People tend to have several misconceptions when it comes to Health Insurance. Such misunderstandings usually arise because of lack of awareness regarding the facts related to health insurance.
To help you understand health insurance better, we are going to bust top 5 health insurance myths that will help you make a more informed choice while purchasing your health insurance policy.
#1 Young and healthy? Health insurance not needed
Contrary to this popular belief, the best time to invest in a health insurance is when you are young and fit. The cost of policy premiums increases with your age because the older you are, the more likely you are to make a health insurance claim. Also, pre-existing diseases are usually covered only after a waiting period of 48 months. Purchasing early allows you to wait out this period while you’re still healthy. Health insurance also offers protection against unforeseen events like accidents.
#2 The group health insurance provided by my employer is enough
As part of their employee welfare programmes, several companies provide their employees with a group health insurance coverage. However, even if you have a group cover, it might not be sufficient for you and your family when calamity strikes. This is because corporate policies may not provide adequate protection for your dependents, forcing you to pay from your own pocket in case of medical emergencies. So, along with your group health insurance policy, it is advisable to also opt for an individual or family floater health insurance plan to safeguard your health and that of your family.
#3 Policy benefits begin from day one
Health insurance policies usually have a 30 day ‘waiting period’, during which, one cannot make any health insurance claims. However, in case of hospitalization due to accidents, the coverage is provided right from the beginning. Pre-existing diseases are usually covered after four claim-free years in certain health insurance policies. For various other diseases, the waiting period may vary from 1 to 4 years.
#4 The cheapest policy is the best
While buying a health insurance policy, it is unwise to base your decision on the rate of the premium. Plans with lower premiums usually offer restricted benefits, and important features are often excluded. It is likely that a plan may be more expensive because it makes fewer exclusions, offers a shorter waiting period or some other benefits. If you focus only on the price, you might end up comparing apples with oranges. Before finalizing a plan, it is ideal to first clarify your expectations for the plan. Shortlist plans that fulfill these expectations and then choose the one that is most cost-effective and carries all the necessary features.
#5 Buying insurance online is unsafe and more expensive
There are many people who might find it hard to trust the digital world and prefer to buy their policies from agents. However, buying health insurance policies online is not only safe but also reasonable. This is because you end up saving up on agent commissions.
Make a wise choice and invest in a quality health insurance plan that helps you plan for the present and the future.