Published: 09th Oct 2024
By: Value Research
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:
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.
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.
Unlike private health insurance, PM-JAY provides immediate coverage for pre-existing medical conditions from day 1, without any waiting period.
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.
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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