Health Insurance in India

9 Most Common Myths and Truths About Health Insurance in India!

Health insurance is one of life’s smartest decisions, but few understand what they are getting as since the terms and conditions are often intimidating. However, many insurance companies and third-party aggregators are now making more information available for customers to bust the myths surrounding health insurance. InsuranceDekho clears the air on health insurance to help you make an informed decision while purchasing health insurance plans.

Myth 1: Group Health Insurance Plan is Enough

Corporate plans are beneficial but may not extend coverage to old parents and dependents. They may even come with a co-payment clause. Also, the policy becomes invalid as soon as you quit the job. Hence, a personal health plan for you and your family is essential as it provides cover for a lifetime. Group health insurance can be an add-on to personal health insurance.

Myth 2: Health Insurance Is Meant for Sick People Not Fit People

Do not discount unforeseen incidents such as sudden illnesses or accidents. Anyone at any time can fall sick or be a victim of an accident, the treatment of which can expensive. So, adequate health cover helps.

Myth 3: Health Insurance Is Just For Tax Saving Purposes

Health insurance policy ensures that the insurance company bears your medical bills if you have a medical emergency and are hospitalized. A tax benefit is an added advantage that you get. Do go through the complete policy document carefully to avoid losing out on tax benefits.

Myth 4: Health Insurance needs at least 24-Hour Hospitalization

Insurance companies also provide coverage for daycare procedures that don’t require 24 hours of hospitalization. The procedures include dental treatments, cataract, hernia operation, ligament tear and meniscus tear surgery, joint and bone surgery, chemotherapy and many others. Read health policy brochure carefully to find out which day-care procedures are covered under your policy.

Myth 5: Health Insurance Plans Don’t Cover Pregnancies

Many insurance companies have begun coverage for pregnancies, albeit with certain conditions. This includes a waiting period of a specific duration, coverage valid only for the first pregnancy, and so on. Hence, when searching for an ideal plan for maternity coverage, make sure it provides cover for pregnancies, with or without any conditions.

Myth 6: More Network Hospitals & Day-Care Procedures Mean a Better Policy

An insurer’s network is likely to alter every year, which can result in the removal or addition of hospitals from its list. The same concept applies to day-care procedures. Therefore, it is important to choose a plan as per your health conditions and requirements, not just based on the network hospitals and daycare procedures.

Myth 7: Health Plans Pay Only If You’re Hospitalized

Many surgeries that are daycare procedures, such as cataract operation, kidney stone removal, dental treatments, alternative treatment and OPD treatments are now covered under health policy.

Myth 8: One Can Buy A Health Insurance Plan Just Before A Surgery

Health insurance policies include a clause known as the waiting period. As per this clause, the pre-existing diseases are covered 2-4 years (depending on the plan) after the plan purchased. For this, insurers ask for the medical history of policyholders or let them undergo a pre-policy medical examination to prevents policyholders from getting their claim rejected in future if it is related to the pre-existing ailment.

Myth 9: Smokers Don’t Get Health Insurance Plans

While smokers and alcoholics are at a higher health risk, that doesn’t mean they are ineligible for health insurance. They can buy health insurance by paying a little extra and undergoing strict health examinations. So, despite you are a smoker or alcoholic, you can buy a health insurance policy.