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Common Myths About Individual Health Insurance Plans

Published On Sep 08, 2021, Updated On Sep 13, 2021

Health insurance plans are of different types and are available in a wide range of options in the insurance market. Among the various health insurance plans that are available in the market some of them are individual health insurance, family floater health insurance, group health insurance, maternity benefit plans, critical illness plans, etc. Individual health insurance plans are health insurance covers bought for a single individual. It covers the medical expenses of a single individual and comes with benefits like hospitalization expenses, medication costs, ambulance charges, room rents, etc. 

Often people are misled by the common myths about health insurance policies which need to be busted. In today’s date, investing in a health insurance policy is one of the wisest choices. If you are new to the health insurance market, then it is advisable to do ample amount of research before investing in a health insurance plan. You must analyze your choices before investing in a health insurance cover to make sure that your demands are met in the purchased policy. 

Common Myths About Individual Health Insurance Plans

Some Common Myths On Individual Health Insurance Plans 

Following are some of the most common myths about the individual health insurance plan: 

  • I Have A Good Health And I Don’t Need Health Insurance

This is a very common perception among the individuals, that they are healthy and therefore, do not need a health insurance cover. But, life is full of unforeseen events and is unpredictable. Any unforeseen mishap can happen anytime to a person, for which you must have some financial backup. Also, the health of a person deteriorates with the increase in age, but health insurance plans cost high at an old age, therefore you must buy an individual health insurance plan as early as possible. 

Must Read:  Should I Buy Individual Or Family Health Insurance Plans During COVID-19?

  • Pre-Existing Diseases Are Covered From Day One of The Purchase 

Every health insurance policy comes with a waiting period, during which the policyholder cannot claim the purchased policy for specific diseases also called pre-existing diseases. The waiting period for pre-existing diseases lasts from 2 to 5 years and therefore, you must get an individual plan as early as possible to get over with the waiting period. To know the list of diseases included under the pre-existing category, you must go through the policy-related documents carefully. 

  • I Don't Need A Health Insurance Plan As I Have A Corporate Plan 

If you are covered under a corporate or group health insurance cover, you must know that it has a limited coverage for you and your family which might be insufficient for treatment of certain critical diseases like stroke, diabetes, cancer, etc. To provide complete protection to your family, you can invest in a suitable health insurance cover for yourself and your family members. Also, the corporate plans are available only until you are a part of the organization. 

  • I Need Not Declare All My Pre-Existing Diseases 

You should never hide your medical history from the insurer as it can be filed legally under the case of fraud. Also, in the near future if you face a medical emergency with respect to a pre-existing disease that you have not declared to your insurer, then the insurance provider will not approve any claim for the hospitalization expenses of that disease.

  • I Smoke, And I Will Not Get Health Insurance Cover 

It is popularly believed by a lot of people that smokers are not eligible for individual health insurance plans, which is not true. The premium rates of a policy for smokers is higher than usual as they are more vulnerable to contract a life-threatening disease like cancer, bronchitis, stroke, etc. Consumption of such harmful substances increases the risk of a person to get contracted to a disease, and therefore the premium rates are higher for smokers. 

Conclusion 

Many other myths are believed by the customers of an individual health insurance cover which should not be taken into consideration. You must conduct your own research and then invest in a health insurance policy to make sure that your requirements have been met in the purchased plan. You must read the fine print of your policy to know more about it.

Also Read:  Employer Health Insurance vs Individual Health Insurance Plan


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.

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