Just imagine, what could you do with a lump sum of money? If you are between the age of 18-and 30, you might plan an adventurous trip or buy the latest gadget on the market. But would you think of investing in a health insurance policy?

Millennials do not have a concept of saving and are often criticized for their lifestyle, where spending is prioritized over saving for the future. No one thinks of buying a health insurance plan until something bad happens. But health is above all, and with the COVID- 19 pandemic, Millennials have realized the importance of health insurance plans to cover the medical costs. Most of them find it challenging to choose the right health insurance. We can help you choose the right health insurance.

• Plan selection:

There are various types of health insurance plans. You get a wide range of comprehensive options when you buy an insurance plan at a young age. Health Insurance is not just about getting medical cover for your hospital bills. Apart from basic plans, you may purchase critical illness plans which cover the treatment of life-threatening illnesses like cancer. You may need a plan to cover your family too.

Knowing about different types of health insurance plans can help you choose the right health insurance policy to suit your needs.

• Check for Sub-Limits and deductibles before investing:

This is an important factor to keep in mind before you get a health cover. Sub-limit is an extra limit placed on your medical insurance claim by the insurance provider. There may be limits on things like ambulance costs, room rent, ICU charges, or even doctor consultation charges.

Read the policy terms thoroughly to identify such limits and avoid buying such insurance plans as you might have to pay expenses from your pocket.

• Separate insurance for your Parents/ Family: 

When buying health insurance for your family, make sure you do not include them in the same cover. The two benefits of doing so are as follows.

1. Your parents are the eldest members of the family. The insurance company will calculate the premium based on their age. So the overall insurance cost increases significantly.
2. If your parents have any illness and make frequent claims, you may not be able to accumulate a No-claim bonus. Your premium will be extremely high and in some cases, you may not get the insurance cover you need.

Ignoring health insurance is not advisable as a serious accident or illness could hook you to staggering medical bills that will haunt you for years to come. To prepare yourself for challenging situations, get insured with a health insurance policy from Elephant Insurance.

One of the best ways to secure your family from various health issues is health insurance. But as per studies, less than one-fifth of Indians take advantage of health insurance plans. Even travel health insurance is essential. The only reason 70% of healthcare costs are borne by Indians from whatever savings they possess is because of hesitation and indecisiveness to invest in the right policy. Experts say that senior citizens suffer the most, as neither do they have health insurance nor keep enough savings to meet medical needs.

Some myths about travel health insurance are:

1. My parents are healthy, and they do not need health insurance

As people grow old, their body becomes fragile and become susceptible to various illness. Many medical studies have proved that an old-aged person’s health is as delicate as a child’s. You must be extremely careful about your parents’ health and take the necessary precautions to keep them healthy. It is paramount that you buy medical insurance for them. Even if your parents (who are senior citizens) show no sign of any health issues right now, their condition can change quickly.

2. Family Floater Insurance Policy will offer enough cover

When it comes to buying domestic travel insurance in India, people say a family floater insurance policy generally covers all the family members, including parents, spouse, and children but here, if you make any claim because of illness to any of your family members, the sum insured is reduced, which means there will be only limited coverage for the elderly members of your family. It is best to buy separate health insurance for elderly family members to avoid all situations.

3. Senior citizen health insurance is expensive

Ideally, people buy health insurance domestic travel insurance in India and cover the treatment expenses that they may incur in the future. You can safeguard your savings and finances today so that you can provide the best medical care and treatment to your parents in the future. Undoubtedly, the cost of medical insurance for senior citizens is slightly higher than the cost of insurance for non-senior citizens, but it is not extremely expensive.

4. The senior citizens in my family have medical conditions; they cannot be covered under health insurance:

It is one of the most common misconceptions people have about senior citizen health insurance and Travel Insurance for Seniors. The majority of people avoid buying health insurance for the family elder most, mainly because they believe that their pre-existing illness would not be covered under the plan. You can get a health cover for your parents if the insurer you choose is willing to cover the pre-existing disease. You need to ensure that you thoroughly research the insurance companies that provide coverage for pre-existing conditions before approaching the insurance.

Hence, as you know all the myths regarding Travel Insurance for Seniors, make sure that you make an informed buying decision.