Despite the fact that Health Insurance is a must for all, many people have certain misconceptions about when to buy it or what are its benefits. Here, we will debunk 5 such misconceptions about health insurance so that you can make the right decision while buying it.
Myth 1: You do not need health insurance at a young age
The people in their early or mid-20s do not require much medical attention Hence, many feel they do not need to buy health insurance.
Reality: You can become sick anytime, even when you are in your prime. For example, many young people got sick and had to be hospitalized due to COVID-19. And such treatments can go up to Rs 10 to 15 lakh. Without health insurance, such treatment can burn a huge hole in your pocket.
Also, in case someone meets with an accident and has to be hospitalized, in the absence of health insurance one has to pay from pocket.
Myth 2: In case you are covered by a corporate plan, you do not need a separate health plan
Being covered by an employer’s health policy, many do not feel the necessity of having separate health insurance.
In fact, they feel being covered by a corporate policy is more beneficial as there is no waiting period for pre-existing illness also because it is the employer who pays the premium.
Reality: Of course, having a corporate health cover brings peace of mind, but it is always good to have individual health insurance along with that.
In case, you lose your job or switch jobs, the health insurance benefit will also stop. Also, considering the rising medical inflation, the cover under corporate policies might not be enough.
Myth 3: Health insurance Benefits starts from Day 1
It is often believed that you can avail of the benefits of Health Insurance from the day you buy the policy.
Reality: This is a completely wrong theory.
All health insurance plans come with an initial waiting period of one month, during which you cannot make any claim. Then there is a one-year waiting period for specific diseases like tonsils, hernia, cataract, etc, during which you cannot make any claim for those specific illnesses mentioned in the policy.
Apart from that, all policies have a waiting period of two to three years for any kind of pre-existing illnesses.
Myth 4: If I don't reveal pre-existing illnesses, it will be covered by health insurance
Many people do not reveal pre-existing illnesses. They assume if they do not reveal their pre-existing ailments, then the health insurance company will cover them.
Reality: Health insurer assumes that if you have any pre-existing illness, you will reveal it to them while purchasing the policy. However, if the insurance company comes to know about the ailment during the claiming process, it can be rejected
Myth 5: You need to be hospitalized for 24 hours to claim insurance coverage
It is often believed, one can claim health insurance only in the case of in-patient hospitalization.
Reality: Apart from in-patient hospitalization, health insurance can be claimed in the case of day-care facilities also. There are procedures that can be completed in hospitals in less than 24 hours, like chemotherapy, dialysis, cataract surgery, tonsil surgery, etc.
Hope this helps.
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