It just takes one medical emergency to make you understand how vulnerable you are when you have to foot the hospital bills. The question right now is how many times we have to visit the hospital to finally realise that we need a health cover or health insurance. Health insurance is an insurance product which covers medical and surgical expenses of an insured individual. It reimburses the expenses incurred due to illness or injury or pays the care provider of the insured individual directly.

Need for health insurance: Medical costs are rising year on year. As a matter of fact, inflation in Medicare is higher than inflation in food and other articles. While inflation in food and other articles is in single digits; Medicare costs usually escalate to double digits. With health insurance, you are assured of a more secure future both money wise and health wise. This makes health insurance policies more critical for individuals, especially if they are responsible for the financial well-being of the family.

Because of all the responsibility on an individual, they try to be on a safer side and don’t want to take risk when it comes to family or health. Health insurance is often a misunderstood financial product. It can be said so, that people tend to get a bit dicey about health insurance because they don’t have proper information about the same. Particularly in India, various misconceptions revolve around the health insurance policies, stemming from a lack of understanding.

Here are few health insurance myths which we are here to debunk.

Healthy and Young? No Health Insurance Needed

In reality, the ideal time to purchase a health insurance is when you are younger and healthier. A policy purchased early in life and renewed regularly, leads to better claim experiences with rising needs. As per health insurance regulations, these pre-existing diseases are covered only after a person holds a health insurance policy for at least 3 years. Buying a mediclaim policy in earlier stage of life is therefore considered beneficial and is a good idea, as the policyholder stays secured at any stage of life. Health insurance acts like a shield against contingencies that come announced any time.

Benefits from Health Plan Start Flowing From Day One

Every health insurance policy comes with a ‘waiting period’ before which, claims against specific ailments are not entertained. In the first 30 days from commencement of the health care policy, no disease is covered. Only accidental hospitalisation gets coverage from the beginning. Pre-existing diseases are usually covered after three claim- free years.

Pregnancy- Related Claims Are Not Entertained

This myth in India has emerged because until few years ago, most health insurance providers were unwilling to cover pregnancy, seeing it a sure-shot claim. Now however, health insurance has started covering pregnancy and maternity expenses, subject to certain conditions. Some policies require a four-year waiting period before covering pregnancy related claims, while some cover only the first pregnancy.

Longer the List of Day Care Procedures, The Better It Is

Another myth that follows is that more exhaustive the list of covered day care procedures, the better it is. However, the more exhaustive the list, higher is the chance of claim rejection because everything is mentioned in the minutest of details. It is always better to claim broad treatment rather than specific ones.

All Medical Expenses, Whether Disclosed or Not Will Be Covered

There are certain ailments/ illness/disease that are not covered under the policy and these exclusions are mentioned in the policy wordings. It is very much important to declare your medical history and pre-existing diseases before taking the policy. In order to avoid any worst situations in later period, it is very important and mandatory to declare all material facts. But there are few who don’t disclose the information and presume that the claims will be paid. So, it is advisable to disclose all the material facts when you are purchasing a policy.

Buying Health Insurance online is risky

The biggest myth regarding health insurance is that buying it online is fraught with risk. In the world of today, where we purchase almost everything online but in this case you don’t know your agent will be there tomorrow or not! Today he has assured you of all the benefits, but if he backs out later who will help you in this situation. But that’s not the case, when you purchase policy online nothing is hidden from you.

  • If something has been promised to you and not fulfilled, you can go back to the same page and verify.
  • You can make sure you fill in your information correctly and disclose all information.
  • You can opt for any payment mode you wish, through secure mode of transactions.
  • There is no dependency on any individual. All the information you want will be online and you can get access to this information anytime.
  • Best part of buying a policy online is that you are saving your valuable time. You can buy a policy in under 7 minutes.

People tend to believe that policy terms and condition remain unchanged and the cashless is the ultimate insurance solution. When purchasing health insurance, it is important to do away with all these myths and buy a policy in sync with your health care needs, lifestyle and financial capacity.

Always read the policy document in detail. Every article has something or other to teach you. Give a thought to the points highlighted above. Buying health insurance is an important decision and you need to analyse the information that you receive or have heard from someone.

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