Health insurance is one of the most misunderstood policies. In India, many misconceptions are associated with health insurance policies. Most of these misconceptions hold their stand only because of the general lack of knowledge about health insurance policies. It is important to make sure everyone has some basic knowledge about the health insurance policies and get the required coverage for everyone in the family. For that, it is important to bust the myths associated with health insurance.
Here is a list of 10 myths related to health insurance
If you are young and healthy, you do not need health insurance
One of the biggest misconceptions about health insurance policies is that if you are young and healthy, you do not need one. Reality is you should buy a health insurance plan from the day you get your first salary. Many pre-existing diseases require a waiting period to get covered under health insurance. The symptoms of such diseases may not appear until you enter the 30s or 40s. To make sure you get the cover at the right time, buy a health insurance policy as early as possible. Also, if you start early, the premium cost will be lesser.
You will get health insurance policy benefits from day one
Every insurance policy has a waiting period before which you cannot claim against some specific health problems. During the first 30-days, no diseases or medical expenses are covered under the health insurance plan. Any health insurance plan will only cover accidental hospitalization from day one. For pre-existing ailments, the insurance companies have a waiting period that may extend to three to four years.
The cheaper policy is the best policy
It is another misconception about the health insurance plans. Some people think and advice that everyone should buy insurance policies with minimum possible cover. Low-cost policies limit the benefits, and some important features are generally missing from such policies.
Group health insurance policy is enough
Most of the companies nowadays offer health insurance cover to the employees. Such coverage is provided via Group Health Insurance policies in which a single policy covers all employees. Such policies do not cover the family members of the employees, and in most of cases do not offer adequate cover either. If you plan to change the job, you will lose the cover immediately. Thus, it is essential to have an additional health insurance policy.
If you miss renewal benefits will lapse immediately
Every insurance company offers a 15-day grace period in which you can renew your health insurance policy. However, it is not suggested that you should wait for the expiration date. You can renew the health insurance policy up to 60 days before the expiration date. During the 15-day grace period, if you renew the policy, it will be treated as ‘continuously covered’. However, you will not get benefits for the period between the date on which policy expired and the date on which you renewed it.
Insurers pay for everything
Generally, people think that insurance companies will pay for all the costs associated with the health problem such as medication, OPDs, doctor’s fees etc. The reality is the policy may have sub-limits. For example, the insurance companies may only pay up to 10% of the sum assured as room charges or they reimburse only up to Rs.40,000/- per year for the medicines.
You have to be hospitalized for 24-hours to get benefits
It is another common misconception about health insurance policies. Many policyholders think that they can get cover only if they are hospitalized for 24 hours or more. It is not true, and the insurance companies will provide you cover for certain surgeries and procedures that may not require more than a few hours of hospitalization. However, it is better to check the list of exclusions in the policy documents and understand what ailments are included and what is excluded.
You cannot get a claim against pregnancy-related ailments
Subject to certain conditions insurance companies provide cover for pregnancy-related claims. It is true that until a few years ago, most of the health insurance companies were not willing to cover pregnancy, but the things have changed now. However, some policies may require a three-year waiting period before you can claim pregnancy-related cover. Some insurance policies only cover the first pregnancy.
It is not safe to buy insurance policy online
One of the biggest misconceptions that people hold about health insurance policies is that it is not safe to buy them online. Interestingly, you can save a lot on premium cost and get better coverage when you buy it online. The reason is there are no agents or middle-man between you and the insurance companies. The insurers save the commission and forward the benefits to the policyholders. When you buy insurance policies online, you can compare several policies at the same time and choose the best cover for you and your family.
You can destroy the insurance policy documents after it is expired
You should not destroy the documents even if the policy expired years ago. When you change the insurance companies, your new insurance company may ask you for the old documents in case they want to check if there are additional benefits that you should have. If the new insurer knows about the history of the policy, you may get a discount on premium cost as well.
Do not trust everything you hear about health insurance policies
There are many myths associated with health insurance policies that are floating around in the market. When it comes to health insurance, you should take care of the coverage you need. You should compare insurance policies online and choose add-ons depending on your requirement. The list mentioned above of myths will help you in understanding health insurance policies in a better and clearer way. By understanding the myths, you can make a wise decision about the health insurance policy you are planning to buy and get the required add-ons for better coverage.