Health Insurance Myths Debunked

At most inopportune times are when you face a medical emergency. That’s when a health insurance plan comes to the rescue. But since it isn’t a mandatory requirement like a motor insurance policy, there are quite a few myths that you might come across. These myths can prevent one from making an informed decision. Let us look at the common myths around health insurance

Myth 1: The young and healthy don’t need a health insurance cover

With the increasing number of ailments, it has become necessary to have a health insurance cover. That’s not true only in the case of elderly individuals, but also the young and healthy. But what most youngsters ignore is availing one. This importance was further emphasised current times of a pandemic, where treatment was required for all whether young or old. So whether you are fit and young, it is always precautious to avail the safety net of medical insurance cover.

Myth 2: A corporate insurance cover doesn’t require an additional insurance plan

Many individuals are covered by a group insurance scheme from their employer. Further, these plans can be enhanced to extend coverage to your family members too. The coverage under these plans start from the first day and the premium is affordable. However, said that, it isn’t wise to entirely depend on such corporate group insurance schemes. The insurance coverage for these plans ends as soon as you leave or change the job. Also, considering the medical inflation, these policies may be insufficient. So do not entirely depend on corporate insurance plans and purchase a family health insurance to ensure a backup plan for the medical needs of your family.

Myth 3: The policy coverage starts from the first day

While it is a perceived notion, the reality is a little different. Insurance coverage starts only after a specified duration called the waiting period. This duration differs among insurance companies and also among its various plans. In some cases, accidental hospitalisation is covered from the first day. Pre-existing diseases are further covered after specific waiting periods for individual diseases. Thus, when purchasing a health insurance policy, do not forget to consider the waiting period and when the coverage for the policy begins.

Myth 4: Hiding pre-existing diseases helps to include them under insurance coverage

There are many cases where individuals conceal any pre-existing ailment. But any concealment of pre-existing diseases that is later discovered by the insurer can lead to rejection of your claim. Additionally, the contract of insurance is based on the principle of ‘uberrimaefidei’ that means utmost good faith. The insurer and the insured agree to disclose true and correct information under the contract of insurance. Thus, to avoid any rejection in your claim, it is best to declare any pre-existing ailments.

Myth 5: Hospitalisation of at least 24 hours is required to make a claim

This is far from true now that certain treatments require not more than 24 hours of hospitalisation. Other than in-patient hospitalisation, health insurance can also be claimed for daycare treatments like chemotherapy, cataract surgery, tonsil surgery, dialysis and more.

These are some common myths that you might come across. Be aware that these are myths and the truth is different in reality. Make a prudent choice by considering all plans that check the right boxes. Health insurance premium calculator is a nifty tool that can help you in the shortlisting and comparison process. Make the best use to get a suitable insurance cover!