5 common Myths about Health Insurance deciphered

There are many insurance myths floating around about health insurance that deter people from buying them and enjoying the many benefits that come with a good health insurance policy from a reputed insurance company. When you make a decision on what policy would best suit your needs, it is important to separate fact from fiction so that you can make an informed choice. Let us take a look at some of the most common health insurance myths and facts.

Myth: Employee mediclaim/group insurance cover provides sufficient coverage.

Fact: Group insurance policies provided by your employer do not cover the entire breadth of possible diseases and sometimes have caps on the reimbursement amount. Moreover, they will cover you only as long as you are with the organization. Hence, it is a wise move to purchase a personal health insurance plan for you and your family which best suits your medical history and provides a thorough coverage against all possible diseases.

Myth: Smokers can’t get health insurance.

Fact: This health insurance myth is not true. Health insurance companies are only concerned about pre-existing conditions which you need to declare. If your smoking habit has resulted in lung cancer or other respiratory disease before purchase of insurance, then you are required to declare this as a pre-existing medical condition.

Myth: Pre-existing medical conditions are not covered by health insurance.

Fact: Pre-existing conditions are not covered only for a period of 48 months from policy date of commencement. This means that the claim for treatment of these conditions will be made only if the treatment is carried out 48 months after date of commencement of the policy.

Myth: Health insurance policy benefits are in effect from date of purchase.

Fact: Health insurance policies usually come with a waiting period of first 30 days during which claims for disease diagnosis and treatment are not accepted. However, accident claim settlements during this period are allowed.

Myth: I need to be admitted for at least one day for claiming health insurance.

Fact: Though this is the case for most diseases, insurance companies take cognizance of the fact that there are specialized surgeries and treatments that do not require hospitalization for days together. Therefore, insurance companies are more than willing to reimburse costs incurred for these surgeries and treatments provided a qualified physician certifies the validity of the claim.

It is always important to go over the policy documents thoroughly to understand the fine prints so that we can prevent ourselves from being swayed by rumours and uninformed healthcare myths. The experts at HDFC ERGO are ever-ready to help you out with fact-finding and helping you make the best decisions for all your health insurance needs!

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