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Health Insurance Myths Busted

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Many people refrain from buying health insurance due to the prevailing myths surrounding it. Due to the myths, many people often also end up buying heath insurance without fully understanding the benefits and conditions associated with it. Both the scenarios are not ideal.

Here are some insurance myths busted.

Myth – Policy benefits begin immediately.

Fact – Health insurance has an initial waiting period of 30-90 days. This time frame needs to lapse before you can claim any benefits. The only exception to this waiting period is accidental injury. If you have pre-existing conditions, you need to wait for a period of 3-4 years before you can claim benefits for it. For disease specific waiting periods, you need to wait for a period of 1 to 3 years depending upon the type of disease. For maternity benefits, the waiting period can also be around 3-4 years.

Myth – Healthy and young people don’t need health insurance.

Fact – Even if you are healthy now, you may have a medical problem later in life. In such cases, you won’t need to wait to claim the benefits. If you buy health insurance at a young age, you get the advantage of lower premiums down the line. The premium amount increase as you age and become more susceptible to diseases.

Myth – It is not wise to buy health insurance online.

Fact – It is perfectly safe to purchase health insurance online. Gone are the days when you needed to purchase insurance through independent brokers or agents. Now, you can purchase policies directly from the insurance companies in easy steps. In fact, buying health insurance online can be cheaper as companies don’t need to pay commissions to agents.

Myth – It is compulsory for everyone to undergo medical tests for buying health insurance.

Fact – Anyone below the age of 45 need not undergo medical tests for buying health insurance. if you do not have pre existing disease. The age can differ from one insurer to another though.

Myth – 24-hour hospitalisation is the minimum requirement to file a claim.

Fact – Not really, as many procedures are completed within a day’s time due to advancement in medical science. For this reason, insurance companies now include day-care procedures in their plans.

Myth – Corporate group health insurance is enough.

Fact – Group insurance may not be sufficient for your individual or family’s specific health needs. You also lose your corporate insurance with your company when you quit the job. You can purchase top-up plans separately or with an individual or health insurance for family to fill any gaps in your group health insurance.

Myth – Health insurance lapses if you fail to renew it on time.

Fact – Insurance companies offer a grace period of 1 month to policyholders in case they are not able to renew their health insurance for any reason. You won’t need to pay any penalty in order to renew your health insurance.

Diwaker Asthana Health Insurance industry experience of 20 years Diwaker Asthana recommends buying my:health Suraksha Insurance to get the benefit of a wide range of coverage that the plan offers. For some unique benefits like cashless home health care and in-patient treatment for mental illness, he believes this plan will benefit customers in the long run.

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