Health insurance is highly recommended for our lives which are subjected to a number of lifestyle diseases. Expenses on health care can be immense and having an insurance policy eases some of the burden. However, there are many myths associated with a mediclaim policy which deters people from buying it.
Here are the top 7 myths that have been busted about health insurance policies in India.
Pre-existence of diseases
Most buyers worry about the pre-existence of diseases when buying a health insurance policy. All mediclaim policies come with a clause of exclusion of pre-existing diseases. But once a certain period is completed, it will cover the disease as mention in your health policy. Moreover, if you are completely fit at the time of purchasing the mediclaim policy, then this clause is non-applicable for you.
Cashless treatment for admittance
Cashless treatment seems to be the answer for all treatments under health policy in India. It is a common myth of health insurance which doesn’t work always. The hospital where you are being admitted has to be in the list of the health insurance provider to get cashless facility. Unless the hospital is in that list, you cannot be admitted cashless, but can claim reimbursement.
Moreover, not every hospital has an insurance desk which is functional at all hours of the day. If your time of admittance does not coincide with the working hours of the desk, then you may have to pay up for admission.
Exclusion of pregnancy
One of the largest myths of health insurance is that it doesn’t cover pregnancy. However, nowadays some insurers cover pregnancy. There may be a few additional clauses to this claim such as a waiting period of 3 years or cover for the first pregnancy. Nonetheless, pregnancies are now covered albeit conditionally.
Hospitalization for 24 hours
To claim health insurance, you need not be admitted to a hospital but not necessarily for 24 hours. A lot of advisors and buyers mistake this and insist upon staying in the hospital for a day. Unless mentioned in certain terms, this is a myth of health insurance that has risen because of cloudiness in understanding rules. Certain procedures such as cataract operations and day care processes (if included) often do not require 24 hours of hospitalization but they can be claimed if they are listed in your policy. Some dental treatments are also eligible for cover under a health insurance plan (if it is specifically listed).
Room rent is covered
It is a myth to consider that all health insurance policies cover room rent expenses. Only some policies cover room rent and you will have choose a plan that covers room rent. Capping on the rental rate of rooms is equivalent to the premium payable. Also for plans covering room rent, there are some limitations also.
Health insurance is just a tax saving instrument
Most healthcare expenses can cripple your financial planning for the year severely. You should buy health insurance solely for the purpose of securing your family financially against massive healthcare expenses. However, it is fallacious to buy the policy for tax benefits under section 80D. If you invest wisely, it can prove to be more than that. So make maximum use of it
No changes can be made into the policy I bought
The terms of your health insurance can be changed if there is a mind-set change. Add on covers, Extensions, adding members, etc can be in the middle of the policy tenure also.
There are several presumptions that people derive after seeing one or two policy documents, but in reality certain things actually exists, what we think as a myth. As discussed above, many health insurance companies actually delivers day care expenses cover, maternity benefits, pre-existing diseases and lots more, that we usually consider as a myth. Once we’ll not go through a policy document we cannot derive an actual sense of it.
"Think before you perceive things"- the real world is not always as we see it.
Go for a health insurance and secure your future from the financial crisis that may make a landfall on your savings account in terms of your growing health attention!
Here are the top 7 myths that have been busted about health insurance policies in India.
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| Health Insurance Myths |
Most buyers worry about the pre-existence of diseases when buying a health insurance policy. All mediclaim policies come with a clause of exclusion of pre-existing diseases. But once a certain period is completed, it will cover the disease as mention in your health policy. Moreover, if you are completely fit at the time of purchasing the mediclaim policy, then this clause is non-applicable for you.
Cashless treatment for admittance
Cashless treatment seems to be the answer for all treatments under health policy in India. It is a common myth of health insurance which doesn’t work always. The hospital where you are being admitted has to be in the list of the health insurance provider to get cashless facility. Unless the hospital is in that list, you cannot be admitted cashless, but can claim reimbursement.
Moreover, not every hospital has an insurance desk which is functional at all hours of the day. If your time of admittance does not coincide with the working hours of the desk, then you may have to pay up for admission.
Exclusion of pregnancy
One of the largest myths of health insurance is that it doesn’t cover pregnancy. However, nowadays some insurers cover pregnancy. There may be a few additional clauses to this claim such as a waiting period of 3 years or cover for the first pregnancy. Nonetheless, pregnancies are now covered albeit conditionally.
Hospitalization for 24 hours
To claim health insurance, you need not be admitted to a hospital but not necessarily for 24 hours. A lot of advisors and buyers mistake this and insist upon staying in the hospital for a day. Unless mentioned in certain terms, this is a myth of health insurance that has risen because of cloudiness in understanding rules. Certain procedures such as cataract operations and day care processes (if included) often do not require 24 hours of hospitalization but they can be claimed if they are listed in your policy. Some dental treatments are also eligible for cover under a health insurance plan (if it is specifically listed).
Room rent is covered
It is a myth to consider that all health insurance policies cover room rent expenses. Only some policies cover room rent and you will have choose a plan that covers room rent. Capping on the rental rate of rooms is equivalent to the premium payable. Also for plans covering room rent, there are some limitations also.
Health insurance is just a tax saving instrument
Most healthcare expenses can cripple your financial planning for the year severely. You should buy health insurance solely for the purpose of securing your family financially against massive healthcare expenses. However, it is fallacious to buy the policy for tax benefits under section 80D. If you invest wisely, it can prove to be more than that. So make maximum use of it
No changes can be made into the policy I bought
The terms of your health insurance can be changed if there is a mind-set change. Add on covers, Extensions, adding members, etc can be in the middle of the policy tenure also.
There are several presumptions that people derive after seeing one or two policy documents, but in reality certain things actually exists, what we think as a myth. As discussed above, many health insurance companies actually delivers day care expenses cover, maternity benefits, pre-existing diseases and lots more, that we usually consider as a myth. Once we’ll not go through a policy document we cannot derive an actual sense of it.
Go for a health insurance and secure your future from the financial crisis that may make a landfall on your savings account in terms of your growing health attention!
P.S : ‘Read the policy document carefully to clear off all your myths before actually signing your policy’.
