The most important features of a senior citizen health insurance policy are hospitalization coverage including room charges and medical bills, the facility of cashless hospitalization, day care expenses arising due to technological advancements, ambulance expenses, pre-existing illness, no medical screening required before buying health insurance plan, higher sum assured coverage, faster and convenient claim settlement.
It is very important to buy a senior citizen health insurance policy as it helps to keep a financial emergency away at the time a senior citizen needs healthcare services the most.
Myths about Senior Citizen Health Insurance
When it comes to buying health insurance for the senior citizens, many people have several apprehensions due to a few myths revolving around the senior citizens’ health insurance. Even at such old age, people don’t buy health insurance plan for their dependent parents due to certain misconceptions.
Here are some myths around senior citizens health insurance that must be busted so that more and more number of people can buy senior citizen health insurance plans.
1. Group insurance coverage is apt
It is quite a common misconception that many people have. People believe that mediclaim group coverage is enough for their senior citizen parents. Plenty of insurers have stated that the coverage solely for the senior citizens needs to be expanded so that premium for family insurance plans can be reduced. Some insurance providers have gone to the extent of excluding senior citizens from the policy. It’s very important that one doesn’t rely completely just on mediclaim plans to offer insurance benefits to senior citizens.
2. Pre-existing Illness
It is right that various health insurance plans don’t cover pre-existing illness, especially when senior citizens are involved. Due to this very factor, people don’t buy a health insurance plan for their parents as they feel that any pre-existing illness can make their senior citizen parents ineligible. There are a plenty of health insurance providers that provide coverage for pre-existing illness in case the illness is not terminal or critical.
3. Insufficient Coverage
People have a tendency to consider medical insurance plans to be not of any use since they don’t offer coverage for specific pre-existing conditions. Almost all health insurance plans come with a waiting period of 4 years. Post that existing illnesses are covered. Still, your parents would be covered for the hospitalization expenses during the first 4 years for any other illness as well as accidents.
4. Higher Expenses
Buying health insurance can be more expensive for some senior citizens. Still, one must buy health insurance for senior citizens because at the time of hospitalization the bill could be far more than the insurance premium. There are senior citizen medical insurance plans available in the insurance market that wouldn’t make a hole in your pocket as it will offer sufficient health coverage at a minimum premium.
5. Healthy and fine
Your parents could be in the best shape having no pre-existing illness and no unforeseen situations like age related illness or any particular disease that can impose a threat to their fitness any time. It’s important to buy a medical insurance plan for your senior citizen parents even if their health is fit and fine.
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