5 Common Myths about Health Insurance
Although owning a mediclaim insurance policy is important, today a large amount of the Indian population still does not own one. This could be attributed to the fact that people do not have a clear idea of insurance and its importance.
Here is a list of common myths that revolve around mediclaim insurance in the Indian setup:
1. The young and healthy do not need health insurance
The most commonly believed myth is that if you are young and healthy, then health insurance is not for you. However, the truth is far from that. No one knows what tomorrow may bring. While you are young and healthy today, you could fall prey to a disease tomorrow. In such a case, not owning a health insurance policy will end up being a pricey affair for you. On the contrary, investing early on in this insurance policy is the ideal thing to do, as the younger you are, the fitter you are, and the lesser risk you pose to be for the insurance company. This, in turn, reduces your premium costs.
2. The benefits of an insurance policy begin from the day of purchase
Most people believe that the benefits of a health insurance policy commence from the day it has been purchased. However, many people are met with a rude shock when they discover that this is not true. Every insurance policy has something known as a waiting period of about 30 days, varying from policy to policy. No diseases are covered within this waiting period, other than hospitalization owing to an accident. In fact, pre-existing diseases are only covered after four years in most cases (between which no claims have been made). A few diseases also come with one, two, and three-year exclusions.
3. Cheap is always best
Very often people believe that since you may not be 100% sure of using your health insurance policy, the cheaper your policy premiums, the better it is. However, a cheaper policy comes with a strictly restricted coverage and has a number of useful features excluded. This could go against you when you really are in need of health insurance.
4. Insurance reimburses all your medical costs
This is a very commonly perceived myth that your health insurance provider reimburses all your medical costs. The truth is that you get the reimbursement only if you are hospitalized. Even your hospitalization costs come with a sub-limit. While some policies come with a sub-limit of hospital room charges, some other come with a sub-limit on medicine costs, depending on the policy.
5. Buying health insurance online is a risky affair
Buying health insurance online is a much safer and wiser process than buying one through an agent. This is because when you buy insurance online, you do so directly from the insurance provider’s website. This means you directly engage with the company rather than an agent. You just have to read the policy document carefully before purchasing it online. What can be safer than this?
While purchasing a health insurance policy, it is essential to bid adieu to these myths and avail of a policy in line with your financial capacity, health care requirements, and lifestyle.