In India, one has the liberty to buy a health insurance plan specific to his/her needs. These plans include family floater plans, group health insurance, children’s plans, senior citizen health insurance and many more. Usually, a family will opt for a family floater plan as all the members are covered under the same health insurance policy. But is a group policy like this sufficient for all the members?
If you are skeptical about buying separate health insurance plans, you could be mistaken. In this article, we will discuss the common notions people have for not buying a separate health insurance plan for the elderly.
Common Myths about Medical Insurance for Senior Citizens
Myth: My Parents/grandparents are very fit and healthy they do not need a health policy in India.
Old age is a very fragile period of a person’s life. It is said that the health of an old person is as fragile as that of a small child. One needs to take extreme care of the elderly and precaution to remain in a healthy state. Even if the elderly are showing no sign of health issues in the current state, it is important to know that this may not hold true in the future.
Medical insurance for senior citizens has a waiting period on certain medical conditions, that needs to be served before making a claim. A waiting period may be from a few months to a few years. This is one of the reasons why you should buy a separate health insurance plan for your aging parents or grandparents.
Myth: The elderly in my family already suffering from a medical condition, buying a new health insurance plan for them is not possible now.
Many people shy away from buying dedicated health insurance for senior citizens because they think the pre-existing condition may not be covered under the plan. This completely depends upon the insurance company you choose. If your insurer is willing to offer coverage for that particular ailment you will be able to buy a plan, else the options are limited. Simple research on the internet will show you a list of insurers that offer coverage for the pre-existing diseases.
Myth: The elderly in my family are covered under a family floater plan, separate health policy in India is not required.
A family floater plan is designed to cover the major number of your family members. It is a group coverage with a fixed amount of sum insured. If this amount gets exhausted due to other family members making a claim, there will be no coverage left for the elderly. They might have special needs in case of a medical emergency. In this manner, you will have to spend a larger amount of money for their treatment. Thus, it is always wise to buy separate health insurance for senior citizens of your family.
Myth: The cost of health insurance for senior citizens is very high
An insurance policy is bought keeping in mind the expenses that might occur in the future. You are safeguarding your finances today to be able to fulfill the medical needs of your parents in the future. The cost of senior citizen health insurance policies is said to be slightly on the higher side but not extremely high. One can easily bear this cost with proper planning and by keeping some amount aside for this purpose.
Benefits of Senior Citizen Health Insurance Plan
Apart from proper health coverage, a senior citizen health insurance plan may offer the following benefits
- Free-look period
- Domiciliary Hospitalization cover
- Tax benefits
- Free annual health checkups (depending upon the insurer)
- Cashless treatment and daily allowance
- Sum insured refill
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