help you out.
2. Keeps your savings untouched
It’s common practice to create a cache of funds for retirement. It ensures you can enjoy a laidback, comfortable and stress-free life. However, a medical emergency could come along and ruin your nest egg. This is why senior citizen health insurance is so important. It will shield you from the cost of medical emergencies and keep your savings untouched.
3. Cover medical costs, despite loss of income.
When you retire, you of course lose your monthly income. This can make it a little more difficult to handle the cost of a healthcare emergency. But medical insurance can step in and save the day! A good plan will cover a majority of your medical expenses, allowing you to fight your illness and recover with ease, even if you do not have a source of income.
4. Your goals are unaffected
You could have several plans for your retirement. Go on a world tour, start that businesses you’ve always dreamed about, maybe remodel your home, purchase a new car – the list goes on! However, if an illness decides to come knocking, it could throw a wrench in all your plans. This is why it is so important to have a senior citizen medical insurance policy. It will keep you & your plans safe from the financial impact of any unforeseen events.
What to keep in mind when buying health insurance for senior citizens:
The healthcare needs of a senior citizen are generally higher than that of an average individual. Along with that, senior citizens usually do not have a source of income either. And, to top it off, medical expenses seem to rising at an unprecedented rate as well. Keeping this in mind, it is extremely important for you to get a policy that will keep you protected from the healthcare risks of old age. Here are some key pointers that will help you do this.
Entry & renewal age: This is one of the first things you should look for when buying a health insurance plan for/as a senior citizen. There are plenty of coverage options offered to people in their 60s-80s of age. Sum insured: Medical emergencies tends to have a larger financial impact on the elderly. Keeping this in mind, it would be wise to opt for a higher sum insured on your senior citizen medical insurance policy. You can also opt for a top up plan just in case your medical bills overshoot the coverage of your policy.
Critical illness cover: As one grows older, the risk of a critical illness increases. Therefore, it is prudent that you opt for critical illness coverage. You can either purchase it as an add-on or a standalone cover. It will provide a separate payout if you diagnosed with a critical illness and will help you tide over difficult times.
Co-payment amount: Health insurance plans tend to have a high co-payment amount for those who are advanced in age. This can be difficult to deal with considering the lack of income at the stage of life. Therefore, it is better to look for senior citizen medical insurance plans that do not have co-payment clauses. The best medical insurance in India will be lighter on your pocket with minimal co-payment amounts.
Pre-existing coverage: You are more likely to make a claim for a pre-existing illness when you are older. That is why it is important to look for a health insurance plan with a shorter waiting period.
Cashless hospitals: Look for a plan that has more cashless hospital in and around your locality. This will ensure that you are able to get quick & hassle-free claims during a medical emergency. The best medical insurance in India will have over 5,500 network hospitals under its belt!
How to buy senior citizen health insurance?
Simple – just walk into one of our branches! We have a dedicated team of experts that will help you put together the best medical insurance for your needs & requirements. Wish to avoid the traffic snarls, the pollution and the commotion that a trip to our branch will entail? Then you can simply drop by our virtual office – our website! It is open to you around the clock and allows you to buy a senior citizen medical insurance policy in just 3 simple steps!
1. Visit our website & enter your details: Once you are on our health insurance page, just enter a couple of personal details such as your name, your number, your gender, your date of birth and your email address.
2. Get quotes: Based on your details, our health insurance calculator will put together senior citizen health insurance quotes for you. You can customize the coverage of the policy as per you needs.
3. Purchase: Once you settle on the right amount of coverage, you can go ahead and purchase the plan. Here you will have to provide a few more details and upload a couple of documents. After this, just make the payment and the policy is yours!
Why purchase senior citizen health insurance online?
You can opt to visit one of our 20,000 branches or agents to buy a senior citizen health insurance plan. However, if you are looking for an easier way to buy a policy, the online route offers the best alternative. Here are 3 big reasons why you should buy a medical insurance plan online.
Easy: Buying health insurance online is much easier than visiting a branch. You just have to complete a simple 3-step process and the plan will be yours!
Quick: Visiting a branch to purchase a policy can take one full day, especially if you live far away or if there is traffic. The online process can be completed in minutes.
Convenient: You don’t need to make time or upset your schedule to buy health insurance online. You can buy a plan online, at any time and from anywhere.