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5 Common Myths About Health Insurance Busted!

18050 Viewed Pallavi Kumar Comments Off on 5 Common Myths About Health Insurance Busted!

The rising medical costs and unhealthy lifestyles have long shed light on the importance of having a secure medical fund for times of need. But the advent of COVID-19 and its aftermath has made people experience the necessity of having health insurance.

Having adequate coverage not only creates a reliable medical fund for the future but also ensures the policyholder and the covered people get satisfaction and peace of mind.

Despite the benefits health insurance offers, some people tend to be reluctant to invest in it. The reason for such reluctance is the various myths surrounding health insurance that have been floating around for years.

To help people get over their insurance investment barriers, we’re going to bust the top five myths about health insurance that are stopping many people from securing their future. The list of myths and the real facts are shared below.

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Group Health Insurance Offered by Employer is Enough

When it comes to the first myth, many working professionals believe that they don’t need to buy separate health insurance if their employer has covered them under corporate group insurance. While corporate health insurance does come with its unique set of benefits, its coverage is not personalized to your health requirements. Moreover, corporate insurance is only valid till you’re working with the employer or the company.

If you don’t want your coverage to end with your job, you have to invest in separate health insurance that is more personalized and will last till you keep paying the premiums. Separate health insurance can also make you eligible for some income tax benefits, which you won’t get with corporate health insurance.

  • Buying Insurance Online is Unsafe

As the world is going digital, you shouldn’t worry about making online purchases, and it goes for buying insurance too. Insurers are taking extra cautions and measures to offer people the best online policy purchase experience.

Purchasing health insurance online is cheaper as there is no involvement of intermediaries, and most insurance companies offer online discounts to their customers. The rate at which online insurance purchases are currently increasing is highly impressive.

So you can go ahead and purchase health insurance online without any worry. From secure website encryption to safe and reliable payment gateway portals- everything is looked after so people don’t face any difficulty while buying health insurance online. At present, many people have adopted the trend of purchasing and renewing health insurance policies online, so should you.

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Healthy & Young People Don’t Need Insurance

Young people have a misconception that health insurance is not for the young and healthy. The truth is that illness and medical emergencies are not age-bound and can target anyone across ages and gender.

The COVID-19 pandemic is proof enough that even the young can fall into the clutches of sudden illness or diseases that require hefty treatment costs. If you don’t want to repeat the mistake many young people made, get yourself covered under affordable health insurance that offers excellent coverage.

  • A policy with Cheap Premiums is the Best

Low-priced premiums may tempt you at first, but they are going to cost you a lot in the long run. Health insurance with low premiums usually has low or very limited coverage. If you want health insurance that will cover your treatment expenses in the long run for most cases, go ahead with a policy that offers the best coverage. Consider the premiums being paid as an investment towards securing a healthy future.

You can use the health insurance premium calculator available online to get an accurate premium estimate, depending on the type of health insurance you plan to buy. You can also modify the plan by adding or removing some add-ons of your choice to see how it impacts the premium. This way, you’ll be able to get the ideal health insurance policy and not just the cheapest one.

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  • Policy Benefits Begin From Day One

Another myth some people have about health insurance is they can enjoy the coverage benefits from day one.

Every health insurance policy, individual and family floater, comes with a waiting period that the policyholder has to complete to become eligible to avail the policy benefits. It should be noted that the waiting period is not the same in all policies offered by different health insurance providers.

If you have a pre-existing illness when purchasing the insurance, check after how long you will be eligible to file claims. Some may have a three-year waiting period, while some may have it for four years.

You will have to read the policy documents carefully to know more about the waiting period applicable in your case. The waiting period can be long for pre-existing diseases, so don’t ignore this aspect while assessing a policy for yourself or your family.

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Having health insurance with optimal coverage is key to a secure and healthy future. So make sure you don’t let misconceptions affect you. Always double-check the negative information being shared by some by referring to insurance company’s websites or resources published by subject matter experts.

Now that we have debunked the top, most common myths being spread about health insurance, you should be able to make a wise and informed decision when buying any health insurance.

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