Health concerns are becoming more prominent these days, especially for senior citizens. Declining health conditions among senior citizens demand more frequent medical attention. From chronic diseases like diabetes and hypertension to complex surgeries and treatments, healthcare costs can quickly escalate, putting significant pressure on the financial security of senior citizens and their families.
This is where the best health insurance policy plays a crucial role. Considering the vulnerability of elderly people, securing the best health insurance for senior citizens in India is more important than ever. However, when buying insurance, various misconceptions often prevent them from getting the necessary coverage.
This article is the solution to all those myths. Keep reading to learn more.
Understanding Senior Citizen Health Insurance Policy
The best health insurance for senior citizens in India is specifically designed to meet the unique needs of elderly people. Such insurance plans take into account the increased medical risks that come with ageing. Senior citizen health insurance covers pre- and post-hospitalisation, prescription drugs, surgeries, pre-existing medical conditions, diagnostic tests, and other expenses.
In India, several insurance companies provide health insurance for senior citizens with tailored benefits such as higher coverage limits, cashless hospitalisation, and coverage for critical illnesses. Furthermore, the best health insurance policy for family provides coverage for the elderly; however, keep in mind that such plans may provide limited coverage because they do not focus on a single individual and instead consider all family members.
Debunking Myths About Health Insurance for Senior Citizens in India
Each person holds unique perspectives. When selecting the best health insurance for senior citizens in India, certain myths should be debunked. Let’s take a look at them.
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Senior Citizen Health Insurance Plans are Expensive
Ageing makes people more susceptible to diseases, increasing the demand for health insurance. One of the most common myths about the best health insurance policy for elderly people is that the increasing demand has made the plans costly. However, it’s not true. Many insurance companies offer affordable health plans with extensive coverage for elderly people. Additionally, given the rising expenses associated with medical care, having insurance is significantly more economical than covering treatment costs independently.
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There is a Specific Age Limit for Elderly People
It is a common misconception that health insurance for senior citizens is restricted to a certain age limit, typically 60 or 65 years. While this was true earlier, the recent regulations from the Insurance Regulatory and Development Authority of India (IRDAI) have eliminated this age restriction, allowing individuals to acquire the necessary healthcare coverage regardless of their age.
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No Coverage for Prior Medical Conditions
This is not true. Insurance companies cover pre-existing medical conditions; however, there is a waiting period. After completing the waiting period, elderly people can raise claims. It’s important to check the terms of the plan carefully before purchasing to understand how it addresses pre-existing health conditions.
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Healthy Seniors Do Not Require Insurance
Many people believe that since they are healthy, they do not require health insurance. However, remember, life is full of uncertainties, and medical emergencies can strike anytime. Having the best health insurance policy for family that includes coverage for seniors ensures that even if the unexpected happens, they won’t have to bear the entire medical expense, mitigating their financial burdens.
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Government Health Schemes Are Enough
While government schemes like Ayushman Bharat offer some level of coverage for low-income families, they may not be sufficient. Government schemes frequently provide basic coverage in comparison to private insurance policies, which provide extensive coverage.
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All Senior Citizen Health Plans Are the Same
When buying insurance policies, people believe that all health plans are the same. However, this is the biggest misconception. Insurance plans vary in terms of coverage, premiums, waiting periods, network hospitals, and benefits. Therefore, elderly people must conduct thorough research before investing in the plan.
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Family Health Insurance is Enough to Cover Elderly People
Since the best health insurance policy for family provides coverage for elderly people, it is assumed that the coverage is adequate. People often neglect the fact that family health plans cover all the family members for a shared sum insured. And considering the vulnerability of older individuals, the sum insured may get exhausted in their treatments. For instance, if they or another family member becomes ill during the same time period, the financial burden will be significant because the sum insured has already been exhausted.
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Health Insurance is Only for Hospitalisation
Senior citizens assume that health insurance only covers hospitalisation expenses. However, this isn’t the case. Insurers provide extensive coverage to elderly people, including hospitalisation, prescription drugs, diagnostic tests, surgeries, room rents, preventive care, emergency assistance, and more.
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Savings are Enough to Cover Healthcare Expenses
Though savings are indeed the financial security of an individual, however, they are not sufficient to cover healthcare expenses. Due to advancements in the healthcare industry, medical expenses are rising. Medical expenses can quickly add up during emergencies, creating a significant financial strain even with the savings. Hence, investing in medical insurance is highly recommended.
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Life is Set After Purchasing the Health Insurance
Many seniors believe that once they buy a health insurance plan, they are set for life. However, it’s important to regularly review and update the policy based on changing health conditions. Health insurance providers offer the option to increase the coverage or add more benefits as per the evolving needs of the individual.
Wrapping Up
With the right health insurance plan, senior citizens can enjoy peace of mind knowing that they are protected against the high costs of healthcare. By debunking the myths surrounding health insurance for senior citizens in India, it’s clear that there are numerous options available for them to secure comprehensive coverage.
Elderly people looking for a health insurance policy that provides quality coverage, including critical illness coverage, pre-existing disease benefits, and a wide network of hospitals, look no further than Niva Bupa. Their plans are specifically designed to meet the unique needs of senior citizens, offering a comprehensive solution.
Get in touch with them today!