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Whether you yourself are over 60, or you’re looking to take care of your ageing parents, a health insurance plan is a necessity these days. In these situations, you can opt for specialized health insurance for senior citizens.
As a person grows older, the chances of health risks are more likely to increase. Which means that they will need more care for illnesses, injuries, and other medical conditions. But unfortunately, there are many misconceptions involved with buying a senior citizen health insurance policy that prevents people from buying them.
Here are some of the myths and misconceptions about senior health insurance, and the reality behind them:
As a senior citizen, you may feel fit and healthy, or if your parents might seem that way to you. Some people feel that if they aren’t healthy, there’s no need for health insurance. But this is a short-sighted view. Health insurance will help provide financial security in case of a health emergency.
Then they will be covered for medical expenses in case of illnesses, hospitalization, daycare procedures, and even get annual health check-ups and coverage for home hospitalization.
Lots of people, especially those who are older and have built up some savings, believe that they don’t need to invest in a health insurance plan as these savings can help them in times of need.
And since health problems are usually unpredictable, you don’t want to be burdened with financial problems and debts, especially not while you are recovering from an illness.
A family floater health insurance is one that covers many members of the same family (including your spouse, children, and parents) under one policy. However, this also means that all the family members share the same fixed sum insured amount. This means that if something happens to more than one family member at the same time, a single sum insured may not be enough.
While your parents can be covered under the group health insurance plans provided by your employer, the situation here is similar to a family floater plan. The benefit here is that senior citizen parents will not have to go through pre-medical check-ups before being insured.
As we get older, we face a higher chance of mortality, hospitalization, and medical expenses. Due to this increased risk, health insurance premiums are likely to rise as well. So, you might notice that health insurance for senior citizens have premiums that are on the higher side.
A common misconception about health insurance, especially for senior citizens, is the belief that their pre-existing illness will not be covered under the plan. And because of this, many people avoid buying health insurance.
Now that you know the truth about these common myths about senior health insurance, you will be able to make a more informed decision when you start looking at policies. You also know that the need for senior health insurance is great, to ensure that you or your parents are covered against medical emergencies at all times.
When choosing a suitable senior citizen health insurance plan, just remember to check its inclusions and exclusions, waiting periods, and other benefits like add-ons or cashless hospitals, as well as the premium and co-payment. This way you will be able to find the policy that best suits your needs.
A health insurance is important as it can provide you with financial security and prevent you from having to pay massive medical costs out of your own pocket. It also ensures you get your required treatments done on time, especially with the added risk of illness that comes with age. Other benefits include: Being able to stay financially independent. Being able to save your funds and not losing your savings. Covers your medical costs, even after retirement.
A health insurance is important as it can provide you with financial security and prevent you from having to pay massive medical costs out of your own pocket. It also ensures you get your required treatments done on time, especially with the added risk of illness that comes with age. Other benefits include:
A Senior Health Insurance is designed to suit the needs of elderly people and financially covers them for medical expenses like hospitalization, medical treatments and critical illnesses, annual check-ups, accidents, and more.
A Senior Health Insurance is designed to suit the needs of elderly people and financially covers them for medical expenses like hospitalization, medical treatments and critical illnesses, annual check-ups, accidents, and more.
The best insurance plans for seniors aren’t the ones that have a low premium. Since they need more coverage than young people, try to pick a health insurance plan that gives you a cost effective premium and higher sum insured. In addition to that also keep in mind the following: Ensure that your sum insured will be sufficient for an elderly person's needs. Choose the plan with the minimum waiting period. Always check what is covered and not covered in your health insurance policy, and try to opt for coverage like domiciliary treatment, and pre- and post-hospitalization expenses. Check that the company has a fast claim settlement ratio and a wide range of network hospitals. If you can, customize your health insurance plan, with add-ons like critical illness cover, AYUSH cover, etc.
The best insurance plans for seniors aren’t the ones that have a low premium. Since they need more coverage than young people, try to pick a health insurance plan that gives you a cost effective premium and higher sum insured. In addition to that also keep in mind the following:
As we get older, with age, the risk of illnesses big and small increase due to the changes in our bodies and lifestyle. With this, our healthcare expenses too rise. Therefore, this results in health insurance premiums also increasing.
As we get older, with age, the risk of illnesses big and small increase due to the changes in our bodies and lifestyle. With this, our healthcare expenses too rise. Therefore, this results in health insurance premiums also increasing.
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Disclaimer #1: *Customer can choose options at the time of availing insurance. Premium amount may vary accordingly. Insured is required to disclose any pre-existing condition or on going treatment before policy issuance in the proposal form.
Disclaimer #2: This information is added only for informative purposes and collected from different sources across the Internet. Digit Insurance is not promoting or recommending anything here. Please verify the information before making any decisions.
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Author: Team Digit
Last updated: 23-09-2024
CIN: U66010PN2016PLC167410, IRDAI Reg. No. 158.
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