Is PM-JAY a better choice of health insurance for senior citizens?

Published: 09th Oct 2024

By: Value Research

1/ Time to rethink health insurance for seniors

The Pradhan Mantri Jan Arogya Yojana (PM-JAY) is set to extend annual health insurance coverage of up to Rs 5 lakh to all senior citizens aged above 70. Is this government scheme worth ditching private health insurance? Swipe to find out:

2/ The no-premium benefit

PM-JAY has many benefits over private health insurance. The biggest advantage is its free coverage that involves no premium payments compared to private policies where premiums become progressively expensive.

3/ Universal access

All senior citizens qualify, regardless of income. Also, senior citizens who are part of a family already enrolled in PM-JAY will receive an additional top-up of Rs 5 lakh, exclusive to them.

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4/ Pre-existing conditions

Unlike private health insurance, PM-JAY provides immediate coverage for pre-existing medical conditions from day 1, without any waiting period.

5/ No out-of-pocket expenses

PM-JAY has no no co-payment clauses, meaning senior citizens are not required to bear a part of the treatment cost on their own, as is often the case with private insurance.

6/ Limitations of PM-JAY

PM-JAY offers valuable coverage, but it’s not without its drawbacks, especially regarding flexibility and comfort. A lack of reimbursement clause and admissions limited to general wards weaken its proposition. Check these limitations in detail from our story. Click the link below:

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