Health insurance is the greatest method to protect your family from different health risks. Unfortunately, research indicates that fewer than one-fifth of Indians use their health insurance. Why do Indians pay 70% of healthcare expenditures out of their savings? Because they are hesitant and unsure about investing in the best policy. It is well known that senior people in India are the group that suffers the most because they neither have health insurance nor adequate resources to cover their medical expenses. Even choosing the best health insurance for senior citizens is difficult.
Why is it Important to Have Senior Citizen Health Insurance?
Senior citizens typically have more significant healthcare needs than ordinary people. They typically don’t have a source of income, which is another issue. Additionally, medical costs are also increasing at an unprecedented rate. With this in mind, you must acquire coverage that can shield you from the medical dangers of getting older.
5 Myths About Senior Citizen Health Insurance
People have a few misconceptions regarding health insurance for parents. The top five myths and their dispelling are shown below.
My Folks Don’t Require Health Insurance Because They’re in Good Health
Truth – As people age, their bodies weaken and become more vulnerable to disease. Numerous medical investigations have shown that an older person’s health is just as brittle as a young child’s. Therefore, regarding your parents’ health, you must exercise utmost vigilance and adopt the appropriate safety measures. Even though your parents, who are elderly citizens, currently appear to be in good health, things can change rapidly; therefore, you must get them medical insurance.
Family Floater Insurance Policy Will Provide Sufficient Coverage
Truth – A family floater insurance policy typically covers all family members, including parents, spouses, and kids. It is a collective insurance policy with a set amount of insured. There will only be a limited amount of coverage for the senior members of your family if you make any claims due to illness for any of your family members. In a medical emergency, the elderly may require special care. As a result, you might have to pay for the treatment out of your cash if the family floater plan’s coverage is insufficient. It is preferable to purchase separate health insurance for parents to avoid this circumstance.
Online Health Insurance Purchases Are Not Secure
Truth – While many individuals think purchasing health insurance coverage online is unwise, the reality is that doing so is safe and simple. Because there are no agents involved, the premium is substantially lower when you purchase the coverage online as opposed to offline. Additionally, when buying insurance online, you may evaluate the plans and select the one that best meets your individual requirements.
Make sure to make an informed purchase selection now that you know these falsehoods. Purchasing health insurance if you have older family members is advisable to protect them from illness and save your funds.
My Family’s Elderly Members Have a Medical Issue That Prevents Them From Being Covered By Health Insurance
Truth – This is one of the most widespread myths concerning medical insurance for senior citizens. Because they think the plan would not cover their pre-existing condition, many people avoid purchasing medical insurance for senior citizens. The truth is that the insurance company has complete discretion over the coverage. You can obtain a health insurance policy for your parents if the insurer you select is prepared to cover a pre-existing condition. Make sure to conduct thorough research on the insurance providers that offer coverage for pre-existing conditions before approaching the insurance.
Mediclaim for senior citizens is costly
Truth – Most people purchase health insurance to pay for any potential future medical costs. To give your parents the greatest medical care and treatment in the future, you may protect your money and assets today. Yes, premiums of mediclaim for senior citizens are marginally more expensive than those of non-senior citizens, but they are still not prohibitive. With careful financial planning, you can pay the price without difficulty.
You will be able to make a better-informed choice when you compare policies now that you know the truth behind these widespread misconceptions about senior health insurance. You are also aware of the critical necessity for senior health insurance to guarantee that your parents or you are always protected in a medical emergency. To get the best insurance for senior citizens, connect with Niva Bupa.