Common Misconceptions about Health Insurance

There are numerous misconceptions among policy buyers regarding health insurance policies. So, before you buy a fresh insurance policy or amend your pre-existing one, let us shatter some common health insurance myths:

1.  I don’t need health insurance because I am healthy

While you may be taking the best care of yourself and are fit, unforeseen events like accidents or illnesses can happen. Rising costs of healthcare can burn a hole in your pocket. Hence, it is important to get a health insurance plan in spite of you being healthy.

2. I will get paid only if I am hospitalised

This is a common health insurance misconception. While the insurance companies have a clause of minimum hours of hospitalisation, there are certain exceptions to it. It may not always be necessary for you to be hospitalised to undergo a surgery for instance. Such procedures are day care procedures and are one of the important health insurance benefits.

3. Cashless is the answer

Many policy owners feel that cashless hospitalisation is the solution to all their worries. But the truth is that to avail a cashless facility, you need to first check if the hospital you are seeking treatment at is a part of the network hospitals of your policy provider. In other words, cashless facility can only be availed at one of the network hospitals of your insurance provider. HDFC Ergo provides a network of more than 6000 hospitals across the country.

4. Maternity program will not be covered

While this was true some years ago, many insurance providers now have started giving maternity coverage in their health insurance plans that covers for pre and post-natal care as well as delivery expenses.

5. Buying health insurance plan in order to save taxes

Many people purchase health insurance merely for the benefit of saving taxes. But this is not a good idea. It is important that you seek a plan that covers you against healthcare expenses rather than saving taxes. This will ensure that you save much more than mere taxes.

6. Pre-existing diseases

People seem to be scared of buying a health insurance policy due to their pre-existing ailments. However, most health insurances these days come with the benefit of covering pre-existing ailments also. There may be however a certain waiting period before you can avail that benefit.

7. Only the earning member of the family needs insurance

Another popular misconception about health insurance is that it is required only for the earning members of the family. Your health insurance plan should cover the entire family including your kids, spouse as well as parents.

Hence, it is very important that you invest in a suitable health care plan only after understanding the fine print and policy regulations as a lack of understanding may lead to myths that are far from actual truth.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before going ahead with the sales.

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