6 Myths About Health Insurance Policy

We all know the importance of health insurance for taking care of hospital bills and medical needs.  Let us take a look at some of the myths that surround a health insurance policy in India, in this post.

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.

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6 myths and bust

The first myth is that you do not require health insurance when you are young

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.

The second myth is that the policyholder can enjoy policy benefit from day 1

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.

The third myth is that health policies offer coverage for dental and cosmetic treatment

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.

The fourth myth states that policyholder lose all benefits upon health policy expiry

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.

The fifth myth is that a health insurance plan offer coverage to your entire medical bill

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.

Popular Health Insurance Companies

The last myth that we are discussing here is that Health insurance policies can only be bought online

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.

Conclusion

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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