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10 Common Misconceptions About Health Insurance
Health Insurance is one of the most bought insurance products. However, when it comes to awareness about health insurance policies, there are a lot of misconceptions amongst policy buyers.
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- 10 Common Misconceptions About Health Insurance
Before you seek a fresh health insurance cover or assess your existing policy coverage, we have shattered some myths below to help you choose right products:
1. I am healthy, I don’t need health insurance
Though it may be true that you are taking good care of yourself and is fit, but unforeseen events such as accidents and illnesses such as dengue and malaria can hit anyone. It is not easy to foot the complete hospital bill by yourself and a 48-hour hospitalization may force you to pull out all your savings.
2. I will get paid only if I am hospitalised
Many insurance companies put a cap in terms of minimum hours of hospitalization, but it is not necessary that you may have to stay in the hospital even if you undergo a surgery. For instance, for cataract or dental operations, the patient does not need to be hospitalized for 24 hours. Such procedures are called day care procedures and are covered under the health insurance umbrella.
3. Cashless is the answer
Many health insurance policy buyers feel that a cashless cover is the answer to all their medical worries. To avail any of the cashless benefits of your health insurance policy, you first need to check whether the hospital you are admitted into is a partner in the cashless program of your insurance provider or not. Thus, your cashless program will not work if the hospital is a non-network hospital.
4. Maternity program won’t be covered
Another misconception amongst policy buyers is that pregnancy is not covered in their health insurance plan. This was the case few years ago, however, many insurance companies these days have started to cover pregnancy and some other maternity benefits in their health insurance cover.
5. Buying health insurance plan for tax savings
Many people have this misconception that any kind of insurance is primarily for saving tax and coverage comes as a secondary benefit. Buying health policy only for tax savings purpose will not be too beneficial. It is advisable that you buy a health insurance policy for insuring against any large scale healthcare expenditure rather than saving tax. Thus, if you invest wisely, your health insurance policy could save you much more than only tax.
Read More-: Top Health Insurance Companies in India
6. No changes in Mediclaim Terms
Another misconception amongst health insurance buyers is that they think the premiums, terms, benefits and procedures of their health insurance will not change. Some changes or tweaks are always expected with such insurance products in a five year span. So always make sure that you are updated with changes in the terms and procedures of your health insurance policy.
7. Pre-existing diseases
Many health insurance buyers fret about the pre-existing disease part of a policy. However, every health insurance these days comes with a pre-existing disease clause, which once over, will cover your pre-existing disease or health condition as mentioned in the policy. Also, many insurance companies expect the prospective customer to undergo a thorough medical examination and if you do not have any pre-existing disease then the clause is not applicable to you.
8. Capping on room rent is bad
Capping on room rent is actually not bad. Mostly, the capping is dependent on or is equivalent to the amount of premium you are paying, how much sum insured you have opted for and which health insurance policy you are buying. Thus, capping on room rent should not be a reason to reject a health policy as every plan and sum insured has different limitations for room rent and intensive care unit (ICU) charges.
9. Buying policy only is risky
A lot of individuals are of the view that buying health insurance online is risky. However, when you buy a policy online nothing is hidden from you and the pain of completing long paperwork is reduced. Also, you can opt various online methods of transactions such as credit card, debit card and net banking.
10. Only the earning member of the family needs insurance
This is another misconception amongst policy seekers that a health insurance policy is needed only for the main earning member of the family. However, health insurance should cover the entire family, including parents, spouse and children of the consumer.
Read More-: Best Medical Insurance Policies by Indian Health Insurers
Therefore, it is important that you do read the fine print carefully before investing in a health insurance policy as a general lack of understanding may lead to preconceived notions which may not be true.
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Disclaimer: The list mentioned is according to the alphabetical order of the insurance companies. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in
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*Product information is authentic and solely based on the information received from the Insurer. Policybazaar is acting only as a facilitator and claims settlement shall be at the sole discretion of the Insurer. Policybazaar does not provide any medical or surgical advice or diagnosis and is not responsible for your interactions / treatment by a medical practitioner/hospital. Please consult a registered medical practitioner for any medical or surgical advice. The Information that you obtain or receive from Policybazaar, and its employees, or otherwise on the Website is for informational purposes only. As per the Insurance guidelines, you are allowed to cancel the policy with-in 30 days from the date of Issuance of policy.This option is available incase of policies with a term of one year or more.
*All the health insurance plans cover hospitalization expenses including COVID-19 treatment cover up to the specified limits. You can also buy specific COVID-19 health insurance policies such as Corona Kavach Policy and Corona Rakshak policy.
**All savings and online discounts are provided by insurers as per IRDAI approved insurance plans. #Tax Benefits are subject to changes in tax laws. GST Exemptions depend on fulfilment of qualification criteria and submission of relevant documents.
*₹1748/month is the starting price for a 1 crore health insurance for an 18-year-old male, with no pre-existing diseases. Discount on renewal premium is subject to the number of wellness points earned in the health insurance policy. For more details about the plans, please read the sale brochure carefully to get upto 100% discount on renewal premium.
*₹400/month is the starting price for ₹ 5 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases
*₹541/month is the starting price for ₹ 10 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases
*₹762/month is the starting price for ₹ 1 Crore Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases
*₹243/month(₹ 8/day) is the starting price for a 5 lakh health insurance for a 20-year-old male, non-smoker, living in Bengaluru with no pre-existing diseases
*₹2020/month is the starting price for ₹ 1 Cr Health insurance for a 50 year old male & 50 years old female, living in Bangalore with no pre-existing diseases rounded off to nearest 10.
*₹390/month (₹13 per day) is starting price for 1 cr. Health insurance for 25 years old male, with pre-existing diseases, residing from tier 1 city rounded off to the nearest 10.
*No medical tests are required unless requested by the insurer’s underwriter. In-case of pre-existing diseases relevant medical proof would be required as per the terms and condition of the policy opted.
*The values taken for effective cost calculation are indicative values and may change as per the selected plan.
*Coverage upto double the amount of Sum Insured is available on certain covers for a minimum plan of Rs. 5 Lakh on the first claim only to an individual of upto 45 years of age with no pre-existing diseases. The benefit is available with or without extra cost depending on the plan chosen.
*Coverage of pre-existing diseases is provided by insurer as per their underwriting policy.
*The scope of coverage may vary from plan to plan.
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Tax Benefits are subject to changes in tax laws. GST Exemption depends on fulfilment of qualification criteria and submission of relevant documents as required by the insurers. For more details on risk factors, terms and conditions, please read the sales brochure and applicable rules and regulation carefully before concluding a sale.
STANDARD TERMS AND CONDITIONS APPLY. For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale.
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