Health insurance is undoubtedly the best way to protect your family against any health problems. However, a sad fact is that very few people actually end up taking advantage of a health insurance policy. The indecisiveness along with the hesitation to invest in the right coverage option is why most of the costs of healthcare are borne by the people right out of their savings.
It is also observed that senior citizens are one of the sections that end up suffering quite a lot because neither do they hold a health insurance policy nor do they have sufficient savings to meet their medical needs.
Even the complexity that is involved in choosing the right health insurance for senior citizens puts them at quite a disadvantage. On top of this, people have a lot of common misconceptions about health insurance for senior citizens. Below mentioned are the top 5 myths that people have and the reality behind them.
Myth #1 – My Parents Do Not Require a Health Insurance, They are Healthy
Reality – As individuals tend to grow old, their bodies start to become fragile and become vulnerable to various health issues. Many of the studies out there have proved that the health of an old-aged person is as fragile as the health of a child. It is important for you to be extremely cautious about the health of your parents and take the required precautions to keep them healthy. Even if your parents, i.e. senior citizens, show no signs of any health-related issues right now, it is possible for their condition to change soon, and it is vital that you buy a health coverage policy for them.
The senior citizen health insurance has a waiting period because of the different medical conditions. This period must be served before the holder files a claim. On the basis of the policy opted for and the insurance provider, the waiting period is different. Opting for health insurance for senior citizens early will help in hedging the risk of the waiting period involved and keep your funds secured during any health emergency.
Myth #2 – The Coverage Offered by Family Floater Insurance Policy is Sufficient
Reality – Under a family floater insurance policy, generally, the entire family is covered, including parents, partners, and kids. It is a group insurance coverage that has a fixed sum assured. If any claim is made for any of the family members, the total sum assured reduces. This means that the coverage amount for the elderly of the family will be reduced. In the case of a medical emergency, the senior citizens may have special needs. This is why the family floater plan may not be sufficient, and you might end up paying funds out of your savings. To avoid this situation, it is best to buy separate health insurance for senior citizens.
Myth #3 – Health Insurance for Senior Citizens is Expensive
Reality – Generally, people opt for a health insurance policy to cover the expenses involved in treatments that might occur in the future. One can safeguard their finances and savings to provide the best of healthcare to their parents in the future. Yes, health insurance for senior citizens can be slightly expensive as compared to the health insurance for non-senior citizens, but it is not unaffordable. With proper financial planning, all costs can be borne and managed.
Myth #4 – My Family’s Senior Citizens Have Health Conditions and Can’t Be Covered under a Health Policy
Reality – This is quite a common misconception that a lot of people have when it comes to health insurance for senior citizens. Many individuals avoid opting for a health insurance policy because they think that the illnesses that are pre-existing might not be covered under the policy. However, the coverage of the illnesses purely depends on the insurance provider that you choose. If the insurance company that you are choosing is willing to provide coverage for the pre-existing illness of your parents, you can opt for health insurance for senior citizens. Before you move forward and approach an insurance provider, you should make sure to research properly about the companies that are willing to offer coverage for the pre-existing diseases.
Myth #5 – Buying Health Insurance for Senior Citizens Online is Unsafe
Reality – Many people think it is not a wise decision to opt for a health insurance policy online. However, the truth is that opting for health insurance using online platforms is easy and safe. When you use an online platform to opt for a health coverage policy, the premiums charged are potentially lower as compared to buying using an offline method, since there are no agents involved. Also, buying health insurance for senior citizens helps you in comparing the policies offered by the different providers and opting for the one that suits your requirements.
Now that you are fully aware of the common myths regarding health insurance for senior citizens, make sure to take a wise decision. If you have a loved one that is a senior citizen, it is sensible to buy a health insurance policy and protect them against any illnesses while keeping your finances secured.