Investing in a health insurance policy is a smart move. A health insurance policy not only gives you peace of mind but also covers you against medical inflation. From a financial planning point of view, having a health insurance policy is quite essential. However, we all know that there are a lot of myths and misconceptions regarding health insurance in India. Remember, you invest in a health insurance policy when you don't need it so that you can take advantage of it when it is necessary.
Here is a list of common myths that people have around health insurance:
Cheap is the best
It is not always true that buying a policy with a lower premium is good or offers comprehensive coverage. Most of the time, the plan with lower premium do not have several essential features that can make it useful for nothing. This could go against you when you really require health insurance.
Health insurance compensates all your medical expenses
This is one of the most commonly perceived myths about a health insurance policy. In reality, a health insurance policy does not cover all the medical costs. Therefore, it is essential to go through the features and coverage that your plan offers. The reimbursements come with a sub-limit like a sub-limit on medicine costs and hospital room charges. It depends on the type of policy you have.
The young and healthy do not need health insurance
Most people think that a young and healthy person does not necessarily need health insurance. However, it isn't the truth because we never know what the future brings. While you are young and healthy today, you can suffer from a disease tomorrow. If something like that happens and you don't own a health insurance policy, then you will have to burn a hole in your savings for the treatment. Alternatively, investing early in health insurance policy reduces your premium costs and increases sum insured for claim less years.
The benefits of policy begin from the day of purchase
Most people think that they can enjoy the benefits of a health insurance policy from the day they purchase it. However, it is not the truth. Every health insurance policy comes with a waiting period of about 30-90 days. The waiting period varies from policy to policy. No diseases are covered within this waiting period, other than hospitalization owing to an accident. In fact, pre-existing conditions are only covered after 2-4 years in most cases.
Employee/group health insurance provides adequate coverage
With a group mediclaim, you get minimum health coverage, which is not at all sufficient in case of a severe medical emergency. If you think your employee health insurance covers you enough to take care of all your medical expenses, then you are highly mistaken. Also, these health insurance policies do not include several diseases and have caps on the reimbursement amount. Also, you are only covered as long as you are with the organization. What happens after you leave the company? Therefore, it is crucial to own a personal health insurance policy that suits you and your family the best and offers comprehensive coverage.
Apart from these myths, people also believe that buying a health policy online is not safe and involves complicated steps. But, the truth is just the opposite. It is effortless to buy a health insurance policy online. Just a few easy and you are good to go.
