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4 Myths About Buying Health Insurance

16 December, 2014


“He who has health, has hope; he who has hope, has everything.” – Thomas Carlyle

The importance of the terse aphorism “Health is Wealth” cannot be overstated. Health is an important part of everyone’s life. Without it, you can never prosper in life.

However, despite all the measures taken, we may still get inflicted by certain unexpected disease or a medical condition; non-chronic medical issues such as cough, cold, and fever can easily be combated by popping a med-pill. However, interminable conditions such as cancer, or sudden ghastly events such as heart attack or a deadly accident can force you to spend substantial amount of money. To overcome such unexpected financial losses, insurers recommend health insurance.

No matter how well the product is advertised and promoted, many people still shy away from buying a health insurance policy. Here are a few myths about buying a health plan that you should bust.

1) Health Policies Pay Only During Hospitalization
Many people believe that a health insurance policy will pay only in case of hospitalization. However, 22 companies in India are known to offer day-care treatment cover, while nine out of these 22 also offer OPD treatment including special consult, dental treatment, vaccination, and diagnostic tests.

2) There is no need to declare Pre-existing diseases
Pre-existing diseases should be declared at the time of policy purchase. However, they are offered coverage only after a particular waiting period of 2–3 years. Understanding this clause, many people still choose to not disclose the condition, but later expect a claim for it. IRDA says that non-disclosure of conditions will result in lapse of policy and denial of claim.

3) I don’t need an insurance, I am fit
Many people in their 20s and 30s often have the misconception that fit people do not require insurance. Insurers opine that illnesses such dengue, malaria, or food poisoning can be found in healthy and fit people too. Hospitalization is sometimes essential for the treatment of such diseases. Only a health insurance policy will offer reimbursement for the medical treatment taken.

4) I don’t need a separate policy; I have group health cover
Many salaried people rely on group insurance policy for all the medical emergencies. However, such policies have defined limits and limited coverage. Certain medical conditions require extensive coverage which is singularly provided by a separate health insurance policy.

Disclaimer: The information provided here is to be taken for reference purposes only and not to be used for any medical, legal or other professional use. For any insurance product, please refer the policy terms and conditions before concluding a sale.

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