Mediclaim for senior citizens: 3 top health insurance myths busted

Senior Citizen Health Insurance: Healthcare remains a critical lifeline for senior citizens. However, over a few decades, rising health expenditures for adults have increased manifold. Considering the existing rate of medical inflation in India, adequate health insurance has become essential, especially if your parents are senior citizens. Due to uncertainties in life, we need to embrace an increase in the list of medical ailments and witnesses a significant rise in it. This calls for medical attention and a comprehensive Senior Citizen Health Insurance Plans, which tackles the financial lumber of medical expenses.

Speaking on the matter Mayank Bathwal, Chief Executive Officer at Aditya Birla Health Insurance said, "Senior citizens intend to maintain their dignity and lead an independent life post-retirement. A senior citizen pays approximately between Rs 20,000 to Rs 30,000 every year in health insurance premiums, depending on the health of the insured and policy benefits. Hence, senior citizen health insurance plans cogitate the needs and requirement of 60 years above individuals. A senior citizen’s health insurance plan offers several benefits such as cashless admission, routine health check-ups, free-of-cost ambulance facility, and coverage for critical illnesses, etc."

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Mayank said that a cloud of myths and misconception refrains people to purchase health insurance for their aging parents and listed out the below-mentioned myths, which need to be broken while purchasing a Senior Citizen Health Insurance in India:

1. Group insurance is adequate
Many organizations cover their employees under corporate group health insurance policies as a part of their employee welfare program. However, if you are covered under your employer-provided health insurance cover, do not disregard the significance of having individual health insurance for your parents. Though corporate group policies are beneficial, they might not extend cover to your aged parents or a dependent, which requires you to make a co-payment, etc. In addition, your policy will only be applicable until the time you are employed with your current organization. Hence, the widespread notion to have a group health insurance is adequate is incorrect.

2. One cannot purchase health insurance if they have pre-existing diseases/conditions
Several buyers fret about the pre-existing health conditions component of the policy. As a result of this many people do not enroll for a health insurance policy considering the fact that their parents are ineligible for the policy.  Health insurance policies cover pre-existing diseases/conditions either from Day 1 or have a waiting period ranging from 1-4 years. A policyholder can raise a claim once the waiting period is over against their pre-existing disease. It’s best advised for a policy buyer to disclose their medical conditions to the insurer so as to avoid claim rejection.

3. Fit people do not require health insurance
Maintaining a healthy life is good but just being healthy does not protect you from unanticipated incidents akin to ill health or accidents. Diseases similar to malaria and dengue or critical illness like cancer can be contracted even by the fittest of individuals. The premiums for healthy individuals will be less costly and while you are healthy, you shall exhaust the waiting period to get maximum benefits of your health coverage.

Health Insurance has traditionally been focused only on ‘financial coverage’ and protection. However, it is also necessary to focus on the ‘Care’ aspect of health insurance. The retirement period is the golden era of an individual’s life. Apt health insurance is quintessential for one to enjoy these golden years to the fullest.