Many people skip buying policies for parents due to wrong beliefs or limited understanding. This leaves parents unprotected in medical emergencies, resulting in heavy financial burdens.
By addressing these myths, you can choose the right health insurance for your parents. Proper coverage helps with rising medical expenses and provides peace of mind.
Check out this breakdown of common myths surrounding health insurance for parents.
Myths and Misconceptions
Myth 1: Health Insurance for Parents is Too Expensive
One of the biggest myths is that health insurance for senior citizens is too costly. While premiums can be higher because of age and health conditions, affordable plans are still available. Several insurers offer options with co-payments, flexible sum insured, and manageable premiums.
Additionally, some policies allow discounts for multi-year payments, making it more affordable over time. Investing in health insurance for parents early ensures cost-effective premiums and avoids financial stress later.
Myth 2: Pre-existing diseases Are Not Covered
Many people believe that health insurance policies exclude pre-existing illnesses, but this is not true. Most insurers cover such conditions after a waiting period. The duration of this waiting period varies depending on the policy.
Therefore, it is essential to disclose all pre-existing conditions honestly during the policy purchase to avoid complications later. Policies that include pre-existing diseases help manage long-term treatments and regular check-ups. Understanding the terms of the waiting period and inclusions allows you to choose a plan that works best for your parent’s needs.
Myth 3: Employer-Provided Group Insurance is Enough
Many individuals rely on their employer’s group health insurance to cover their parents’ medical needs. However, group insurance often has limited coverage.
It usually offers a lower sum insured and doesn’t include features like pre-existing disease coverage or specialised treatments. Such policies may not provide comprehensive protection for your parents.
Buying a separate health insurance for parents ensures full coverage tailored to their needs. It offers better protection for surgeries, hospitalisation, critical illnesses, and pre and post-treatment expenses.
Myth 4: Mediclaim Insurance Covers Only Hospitalisation Costs
A common misconception is that mediclaim insurance covers only hospitalisation expenses. Modern health insurance policies are far more comprehensive and include additional benefits.
These plans cover pre- and post-hospitalisation expenses, such as medical tests, consultations, and medicines. Daycare treatments, like cataract surgery or chemotherapy, which don’t require 24-hour hospitalisation, are also included. Many policies even cover ambulance charges, annual health check-ups, and home treatments.
Myth 5: Health Insurance is Not Available for Senior Citizens
Many believe that once parents cross a certain age, it’s impossible to get health insurance. This is another misconception.
Several insurers provide plans specifically designed for senior citizens, ensuring adequate coverage even for older parents. These policies often include coverage for critical illnesses, regular health check-ups, and long-term treatments.
While premiums for senior citizen plans may be higher, the financial benefits outweigh the cost. Securing health insurance for parents at an older age may require some compromises, such as co-payments, but it still provides crucial medical protection.
Myth 6: Higher Sum Insured Means Better Coverage
Many assume that a higher sum insured guarantees better coverage. However, the value of a health insurance plan depends on its features, not just the coverage amount. Factors like network hospitals claim settlement processes, inclusions, and exclusions matter more. Choosing a plan with a high sum insured but limited benefits may not meet your parents’ needs. Instead, focus on comprehensive policies that balance affordability and coverage.
Myth 7: Claims are Always Rejected
Many people avoid buying mediclaim insurance because they fear claim rejections. The truth is that claims are rejected only when policy terms are violated or necessary information is incomplete.
A transparent understanding of the policy terms reduces the risk of rejection. Timely submission of documents and honest disclosure of medical history is key to smoother claim settlements.
Most insurers have simplified processes for cashless claims and reimbursements, making it easier to manage medical emergencies without stress.
Conclusion
Clearing up these myths about health insurance for parents helps in making informed decisions. Proper insurance ensures your parents receive the care they need without affecting your finances.
While misconceptions can hold people back, understanding the facts helps you choose a plan that offers the right balance of cost and coverage. Investing in a suitable mediclaim insurance policy gives you peace of mind and secures your parents’ healthcare needs effectively.
