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Myths & Facts About Senior Citizen Health Insurance

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Imagine you have planned the perfect post-retirement life. You have a private garden, a good repository of books, and even have travel plans. You invest your money well to enjoy all these conveniences, guaranteeing monthly income. Somehow, you decided not to buy a senior citizen health insurance policy because you had heard from your friends that they are hardly helpful. Now, you fall sick, and the medical bills mount up. In the absence of a health plan, a significant chunk of your savings gets depleted. Such incidents make people realise the value of health plans, but only after the damage is done. So, let’s try to debunk the myths surrounding senior citizen insurance.

What is a Senior Citizen Health Insurance Plan?

After we reach 60, our immunity gets compromised, and there is an increased risk of falling ill. The standard health insurance plans provide coverage but may not be sufficient for age-related ailments and their unique medical needs. That’s where a senior citizen health insurance plan helps. This plan caters to the specific needs of the elderly, assuring them of financial protection during their retirement years so they can breathe easy without worrying about the costs. When medical costs are skyrocketing, senior citizen health insurance helps safeguard their hard-earned savings. Some insurers offer added benefits, such as coverage for critical illnesses and zero or shorter waiting periods for pre-existing conditions and specific diseases.

10 Myths and Facts About Senior Citizen Health Insurance

Myth 1: Senior citizen health insurance plans are costly

Fact: It is a fact that age makes us vulnerable to diseases, and to cover the risks, the premium tends to be high. However, not all senior citizen health insurance plans are expensive. If you compare the various options available based on your medical conditions, location, the sum insured, or lifestyle, you can find plans that suit your pocket.

Myth 2: No coverage for pre-existing medical conditions

Fact: All health insurance policies, including senior citizen insurance plans, cover pre-existing ailments, but there is a waiting period of up to 3 years. Once the waiting period is completed, they can avail of the benefits. However, while buying a senior citizen health insurance plan, they must clearly disclose their medical conditions. If the insurer finds out later that they have hidden their health conditions, any claim relating to pre-existing conditions will be rejected.

Myth 3: They are fit and healthy, so there’s no need for health insurance

Fact: Even when we are in the pink of health, unanticipated health scares can strike any moment. So, senior citizen health insurance is a must-have for protecting their finances against a wide range of hospitalisation expenses, both during unplanned and planned treatments. In fact, one should buy health insurance when healthy because the premium will be lower and the policyholder can complete the waiting period before the actual need arises.

Myth 4: They are covered under the group health plan provided by my employer

Fact: Group plans will cover you and your senior citizen parents until you are working with the company. The day you move to another organisation, all members will be left unprotected. Also, group health plans have limited coverage and a fixed sum insured for all of you. It’s important to have a back-up plan to deal with medical emergencies.

Myth 5: Family health insurance is enough to cover senior citizens

Fact: Under a family health insurance plan, the sum insured is shared amongst all members. As senior citizens have weak immunity and need more medical attention, the sum insured may get exhausted in their treatments. In case there’s any other emergency relating to them or any other member during the same policy period, and the sum insured gets exhausted, the treatment costs will be your out-of-pocket expenses.

Myth 6: There are no plans for senior citizens

Fact: To ensure senior citizens don’t exhaust their savings on medical expenses, health insurance providers have curated a specialised plan called senior citizen health insurance policy. This plan is meant to cover their age-related illnesses, homecare treatments, and critical illnesses; some insurers also offer zero or shorter waiting periods for pre-existing and specific diseases.

Myth 7: Senior citizen health insurance plans have limited coverage

Fact: Like other health insurance plans, senior citizen health plans also have certain exclusions, and this should not deter them from buying a healthcare plan. You must research and choose a plan that offers comprehensive coverage, including hospitalisation, pre- and post-hospitalisation, daycare treatments, domiciliary care, AYUSH treatments, etc.

Myth 8: Health insurance claims of senior citizens get rejected

Fact: An insurer cannot reject a claim just because it is filed by a senior citizen. If there's a genuine reason for denial, such as claiming for treatments that fall under exclusions, if the claim was not filed within the time limit, or if there was insufficient coverage, then one cannot do much. But if all conditions are met, the insurer cannot deny coverage to senior citizens or any policyholder.

Myth 9: Why invest in health insurance when I have savings?

Fact: This is a common question asked by senior citizens. Considering medical inflation and your vulnerability to falling sick due to weakened immunity, the question is, how long will the savings last? It can wipe out your savings in no time, causing financial distress. A senior citizen health insurance plan will ensure your savings are intact during a medical crisis, and you can access quality healthcare treatments. To avail of the benefits, you just have to pay a premium on a regular basis and let insurance take care of your healthcare costs.

Myth 10 Buying insurance is complicated

Fact: Once you have shortlisted the plans based on your specific healthcare needs, you can easily compare them online with the help of a health insurance premium calculator. The calculator will give an approximate cost of the plans based on the inputs you provide. If you are satisfied with any plan, you can go to the insurance provider’s website, go to Buy, provide the details, choose the type of plan, sum insured, etc., and make the payment. Once the payment gets processed, you will receive the policy document by email. It takes only a few minutes.

Conclusion

When there are plans specially meant for the elderly, why not utilise them and protect your savings? You have to pay a premium to get coverage, but it is worth the cost when your insurance policy comes to your rescue in an emergency. If you also have some misconceptions surrounding a senior citizen health insurance plan, the above myths and facts about senior citizen health insurance can help you make a well-informed decision.

Disclaimer: The above information is for illustrative purposes only. For more details, please refer to the policy wordings and prospectus before concluding the sales.

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