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A health insurance plan supports individuals to take care of their medical and healthcare requirements without making a hole in their pockets. Of late people are becoming more and more conscious and aware about the significance of health insurance. Thus, they are realizing that health insurance is not a luxury or wasteful expense, rather it is an investment that is required for your financial security.
Nevertheless, though more and more people are aware about the importance of health insurance, there are several myths that are keeping many of them away from buying health insurance plans. Unless these myths are busted, policy seekers will not be comfortable in buying policies and it will affect their health insurance buying decisions.
Most people are of the view that they should buy health insurance policies only during their late 30s or 40s when they are more prone to diseases. It is true that young people are less vulnerable to diseases. However, it is also true that they are not immune against illnesses altogether. So, they also need health insurance coverage to avoid any unavoidable situation or any disease that might attack them while they are young. Further, with the ever-rising cost of the healthcare industry, it is always better to have a backup of insurance so that you do not have a dent in your savings. Also, you may like to buy a health insurance policy your family to cover your aged parents.
People generally think that they can file a health insurance claim from the first day of buying an insurance policy. However, the fact is no one can make a claim right at the commencement of a policy. Most health insurance policies levy a waiting period of a month before you could raise a claim, except for accidental claims. Besides that, a waiting period of 12 to 48 months is also levied for certain pre-existing diseases that the insured is already suffering from at the time of purchasing the plan. This might affect the health insurance policies for senior citizens.
You must note that most health insurance policies do not cover dental and cosmetic procedures. These procedures are on the list of exclusions under most health insurance policies. However, if a dental procedure arises due to an accident, it might be covered under some types of health insurance policies.
Health plans are renewed on a yearly basis. Thus, most people are of the view that if they fail to renew it before the maturity date, they will lose all the benefits that are applicable under their plan. However, the fact is every health insurance plan allows a grace period of minimum 15 days to renew a policy beyond the expiry date. However, the policy might terminate if the grace period is missed.
Most health insurance policies levy clauses like co-payment and sub-limits to the policyholder and hence the entire amount is not paid by the insurer. The policyholder shares a small percentage of the total bill in case of co-payment depending on the insurance company and the particular policy.
In the present time, anything can be bought online, including health insurance plans. And the fact is buying a health policy online is extremely safe if you buy it from a reliable insurer after going through the policy document carefully. However, if you are not comfortable in the online buying process, you can buy it offline by visiting a branch of the insurance company.
The best way to avoid these myths is to stay aware about the insurance policies and the various terms and conditions of such policies and to compare health insurance policies in advance. This help a policy seeker to be more confident in buying a good health insurance plan.
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The market of health insurance is still in a growing stage in India. However, due to lack of awareness, which is said to be the main reason why health insurance is still not that common in India as in most other countries. Also, the high premium of health insurance is another reason why people skip these policies.
The procedures that are not covered under best health insurance policy in India include dental treatment, congenital external defects, convalescence, venereal disease, conditions due to intoxicating drugs/alcohol, self-inflicted injuries, AIDS, infertility treatment etc.
Yes, there are several benefits of having health insurance. Among others, the financial confidence to take care of your loved ones is the most useful benefit of these policies. These policies help people in dealing with the inflation in healthcare treatment.
There are some common causes which led to the rejection of health insurance claims. One of the primary reasons is the non-disclosure, or partial/wrong disclosure of important details of the policyholder at the time of buying a plan. Some of the information given wrongly are related to age, income, any pre-existing medical conditions, any current insurance plans already in use etc.
Care Health Insurance Company
Aditya Birla Capital
Bajaj Allianz General Insurance company etc.
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