"Health insurance! NO! I don’t have health insurance and why do I even need one? I don’t believe in health insurance plans. These are all just scams." - These are some of the most common responses you get whenever people are asked about health insurance plans. It is not your fault; it is the lack of general awareness and the numerous myths surrounding health insurance.
Health insurance provides you with both financial as well as health security. Hence, you must debunk the common health insurance myths and buy a good insurance plan today for a secure future.
Key Highlights
Health insurance plans cover your medical costs and can provide financial security in medical emergencies.
Various health insurance myths hinder and restrict the growth of health insurance in India.
Some of the common myths include not needing health insurance at a young age, and coverage-related and policy-related myths.
It is important to debunk these myths and see the right picture so that you can make an informed decision when buying the policy.
Health Insurance Myths Debunked
Listed below are some of the common health insurance myths and their respective facts -
Myth #1 - I am too young for health insurance
This is one of the most common myths surrounding the Indian health insurance sector. Young people feel that they do not need health insurance as they are fit and can take care of themselves.
Fact:
But, what you might tend to forget is that life is uncertain and unforeseen incidences such as illness or accidents may occur at any time, leaving you completely helpless. So, it is advised to secure your future with a good health plan and safeguard yourself against such uncertainties. Moreover, health insurance premiums are lower at a younger age, so you might as well buy a health plan when you are young for maximum benefits.
Myth #2 - Health insurance coverage starts immediately
This is a very interesting myth, whereby you might believe that the coverage of your health plan begins from the day the plan has been purchased.
Fact
This is not the case. Most health insurance plans have a waiting period for specific illnesses and treatments. It means that you are entitled to enjoy the full coverage benefit only after completion of the waiting period. So, you must read the offer document carefully and understand the coverage terms well before making a health insurance purchase.
Myth #3 - The cheaper the better
This is one of the biggest insurance myths of all time. Many of you believe that you can get a good insurance plan for a low price and that the cost of the plan must be considered before purchasing an insurance plan.
Fact
The plan must indeed be affordable, but not necessarily be cheap. You must consider the features, benefits and coverage of the plan and not just the cost of the plan, to ensure buying the right policy. A comprehensive health insurance plan might not have low premiums but it will provide an inclusive scope of coverage.
Myth #4 - Group insurance by the employer is sufficient
Usually, if you are an employee, you might have a group health insurance plan given by your employer. In such cases, you might feel that your insurance needs will be met by the company-provided insurance plan.
Fact
While group insurance plans are good, they have certain coverage limitations. Moreover, the plan continues only till you are employed with the same company. If you quit or switch jobs, you might lose the coverage.
Hence, you must back it up with your health insurance plan for adequate coverage.
Also Read -
Demystify common myths surrounding vaccines
Myth #5 - Pregnant women are not covered
Many of you might have a notion that health insurance plans do not cover pregnancy. As such, if you are pregnant or if you want to cover pregnancy costs, you cannot buy health insurance.
Fact
There are numerous maternity plans and family floater health plans which cover pregnancy and offer benefits. However, these plans have a certain waiting period, about which you must understand carefully before buying the plan.
Myth#6 - Hospitalisation is a must for getting a claim
Another health insurance myth is that you must be hospitalised to enjoy coverage benefits. Coverage is not available without hospitalisation.
Fact
This is not always the case. Various plans offer coverage on daycare procedures, OPD expenses, diagnostics tests and other related expenses that do not require hospitalisation.
Also Read -
Things to check after being discharged for easy claim settlements
Myth#7 - Pre-existing illnesses are not covered
People with pre-existing illnesses avoid taking health plans thinking that they will not get covered for the disease they are already suffering from.
Fact
Pre-existing illnesses are covered under health plans. Almost all plans cover pre-existing illnesses and their complications after the expiry of the applicable waiting period.
Also Read -
Know why it is important to get a health check-up at least once a year
Decode Common Health Insurance Myths
Medical costs are rising and medical treatments can prove unaffordable without a health insurance plan. So, dispel the various health insurance myths and see the real picture. Know how a health insurance policy works.
Understand the complete scope of coverage of the policy that you buy so that you know what to expect from it. Buy a
comprehensive health insurance plan, like those offered by Reliance General Insurance, and get financial security against medical eventualities.
FAQs
Q1 - Why is health insurance important?
A health insurance plan is important because it covers expensive medical bills and allows you to afford quality healthcare. Moreover, with the right plan, you can get coverage for all your family members.
Q2 - Do insurance companies cover all the hospitalisation expenses?
Insurance companies do not cover all the hospitalisation expenses. They have certain exclusions, whereby, certain treatments or tests are not covered. You must read the offer document and then make a decision depending on your needs.
Q3 - Is a network hospital found only in big cities?
This is among one of the health insurance myths that you cannot find a network of hospitals in small cities. Most insurance companies have strong network partners in smaller cities and towns throughout the country.
Q4 - If I am addicted to smoking/drinking, can I apply for a health insurance plan?
Irrespective of the fact that you drink or smoke, you can apply for a health insurance plan. However, you might have to pay a higher premium as compared to those who don’t smoke or drink because of increased health risks.
Q5 - How to decide which insurance plan is best for me?
Different insurance plans offer different coverage benefits. You must consider various factors such as your medical history, your premium payment capacity, number of dependent members, lifestyle and other related factors before choosing an ideal investment plan for yourself. You must keep in mind that the policy you choose should offer adequate coverage to you during any kind of medical emergency.