Avoid Believing These Health Insurance Myths

Health insurance is an important financial protection that can help you pay for medical expenses in the event of an unexpected illness or injury. However, there are a number of common misbeliefs about health insurance that can prevent people from getting the coverage they need. A number of these are myths and falling for these can lead you to making the wrong decisions when it comes to your health and wellbeing. Here is a look at some of the common misconceptions regarding health insurance and the facts behind them.

Myth 1: Health insurance is always expensive

Even today, a significant number of people shy away from health insurance because they believe that health insurance can prove to be expensive. While it is necessary to address that medical insurance can be expensive in some instances, that may not always be the case. For example, if you do not have a history of pre-existing conditions, you may be offered a relatively lower premium. One also ought to consider that the benefits offered by health insurance plans may far outweigh the price you need to pay for them. Moreover, it is easy for you to check premium costs using an health insurance premium calculator.*##

Myth 2: You don’t need health insurance if you are young and healthy

Buying health insurance is often assumed to be a concern to address when you reach a certain age or have developed some ailments. People who are young and healthy tend to dismiss the need for medical insurance. However, life can throw some shocks your way at any time. For example, accidents can strike at any time, even when we are being careful. One may even develop a health condition that requires extensive medical attention. Moreover, these policies may get more expensive as you age. Thus, it is better to consider medical insurance as early in life as possible.

Myth 3: You can buy health insurance right when you need it^

The waiting period is a concept in health insurance that all consumers ought to be aware of. Many wrongly assume that they could buy a health policy and start to claim its benefits the next day, or soon enough. However, that is not the case. ‘Waiting period’ is the term used to define the period between the day of policy purchase and the time you can start initiating claims. Thus, it may help to not wait for an emergency situation to buy your policy, but rather buy it beforehand. ^Claims are subject to terms and conditions set forth under health insurance policy.

Myth 4: You don’t need to buy an individual policy if your employer offers coverage*

Today, several organisations offer group health insurance coverage to their employees or members. With additional premiums paid by the employee, the coverage can be extended to some of their family members as well. Most people who have this sort of group coverage may imagine that this is enough for them. However, such a policy may not be enough for you to face any unique challenges you have. For example, if you are at an elevated risk of a critical illness, it may suit you to get an individual critical illness plan in addition to your group insurance plan, as the latter may not offer coverage for the needs you may face in the future.

Myth 5: Only hospitalisation is covered under health insurance*

There are several sub-types of health insurance that you ought to know about if you want to ensure the right health coverage for yourself and your family. Some of these policies are limited to offering coverage only for hospitalisation. However, there are policies you can choose that offer coverage during your recovery, OPD visits, alternative treatments and more. Hence, it is important to browse through the available options after understanding your needs and selecting a policy that suffices for your needs.

Myth 6: All kinds of medical procedures are covered under health insurance*

Not all health insurance policies are equal. For instance, a cheap health insurance policy chosen only for its low premiums may have a limited scope of coverage. However, if you choose a policy that offers coverage for the needs you expect to encounter in the future, it may serve you well. On the other hand, some consumers believe that health policies even cover elective surgeries (such as cosmetic procedures) as well as dental procedures. That is usually not the case. Ensure that you note the inclusions and exclusions of your policy when choosing health insurance plans. * Your health as well as that of your family is important, as without it, you may end up facing multiple other issues. Health insurance can play an important role in protecting your health and allow you to be prepared to face any health emergency. Hence, understanding the reality of health insurance policies and choosing the right one is important.   * Standard T&C Apply ## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C Apply Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.