What Are The Myths And Facts About Health Insurance?
Published On Mar 15, 2022 11:00 AM By InsuranceDekho
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Health insurance has become increasingly important as a result of an increase in lifestyle diseases and rising medical costs. And, while purchasing health insurance is very simple, especially in this digital age, there are numerous misunderstandings about health insurance. As a result, before getting health insurance, you must first learn and distinguish the misconceptions from the reality. Here is a list of common and not-so-common myths, as well as the truth behind them.
Health Insurance Myths and Facts
Myth : I do not need health insurance because I am young and healthy.
Fact : This is one of the most popular health insurance misconceptions. The cost of a health insurance premium paid at a young age is reasonable.
This is because as you become older, you are more susceptible to illnesses, so your premium goes up. In addition, the higher the chance of contracting a sickness, the higher the premium. You can also wait for the waiting time if you are young and healthy. This allows you to have full health coverage sooner. Purchasing health insurance at a young age is therefore a prudent move.
Myth : Pre-existing conditions are covered from the first day.
Fact : The truth, on the other hand, is quite the contrary. Except in the case of accidents, every health insurance policy has a 30-day waiting period. Pre-existing diseases usually necessitate a 2-4 year waiting period.
As a result, it is critical to evaluate different health insurance policies online. And then select the most appropriate option. Understand the policy's inclusions and exclusions, as well as the policy's tenure, the sum assured, and so on. It is a good idea to examine the policy wording before deciding whether or not it is right for you.
Myth : For myself and my family, I have a corporate strategy.
Fact : Without a question, businesses give health insurance to their employees. However, this does not neglect the significance of having personal health insurance. If the truth be told, your corporate policy is only valid while you are employed by the company. You will no longer be covered by the policy after you leave your work.
In contrast, if you have your own health insurance, you will not be reliant on your employer's health insurance.
Myth : You will forfeit your benefits if you break the insurance contract.
Fact : True, a policyholder should evaluate his or her policy on a regular basis. However, if the due date passes and he or she does not renew the policy, the insurance provider will give them a 30-day grace period to renew the coverage. While you would not be able to claim benefits during this time, you would not lose out on other important features such as the waiting period.
Myth : I do not have to list all of my previous illnesses.
Fact : This is completely incorrect. Be open and honest about any pre-existing conditions you may have. If you reveal them, there is a good possibility they will be covered after the waiting period. In contrast, if you conceal your medical conditions, the insurer's underwriting staff would most likely assess your medical history at the time of a claim, resulting in your claim being denied.
Myth : The claim requires 24-hour hospitalization.
Fact : Previously, this was correct. But, as medical technology has progressed, many things have changed. Over 100 different therapies are now available in just a few hours. And the patient gets discharged the same day by the doctor. Daycare therapies include cataract surgery, lithography, dialysis, chemotherapy, and other similar procedures.
As a result, practically every insurance company in India now accepts claims for treatments that do not require a 24-hour hospital stay.
Myth : I smoke, so I would not be able to get health insurance.
Fact : Many smokers and alcoholics believe that health insurance is not for them. The good news is that they are covered by health insurance. Despite the fact that they are more vulnerable to health risks, insurance firms provide health coverage for them.
Because the danger they pose is greater than that of a non-smoker, they must pay a higher premium and undergo a thorough pre-health examination before purchasing an insurance policy.
Myth : It is beneficial to have a large number of network hospitals.
Fact : Without a doubt, network hospitals are beneficial. However, you should be aware that in order to recruit clients, health insurance firms frequently emphasize their extensive network. It is important to keep in mind that the list of network hospitals is likely to change every year. As a result, your selected hospital could be removed from the list at any time during the year. As a result, do not pick a policy based on a network of hospitals.
I hope you are now aware of all the typical misconceptions. In the future, do not believe such nonsense.
Also, keep in mind that when getting online health insurance, you should carefully read the policy wording offered by the insurance company. Medical care costs are skyrocketing, and a health insurance plan acts as a safety net for you and your family in the event of a medical emergency.
Also read: What Is a Super Top Up Health Insurance Plan, and How Does It Work?
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.