7 Common Health Insurance Myths Busted.
7 Common Health Insurance Myths Busted
Medical costs are increasing steeply and rapidly in today’s times. Hence, Medical insurance is no longer a luxury but rather a necessity. However, despite the fact that health insurance is an indispensable asset, there is much ambiguity surrounding it.
In this article, we bust some common myths about health insurance to help you make an informed choice.
Myth 1: I am young and healthy so I do not need health insurance
This is one of the most common myths that people have with respect to purchasing health insurance.
In today’s world, being young does not equate to being healthy. Rather, the sedentary lifestyle that youngsters lead today has resulted in a significant increase in lifestyle diseases. In addition to this, the increase in environmental pollution and adulteration in food has spiralled health issues, making health insurance an important asset.
Also, accidents and mishaps can occur at any time, and any person irrespective of age. In such situations, an insurance policy is very handy in covering for the unanticipated medical expenses.
Further, when you purchase a health insurance policy in use at a young age, the premium that you pay is much less when compared to what you’d pay as you get older. So, it is a great idea to buy insurance when you are young.
Myth 2: Health insurance will cover all my expenses if I fall sick
While on paper insurance will compensate for all your medical expenses, things could be different in reality.
For instance, in most policies, there is a cap on the amount that can be availed on room expenses. Similarly, there could be sub-limits on specific treatments and the rest of the expense will have to be borne by you. Also, many policies do not cover doctor consultation fees or emergency ambulance service charges.
Hence, you must read the fine print before you invest in health insurance.
Myth 3: If I do not reveal my pre-existing health conditions, it will be compensated for when I fall ill
Many people have the wrong notion that if they disclose their pre-existing and chronic health conditions and ailments, the insurer will reject their claims or increase the premium amounts. However, not revealing medical conditions at the time of purchasing the policy will rather result in claim rejections later.
Myth 4: The benefits of health insurance begin as soon as it is purchased
Remember that for most health insurance policies, the benefits cannot be availed as soon as the policy is purchased: there is a waiting period involved before clams can be made. Further, pre-existing conditions are covered only after the waiting period.
Myth 5: Because I have a corporate plan from my employer, I do not need personal health insurance
Most employees can avail of a health insurance policy from their employers. However, such an insurance policy is valid only until you are employed with that particular employer. In the event that you switch jobs, a personal policy will cover you in the transition period from one job to another. Also, if you retire from work or are, unfortunately, laid off, then you are left uncovered and a personal insurance policy can be valuable..
Myth 6: Purchasing a health insurance policy online is risky and unreliable
In today’s digital world, every commodity and service is just a click away. And, health insurance is no different.
Insurers have adapted to the digital work efficiently and promptly, providing much ease and convenience to the customer.
Online, with a click of a few keys, you can compare a wide range of insurance schemes and their features, and pick a comprehensive plan that is most suitable for you and your family.
Also, with most insurers using secure payment gateways and encryptions, you have no reason to worry about the safety of your transaction.
Myth 7: Cashless facility is available at all hospitals if you are insured
Again, this erroneous belief leads to incorrect expectations. Remember that you can avail the cashless facility in only those hospitals that are under the ambit of the network hospitals of your insurer. If you or your family member is undergoing treatment at a non-network hospital, you will have to bear the expenses of the treatment and then apply for a reimbursement with the insurer by submitting the necessary documents.
Now that you are aware of some common misconceptions regarding insurance, you can certainly make a knowledgeable decision on health insurance that will benefit you and your family.