Common Myths Regarding Health Insurance

Health insurance is often misunderstood owing to the diverse myths and misconceptions that surround it. The ultimate base of all these misunderstandings is the lack of knowledge and understanding regarding health insurance. It is important to get the myths regarding health insurance busted so that many people seek it for their health and financial benefit.

Common Myths Regarding Health Insurance

Some of the common myths regarding the health insurance policy and the truth that underlies them are listed below.

1. Healthy People Do Not Require Health Insurance

This myth is partially true that healthy people, who eat a well-balanced diet and perform regular exercises do not require health insurance. But accidents and vector-borne diseases like malaria or dengue can affect anyone. And even a brief hospitalization owing to such conditions can cause a serious impact on the savings.

2. Insurance Companies Will Only Cover Costs of Hospitalization

Owing to the advances in medical technology, several complex surgeries such as cataract surgery, renal calculi removal, etc. are performed as a daycare procedure. And there are insurance companies that cover these procedures as well, under their health insurance scheme.

3. Maternity Programs Are Not Covered

This is also a common misconception, that pregnancy and maternity benefits will not be covered in the health insurance plan. Though this was true before a few years, the health insurance plan of modern days has started to cover pregnancy and other maternity benefits under the health insurance cover.

4. Health Insurance Policies Are Only for Tax Saving

This is a major misconception regarding health insurance and it is seen majorly as a tax-saving tool. The medical benefit it offers comes only as a secondary benefit. But the ultimate aim of health insurance is to help people save against major healthcare expenditure, rather than for saving tax. Investing in a wise health insurance plan helps to save a lot of money other than mere tax.

5. Clause Regarding Pre-Existing Diseases

A lot of health insurance policies these days come with an option to include pre-existing diseases after a brief waiting period, thus making health insurance accessible to all people. Also, some health insurance plans help the policy seekers to undergo a thorough medical examination to help them have a better insight into their health.

6. Only the Earning Member of the Family Requires Insurance

This is a highly prevalent misconception regarding health insurance. It is conceived that the main earning member of the family requires health insurance. But this is not right and the health insurance should generally cover the entire family, including spouse, parents, and the children of the policy seeker.

7. Health Insurance Do Not Pay the Entire Hospital Bill

This is partially true as health insurance claims will not play for consumables such as gloves, masks, bandages, etc. Some insurers set limits on room rent and sum assured on medicine and treatment as well.

Bottom Line

A lot of insurance seekers are of the view that it is risky to buy health insurance. But indeed it can be a lifesaver at times and save people from the severe financial crunch.

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.