Navigating Health Insurance Choices: PMJAY vs Private Coverage for Seniors
Understanding PMJAY and Its Implications for Senior Citizens
When faced with renewing a costly health insurance policy, seniors like SK Shah are questioning if they should invest in private coverage or opt for the government's Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB-PMJAY). This scheme, extended to senior citizens over 70, offers ₹5 lakh in free coverage per family.
Challenges in Choosing Between PMJAY and Private Health Insurance
- Private health insurance premiums can be as high as ₹73,000.
- AB-PMJAY coverage is becoming a viable option, benefiting approximately 60 million senior citizens.
- Concerns about the quality of care in empanelled hospitals may deter seniors from relying solely on government schemes.
- Private insurers, such as Star Health and New India Assurance, have increased premiums, making self-funding problematic.
The Future of Senior Health Coverage in India
If PMJAY's execution can be improved, it could provide a compelling alternative for seniors who are currently burdened by high private insurance costs. Expansion of the hospital network under PMJAY may also enhance its appeal.
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