Health Insurance policy should be an important part of your financial planning to meet the expensive cost of medical care. Let’s dispel some common myths.
Everyone wants to get the best treatment when they fall ill. However, it is not easy to gauge the money one would need during a health emergency. Whopping hospitalisation and treatment charges in big hospitals make it important to buy a Health Insurance Policy. Still, there are many people who have some misconceptions about Health Insurance and refrain from buying a health policy. Living without a health policy could be a financially disastrous decision. Not knowing well about the health policy can also cost you heavily.
In this article, we’ll debunk 5 Health Insurance myths and tell you why buying Health Insurance should be a priority.
Company’s Insurance Is Enough
Insurance policies may vary from company to company. Find out the restrictions applicable to you and your family members are covered under the company’s health policy scheme. Restrictions can be on the maximum amount covered, exclusions, facilities allowed, waiting period and other relevant points. Also, your Health Cover would cease to give you the protection if you plan to change the company.
During the switching period, you as well as your family will be exposed to the health risk. You may be required to go for a health check-up if you buy a health policy at a later age. A waiting period for your pre-existing disease will be applied too. So, the company’s insurance policy may not be adequate. You should consider an additional health policy for self and family for better protection.
No Family History Of A Health Problem, So I Don’t Need Health Policy
The risk of health is not restricted to a person with hereditary health problems. With changes in the lifestyle, anybody can require medical care. If you buy a health policy at an early age when you don’t have any pre-existing disease, then you’ll get the insurance cover for all the disease without a longer waiting period. If you buy a policy at a later age, then chances of getting a disease like diabetes, BP, etc. are higher so you may need to wait for a long period to get related ailment covered under the policy.
I Drink/Smoke, So I Am Not Eligible For A Health Policy
You may be eligible to get the Health Insurance cover even if you drink or smoke. However, the insurance company may charge you some extra premium to provide the health cover. Before allowing the policy to such applicants, the insurance company may ask for certain health screening tests and it may also lay down waiting period for certain disease owing to a ‘risky’ habit of the applicant.
Hospitalisation Is Necessary To Get Insurance Cover
It is compulsory to get hospitalised for the minimum stipulated hours to claim insurance in most cases. There are, however, certain ailments for which insurance can be claimed for the daycare procedure too. Nowadays there are many insurance policies which also cover the OPD charges, Ayurvedic treatment, dental treatment and other alternative treatment costs albeit with a certain cap.
Health Policy Covers Everything. I’ll Get The Entire Treatment Cost
There could be a cap on certain hospital charges depending on the size of the Health Insurance policy. Insurance companies put limits on room charges, surgery cost for specific ailments, sub-limit for a health problem and it may not allow reimbursement for things like cotton, bed-sheet, certain medicine, etc. So, you may not get the entire money from the Health Insurance company despite lower hospital bill than the cover amount.
Apart from the above-mentioned myths, there are some more myths like all policies are same whether it is the cheapest policy or a premium one. In reality, cheap policies may not offer you as comprehensive protection as a specifically designed high-end policy.
Another common myth is that all health claim settlements are cashless. In reality, only health cover which has been authorised by the TPA and the Health Insurance companies are settled as cashless. It is mandatory to get the treatment at the networked hospital for a cashless treatment. If you don’t get cashless treatment then you have to get the treatment cost through the reimbursement process.
It is important that you stay away from the myths. Know more about the Health Insurance benefits, and read the policy document very carefully to know all the important material facts.
BankBazaarInsurance.com, India’s premier online marketplace to compare and apply for the best personal finance products including Health Insurance, Car Insurance, Life Insurance and two wheeler insurance.