Gaurav lives in Gurgaon with his family including his ageing parents. When recently moving to a new house, he ensured there is proper healthcare facility available in the vicinity. Since both his parents have physical ailments, Gaurav also purchased a health insurance for senior citizens.
Like Gaurav, many individuals who have elderly parents or relatives at home have a lot of responsibilities upon their shoulders. Accompanying parents to the doctor, advising them to take medicines on time and giving the much-needed emotional support – these are few things that people with ageing parents must ensure.
How important is buying health insurance for parents? Why should I buy a policy if my parents do not have any medical condition? These are some questions that many are looking answers to. In fact, some people believe that their parents do not require insurance cover if they are healthy. This is a misconception.
We list and debunk some common myths about Senior Citizen Health Insurance.
1. Parents are Healthy and Do Not Need Health Cover
Many people assume that if there is no illness, there is no need for health cover. This is the biggest myth owing to which they do not realise the need for buying health insurance for senior citizens. The scope of a health policy is not limited to just providing cover for hospitalisation; instead it has numerous advantages in the form of pre and post hospitalisation cover, no claim bonus, annual medical check-ups, alternative treatment cover, etc.
We live in times when medical costs are rising steadily in India. Medical emergencies can occur suddenly. This is true for anyone, irrespective one’s age and gender. Moreover, the chances of ailments increase with age. Having a health cover will ensure there is no serious impact on one’s savings if case of emergency expenditures.
2. Pre-Existing Ailments May Not Be Covered
Health plans designed for senior citizens have a waiting period for pre-existing diseases. This means that, unlike the permanent exclusions, pre-existing ailments are excluded only for a specified time known as the waiting period. After this period is over, the insured is eligible to get the claim for treatment of any pre-existing ailment.
It is advisable to check the policy terms carefully to understand the waiting period so that there are no hassles when making a claim. ‘Care Senior’ by Care Health Insurance (Formerly Religare Health Insurance) is a senior citizen health policy with a waiting period of 48 months for pre-existing diseases.
3. Parents are already covered under Mediclaim Policy by Employer
Many companies offer group mediclaim policies to their employees with coverage for dependant parents. It is important to note that such corporate policies are valid so long as the employees stay in the present company. The day they leave the company, the benefits of the mediclaim policy are no longer available. Hence, it is wrong to think that a separate senior citizens plan is not required since parents are already covered by employer.
4. Senior Citizens Health Insurance Policies are Expensive
Age is one of the various factors which are considered for deciding the premium a policyholder would have to pay. Premium amounts are on the higher side for senior citizens. However, if we look at the larger picture, there are various other benefits that a senior citizens health policy comes with. Some add-on benefits include domiciliary hospitalisation cover, organ donor expenses as well as alternative treatment cover.
Among the various health insurance plans by Care Health Insurance (Formerly Religare Health Insurance), ‘Care Senior’ is a suitable plan for people having ageing parents at home. This health plan is specifically designed to meet the healthcare expenses for senior citizens and thus providing financial security.