4 Myths About Health Insurance of Senior Citizen

In India we are at liberty to buy whatever Health Insurance plans that suits us and our pockets. These plans include family floater plans, group health insurance, children’s plans, senior citizen health insurance and many more. Usually, a family will opt for a family floater plan as all the members are covered under the same health insurance policy. The question is, whether the family floater plans are enough for a family with senior citizens?

Some common myths are as follows:

Myth 1: The elderly folks at home are very healthy and health conscious. We do not require any health insurance of senior citizens at home.

The truth: Old age is a very fragile period of a person’s life. It is said that the health of an old person is as fragile as that of a small child. One needs to take extreme care of the elderly and precaution to remain in a healthy state. Even if the elderly are showing no sign of health issues in the current state, it is important to know that this may not hold true in the future. As we age, so does our organs and body parts. Its at the end a machinery which does not last forever.

 Medical insurance for senior citizens has a waiting period on certain medical conditions, that needs to be served before making a claim. A waiting period may be from a few months to a few years. This is one of the reasons why you should buy a separate health insurance of senior citizens at home.

Myth 2: The elderly in my family already suffering from a medical condition, buying a new health insurance plan for them is not possible now.

The Truth: Many people shy away from buying dedicated health insurance for senior citizens because they think the pre-existing condition may not be covered under the plan. This completely depends upon the insurance company you choose. If your insurer is willing to offer coverage for that particular ailment you will be able to buy a plan, else the options are limited. Simple research on the internet will show you a list of insurers that offer coverage for the pre-existing diseases or illnesses.

Myth 3: The elderly in my family are covered under a family floater plan, separate health policy is not required.

The Truth: A family floater plan is designed to cover the major number of your family members. It is a group coverage with a fixed amount of sum insured. If this amount gets exhausted due to other family members making a claim, there will be no coverage left for the elderly. They might have special needs in case of a medical emergency. You will then have to spend a larger amount of money for their treatment. Thus, it is always wise to buy separate health insurance of senior citizens for your family.

Myth 4: The cost of health insurance for senior citizens is very high.

The Truth: An insurance policy is bought keeping in mind the expenses that might occur in the future. You are safeguarding your finances today to be able to fulfill the medical needs of your parents in the future. The cost of senior citizen health insurance policies is said to be slightly on the higher side but not extremely high. One can easily bear this cost with proper planning and by keeping some amount aside for this purpose.

The above were some of the common myths about the health insurance of senior citizens and the truths about the same.