Myths and Facts of Health insurance
A spurt in lifestyle diseases and soaring medical costs has made health insurance a critical need today. And though buying a health insurance policy is pretty straightforward, especially in this digital age, there are a lot of misconceptions around health insurance. Hence, before purchasing health insurance, you need to understand and separate the myths from the facts before taking a decision. Here is a list of the common and some not-so-common myths and the real facts behind them.
Myth 1: I am young, fit and fine. I don’t need health insurance
Fact: Age has no relevance to good health anymore, thanks to our stressful lifestyle and the environmental pollution. Studies have substantiated the fact that a majority of young population is getting sicker and sicker every day. Hence, irrespective of your age, you are safer with a health insurance plan than without it. Availing a health insurance plan early in life is also wiser as the premium is lower.
Myth 2: Employer contributed health insurance will suffice for your needs
Fact: A majority of organisations cover their employees under the corporate health insurance schemes. However, do not undermine the importance of having a personal health cover. Your corporate policy will be valid only as long as you are working for the organisation, and once you quit you will need to look for a new plan anyway. Having a personal health insurance rules out this dependence.
Myth 3: A minimum of 24 hours’ hospitalisation is mandatory for insurance claims
Fact: The common myth that hospitalisation is mandatory for any claim through insurance, is no more a prerequisite. Many insurance companies have started providing cover for chemotherapy, radiotherapy, eye surgery, dialysis, etc. - all day care procedures. Dental care does not fall under day care and may not require hospitalisation. All these are covered under specific health plans.
Myth 4: Pregnancy not covered under health insurance
Fact: This was a fact until a few years ago; however, the scenario is changing for the better. Insurers offer pregnancy and maternity coverage subject to certain constraints. While some cover a restricted number of pregnancies, others have a waiting period of three years before covering such claims.
Myth 5: Health insurance purchased just before a surgery will cover the costs
Fact: Health cover policies often have a clause for a waiting period before making any claims. Also, pre-existing diseases will be covered post completing the waiting period, hence read the policy wording
before buying a policy.
Myth 6: You will get complete reimbursement of the cost of treatment
Fact: The percentage of reimbursement is policy specific. Most policies have a cap for room charges depending upon the total sum insured and the excess amount needs to be borne by the insured. A policy has sub-limits for other expenses like medicine which may fall under partial reimbursement. It would be sensible to choose the perfect plan for your needs from the array of policies available.
Myth 7: Online purchase of health cover is unsafe
Fact: In this digital era, buying anything is convenient and just a click away - health cover included. All the details are uploaded on the websites with secure payment gateways and complete privacy. Queries are addressed and information verified online quickly. Buying a health insurance policy online barely takes 10 minutes of your time and is the most convenient option now.
Now that you know about all the facts behind the myths, it’s time to go through the offer document carefully and read it in detail before buying your policy. Healthcare is extremely expensive and hence it’s important to be armed with the right health insurance plan for your needs.
Disclaimer - The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.