In today’s world, health insurance is a must-have for everyone. However, due to a number of fallacies and caveats, understanding health insurance can be difficult at times. However, as competition grows, many insurance providers and third-party aggregators are providing more and more information and data to clients in order to dispel health insurance myths.
Here are some fundamental health insurance misconceptions and reality. Knowing these can assist you in making an educated selection when acquiring health insurance policies.
9 Most Common Myths and Truths About Health Insurance
Myth 1: Having a group health insurance plan is sufficient
Truth: A number of companies provide group health insurance coverage to their employees. And many of us assume that our health is adequately protected by group health insurance. However, the reality is rather different.
You shouldn’t rely entirely on an insurance provided by your company if you are covered. Instead, you should get individual health insurance for yourself and your family.
Although corporate plans are advantageous, they may not cover elderly parents or dependent family members. They might even include a co-payment agreement. They’re also functional until you start working for the company. The insurance becomes void as soon as you leave your work.
As a result, having a personal health plan for yourself and your family is essential. A personal health insurance policy covers you and your family for the rest of your lives. Purchase a policy now, as it will become more expensive as you age.
Myth #2: Smokers are not eligible for health insurance.
Truth: Many individuals assume that smokers are ineligible for health insurance. This is not true. According to a poll, roughly 49% of people are frequent smokers or alcoholics who are unsure whether or not they can afford a health plan.
Even if such persons are at a higher health risk, this does not rule them out of health insurance coverage. They can get health insurance by paying a small premium and undertaking a series of medical tests. So, whether you’re a smoker or an alcoholic, you can purchase health insurance.
Myth #3: Health Insurance Is Only For People Who Are Sick, Not For People Who Are Healthy.
Truth: Many individuals assume that if they are medically fit, they do not need health insurance.
This is maybe the most ridiculous belief.
The fact is that even a healthy body cannot protect you from unanticipated events like sickness or accidents. Healthy people can readily develop diseases like dengue fever and malaria. On the other hand, accidents may happen to anybody at any moment, and the treatment for them might cost thousands of dollars in serious cases.
Even if you are in good health now, you should have appropriate health insurance for the future.
Myth #4: Health insurance only pays if you’re admitted to the hospital.
Truth: The days of requiring hospitalization for procedures and surgeries are long gone. Various procedures may now be completed in minutes thanks to technological advancements. These operations are performed as part of a childcare program.
Cataract surgery, kidney stone removal, and piles surgery are just a few examples. Patients are discharged the same day after these operations. The nice aspect is that health insurance covers these procedures.
Some insurance cover dental procedures, doctor bills, alternative therapies, and OPD treatments as part of their health plan, even if they don’t need hospitalization.
Myth #5: A Health Insurance Plan Can Be Purchased Right Before A Surgery
Truth: The waiting period is a provision in most health insurance contracts. Pre-existing illnesses are covered for 2-4 years (depending on the plan) after the plan is acquired, according to this condition.
It’s impossible to avoid it since insurers ask consumers about their medical history or require them to undergo a pre-policy medical check when they purchase a policy. This protects policyholders from having their claims denied in the future if they are due to a pre-existing condition.
As a result, it is incorrect to claim that you may purchase a coverage just before surgery and receive cashless care.
Myth 6: A Better Policy Means More Network Hospitals and Day-Care Procedures
The truth is that this is not the case. Insurance companies may upgrade (raise or decrease) the number of network hospitals or childcare processes.
Every year, an insurer’s network is likely to change, with some hospitals being added and others being removed. Day-care methods follow the same logic.
As a result, it’s critical to pick a plan based on your specific health needs and requirements, rather than merely the network hospitals and daycare processes.
Myth #7: Health Insurance Is Only For Tax Deductions
Truth: In India, many individuals regard an insurance policy to be more of a tax-saving tool than a medical-emergency coverage. As a result, they prefer not to study the policy text thoroughly.
However, the fact is that your health is taken care of by a health insurance coverage. When you have a medical emergency and are admitted to the hospital, the insurance company pays all of your medical expenditures and you don’t have to pay a single cent.
It’s usually a good idea to go over the whole policy paperwork thoroughly before filing a claim to avoid any unpleasant surprises. If you don’t read the paper attentively, you may come to regret it later and miss out on a fantastic opportunity to save money on taxes. Health insurance isn’t just for tax purposes.
Myth #8: Health Insurance requires at least a 24-hour stay in the hospital.
Truth: Many people assume that insurance companies will only approve a claim if the covered individual is hospitalized for at least 24 hours.
This isn’t correct. Insurance companies also pay childcare operations that don’t involve a hospital stay of more than 24 hours. Dental treatments, cataract surgery, hernia surgery, ligament and meniscus tear surgery, joint and bone surgery, chemotherapy, and other operations are among the therapies available.
It’s a good idea to study the health policy pamphlet carefully to see which day-care procedures are covered.
Myth #9: Pregnancy isn’t covered by health insurance.
ruth: This was a pertinent fact a few years ago, when just a few health insurance companies covered maternity operations, which were deemed successful claims in the majority of situations.
However, this tendency has now fully reversed, since most insurance companies have begun to offer coverage for pregnancy.
Although there are certain restrictions on the coverage provided for pregnancy. This might include a set waiting time, coverage that is only good for the first pregnancy, and so on.
As a result, while looking for a good maternity insurance plan, be sure it covers pregnancies with or without complications.
So these were the nine most popular health insurance misconceptions. Please contact us if you have any questions about health insurance coverage.