Escalating medical expenses have become a nightmare for the common man. Therefore, it has become important to buy health insurance. With increasing options, you have a choice to choose between group insurance and individual insurance.
Misconceptions about Health Insurance
However, before selecting any particular insurance, you should spend enough time to compare health insurance policies and then select the one that perfectly suits your financial needs. While doing so, make sure you avoid the following misconceptions:
- Corporate health insurance is sufficient This insurance is provided by your employer till you work for the company and remains invalid otherwise. Also, if you’re switching jobs, it can prove to be risky if you do not hold an individual policy
- Pregnancy is not covered: Pregnancy is covered in a group/corporate insurance policy, the ones provided by a company, and a lot of restrictive clauses are waived off. Also, this type of health insurance can cover 2nd pregnancy as well. Many insurance companies these days cover pregnancy and other maternity benefits in their health insurance cover.
- More day care procedures amount to the higher incidence of claim rejected: Choose a policy that has broad treatment categories. More day care procedures do not contribute to claim rejection.
- Pre-existing disease waiting period is not important: Most policies make you wait for three/four years before you get a cover for pre-existing disease. Make sure you are aware of such conditions beforehand.
- Exclusions & Waiting period: There is a waiting period of two to fours years before one can claim for diseases such as hernia, piles, cataract, sinuses etc. Please be aware of exclusions of the policy.
- Health insurance should only be purchased offline: Purchasing health insurance online is a safe and convenient alternative as the processes are much easier and the policy can be acquired immediately.
- Group insurance is enough: Check if the insurance cover is enough for you and your entire family’s needs. While individual insurance offers a great number of benefits, group insurance includes some great options too. So make an educated decision.
- Minimum 24 hour hospitalisation is needed: You can claim for surgeries and treatments that take lesser than 24 hours like day care procedures, chemotherapy, radiotherapy etc. However, normal hospitalisation claims can be settled only if the insured party has been hospitalised for over 24 hours.
- Health insurance doesn’t help in saving tax: Most people see insurance as a mode of saving tax. The amount insured helps you in saving money as you receive tax benefits. The image below shows the Tax benefits of the health Insurance policy.
- Fit people don’t need insurance: Health is unpredictable. Being fit does not protect you from unforeseen events like accidents. Health insurance will cover any such future expense.
- Smokers are not eligible for health insurance: Such individuals are at a high health risk, but not ineligible for insurance. However, they may be required to pay a slightly higher premium amount and undergo stricter medical tests.
- Mediclaim terms cannot be changed: Insurance companies keep changing their terms and procedures after a span of time. Make sure you are updated about these changes.
- Insurance is risky: Most people think it’s a risky business. However, if you read the terms and conditions thoroughly, nothing is hidden from the customer. Furthermore, online methods have simplified the procedure.
- Cheap policy is the best health insurance policy: Low-cost policies have restricted benefits and important features are excluded. Considering the long-term benefits of a health insurance, it is advisable to study the policy properly.
Tax Benefits Health Insurance 80D
Educating ourselves about such misconceptions will help us buy the best insurance plan. Which is true for any type of policy such as General Insurance. You need to find yourself the best plan. Go with an insuanrce policy which has wide network. With a network of more than 5000 hospitals across India, it provides both online and offline insurance products.
