There is no denying the fact that health insurance is a crucial part of any well-balanced financial portfolio. A good health plan will take care of us and our loved ones in the long run. However, there are some common mistakes that a lot of people make when they buy health insurance. Here below, we debunk some of those most commonly believed myths.
Myth 1: Health insurance is not important when you’re young and healthy
In fact, it is better to get health insurance at an early age. Since health insurance premiums are linked to age, the younger you are, the lower your premium is likely to be.
Myth 2: Hospitalisation expenses will be covered from the first day
Don’t expect your insurer to cover your hospitalisation expenses from the moment you’ve bought a health policy. Generally, there is a minimum waiting period of 30 days during which no claims will be entertained. The waiting period further extends from 2 to 4 years in case of pre-existing diseases. However, if you happen to require any medical treatment due to an accident during the waiting period, your policy may cover those expenses.
Myth 3: You need to be hospitalised for 24 hours to make a claim
This may have been true in the past, but with the many advances being made in medical sciences, you can even get cover for day-care treatments. This includes a short operation, such as a cataract surgery, which only takes a few hours. Depending on your policy, you could even get limited cover for Out Patient Department (OPD) treatments.
Myth 4: All pre-existing diseases are covered after the waiting period
While your medical insurance may cover your pre-existing diseases after 24 or 48 months, it might be a good idea to read all the fine print. If you haven’t disclosed all your medical conditions at the time of buying the insurance policy, your claim will be denied, and your policy could also be nullified. It is important to note that if you genuinely weren’t aware of the condition at the time of purchasing the policy, your claim may still be accepted.
Myth 5: Your entire hospital bill will be taken care of by the insurer
When you choose a health policy, you also pick your sum insured. This is the maximum amount that that insurer will provide, irrespective of how much your treatment may actually cost. If your sum insured is Rs. 1 lakh, and you happen to undergo a covered treatment that costs Rs. 1,20,000, you’ll be required to pay the additional Rs. 20,000 out of your own pocket.
Now that you’ve got all your health insurance facts straightened out, you can find yourself a policy that offers you the cover you need. Find yourself a health insurance online today!