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:

Myth 1: They are Healthy, So Why Do They Need a Health Insurance Cover?

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.

• Reality: When we grow older, we become more vulnerable to illnesses and injuries. You can never know when a medical emergency might occur, and with the rising medical costs, it is essential to get financial help in the form of health insurance.

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.

Myth 2: Personal Savings are Enough to Cover Health Expenses

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.

• Reality: When it comes to health care expenses, you never know what might happen and how much it will cost to keep yourself or your family members healthy. With medical inflation, these days a serious accident or health issue can end up costing you hundreds of thousands of rupees out-of-pocket, and end up wiping out a person’s savings. In such cases they will have nothing to fall back on afterwards.

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.

Myth 3: A Family Floater Plan Will Offer Enough Coverage

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.

• Reality: Since seniors tend to require more medical care, or have special needs, this limited coverage might not be enough for their needs. That is why they need a separate health insurance policy, as if you exceed the sum insured amount, you will end up paying out of your pocket for any treatment. So, to make sure that they get the best quality treatment, a senior citizen health insurance plan is a must.

Myth 4: They Are Covered Under My Group Mediclaim Policy by My Employer

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.

• Reality: A group health policy is also likely to have a fixed sum insured for both yourself and your dependents, and like the above point, if you exceed this sum insured amount, you will end up paying out of your own pocket. Additionally, this policy will only be valid for as long as you are part of the respective organization.

Myth 5: Senior Citizen Health Insurance Is Too Expensive

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.

• Reality: If you compare different health insurance plans that are available, you will likely find one for seniors that fits your requirements and isn’t too expensive. And, it is always good to keep in mind that with health insurance, you are paying for expenses that you may incur in the future. Thus, it can help to provide the best medical care and treatment in the future.

Myth 6: Pre-Existing Diseases and Conditions Will Not Be Covered

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.

• Reality: Most health insurance plans, including those for seniors, will cover individuals for pre-existing conditions. However, they might have a waiting period for these diseases. This means that you need to wait for a specific amount of time before you can make a claim for these treatments or diseases. After this waiting period is over, you can make a claim. Remember to go through your policy document carefully to know the waiting period for pre-existing diseases.

Conclusion

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.