The Truth About Health Insurance

Despite the fact that everyone needs health insurance, some false beliefs discourage people from enrolling in it. You must dispel these beliefs and understand the reality of health insurance before choosing a policy.

Common Myths About Health Insurance Debunked

Below, we have enlisted some of the common myths surrounding health insurance -

Having Health Insurance Provided By Your Employer Is Adequate

As part of their employee welfare programmes, several companies offer group health insurance to their employees. Don't discount the value of having individual health insurance, even if you are covered by your employer's health insurance plan. While corporate insurance is helpful, it may not cover your elderly parents or other dependents, may have a co-payment requirement, etc. Also, it is usually valid only up to the period of employment, which means that after you leave the job, you are no longer covered under the plan. 

Myth 2: Smokers Cannot Get Health Insurance

Although they may have a far higher chance of developing health problems, these people can still get health insurance. However, because there is a larger risk f covering smokers, the premium would be slightly on a higher side and such people may also require to undergo a series of health check ups before they start receiving coverage. d 
Myth 3: Healthy Individuals Don't Require Health Insurance
While staying in shape is great, it won't protect you against unanticipated events like sickness or accidents. Even the fittest people can develop diseases like malaria and dengue. Accidents can seriously hurt anyone, and depending on the severity of the injuries, medical costs could quickly reach lakhs.

Myth 4:You Are Paid Only If You're Hospitalised

It is a myth that only surgeries which are followed by hospitalisation are covered under a health insurance policy. Thanks to technological advancements, it is not always necessary that an individual be hospitalised to undergo a surgery. Day care procedures like a cataract operation, kidney stone removal, etc. do not require patients to be hospitalised and patients can easily go back home after a few hours. Day care procedures are covered under health insurance. Some health insurance companies also extend cover towards related expenses like dental treatments, doctor consultation charges, ayurvedic and even Unani treatment expenses under a health insurance policy.Health insurance policies do cover OPD and day care expenses mentioned above.

Myth 5: An Immediate Surgery Can Be Covered By Health Insurance

It's true that a provision in health insurance policies restricts people from filing claims after the first 30-90 days. The waiting period, which is applicable to some conditions like hysterectomy, is also a component of health insurance policies. For pre-existing conditions, most health insurance policies have a waiting period of two to three years. To prevent having your claim completely denied by your insurer if it is revealed that your disease was present prior to the purchase of the policy, make sure you provide all medical information to your insurer at the time of obtaining the policy.

Myth 6: Network Hospitals & Daycare Practices: The More, the Better

Health insurance brochures frequently place an emphasis on promoting their extensive network of accredited hospitals in order to draw customers. In actuality, the hospitals that are a part of the network matter much more than the numbers. This is due to the fact that the network of hospitals covered by an insurer's network is likely to change each year, which means your favourite hospital could be removed at any time. The same reasoning holds true for daycare policies, which are also considered when choosing a policy. 
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Myth 7: Buying health insurance to save money on taxes

The majority of people in India consider insurance policies more as a way to save money on taxes than as a way to be covered in case of an emergency. It is advised that you carefully study the policy document before you buy an insurance only for tax benefits to prevent being caught off guard when it comes time to file a claim.

Conclusion

Now that you are aware of all the truths underlying the myths, it is essential to carefully review and thoroughly study the offer paperwork before purchasing your insurance. Due to the high cost of healthcare, it's crucial to have the appropriate health insurance plan in place.

Also Read: Parameters To Consider In Health Insurance Premium Calculator