Top Myths About Health Insurance Busted!

Here is a look at some widespread myths so that you can make better, informed decisions.

Myth 1: You don’t need health insurance if you are young and healthy.

This is one of the most common myths associated with health insurance, but that is all that it is. It is important to understand that it does not matter what age you are or how healthy you are; illness or accidents can strike at any time. 

The good thing about applying for health insurance cover when you are young is that premiums are typically lower. This is why it is a better option to lock in coverage early rather than waiting.

Myth 2: You get coverage immediately after buying insurance.

This is not always the case. Many plans include waiting periods, especially if you have any pre-existing conditions or are undergoing certain treatments. What this means is that even if you've bought a health insurance policy, you might only be able to make claims after a waiting time. Always read the fine print.

Myth 3: Cheaper insurance plans are better

This is another thing that new insurance cover seekers need to understand: health insurance isn’t just about price. Cheaper health insurance options may lack essential benefits, like OPD, daycare procedures, or diagnostics. This is why you must choose a policy that meets your healthcare needs, not just one with the lowest premium.

Myth 4: My employer's group insurance is enough.

Yes, many employers provide coverage as a helpful perk. However, it often comes with limits like capped benefits or no portability if you decide to change jobs. This is another reason why having your own health insurance plan provides an extra layer of security, which is tailored to suit your needs.

Myth 5: Hospitalisation is the only claim-worthy aspect.

This myth could not be farther from the truth. In this day and age, many health plans in India cover options like daycare treatments, diagnostics, and OPD expenses too. All this, without requiring hospitalisation. These aspects of a good health insurance plan are especially helpful for routine or minor treatments.

Myth 6: Buying health insurance online is unsafe.

Here’s the truth: buying health insurance online is quite safe and is often more affordable as well. This is mainly because online health insurance involves fewer intermediaries, such as agents and lower operational costs. 

Most of the digital platforms that offer health insurance provide competitive pricing, user-friendly interfaces, and strong security.

Myth 7: Health insurance is expensive.

There is no doubt that the cost of a good health insurance plan is a concern for most people. However, the good news is that there are numerous affordable plans and even subsidies that provide financial assistance programs, especially in countries with government support. You need to understand that the financial risk that comes with being uninsured will always far outweigh the cost of coverage.

Myth 8: All plans are the same.

This is another popular myth, but you have to know that no two plans are identical. Some plans cover preventive care fully, while others may not. There are various insurance types like HMOs, PPOs, and EPOs. These basically differ in provider networks, prescription coverage, and referral requirements. Keeping all this in mind, you need to choose an insurance plan that best matches your needs. 

Myth 9: You can't change your plan once enrolled.

This depends greatly on the system you have opted for. Many providers have an open enrollment period, or certain enrollments can also be triggered by life events like marriage, childbirth, or job loss. What this means is that you can switch plans when circumstances change.

Myth 10: Health insurers avoid paying claims.

There is no doubt that claim processes can be tricky. However, reputable insurers will always follow legal obligations to help settle legitimate claims. As someone who is investing in health insurance, you need to have clarity on the policy, document all the treatment and approvals, and choose trustworthy providers to help smooth the process.