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Myths related to Medical insurance

19 April, 2013

Health insurance happens to be one of the most widely availed general insurance plans in the market. Given the popularity, one would think that consumers are completely aware of features of this product. But sadly that is not the case. There are many myths related to medical insurance that influence the purchasing decision of the buyers. In this article, let’s take a look at these misbeliefs and clear the doubts,
You can make a claim only in case of 24 hours of hospitalization : Many policy holders follow this clause sincerely as they feel 24 hours in true sense of term needs to be completed to make a claim. The clause does state that hospitalization of 24 hours to be covers, but the requirement of hospitalization here is higher than the number of hours you spend. A medical insurance policy promises to cover hospitalization and not an out-patient treatment. In fact almost every policy today offers cover for day care procedures that take less than 24 hours. But a hospital stay that entails routine diagnosis with no active treatments are being carried out will not be covered by the plan.
Medical Insurance covers hospital bill only : It’s a  general belief that only hospital bills for inpatient treatment are covered by medical insurance.  But in reality, an outpatient treatment related to disease for which inpatient treatment was received shall also get paid by medical insurance.  Though most of the Insurers cover 30 days prior to admission and 60 days after admission, there are some game change in this aspect too.  Some Insurers are offering extended period for pre and post hospitalization.   
Comparing policies for pre-existing waiting period is a must : Sure cover for pre-existing diseases is an important factor to look for but comparing the waiting period for it is not important. Many customers look for a policy that has no waiting period to cover pre-existing diseases. This sort of a demand has led to confusion amongst buyers, so many seek to get a policy that has a lesser waiting period. It is important to bear in mind that the 4 year Pre-existing exclusion on ailments is applicable for ailments at the time of availing the policy. So if you have no ailments at the time of applying for the policy, you have no  such  a waiting period.
Premium which I pay for my first policy will remain intact : Most of us think that the premium we pay for our first medical insurance policy shall be fixed for life time.  But it is not so.  Unlike a Life Insurance Policy where premium is fixed,  Medical Insurance premium moves up as you age  and renewal premium is applied on your completed age on date of renewal. Each Insurer have their own age band for premium table.
The terms of my medical insurance will remain intact : This is a wrong notion that can lead to unpleasant surprises. The terms and condition of your medical insurance are not intact. They can be changed with time. The health insurance industry is going through a phase wherein many aspects are being reconsidered; several clauses are being added and eliminated. With a lot of streamlining being put in place for insurance premium, terms, benefits and procedures you can expect quite a lot of changes 5 years down the line.

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