Health insurance is important as it safeguards you from the financial burden of medical expenses or any health emergencies. However, many people do not buy health insurance because of some myths they might have heard. Since health insurance is non-negotiable due to high healthcare costs, addressing the myths is quite important.
This guide will help you bust the myths about health insurance and explain why you should buy one for yourself and your family.
Myths about Health Insurance
The health insurance space is quite competitive as more and more insurance providers are entering the space. Therefore, they are trying to offer cutting-edge health insurance plans with unique benefits and educate their customers about the same. However, many consumers may hesitate as they have preconceived notions about their health expenses and health insurance.
Let’s examine some myths people have about health insurance policies.
Myth 1: The Health Insurance Provided by the Employer is Enough
Corporate health insurance policies are a great employee benefit; they might not include your family members, like your spouse, parents, etc., who might also need health insurance. However, there are several aspects the group health insurance policies don’t cover.
Moreover, as soon as the tenure of employment ends, the health insurance protection. Therefore, you should buy a health insurance policy to have health coverage for an extended period rather than simply relying on the plans offered by your employer.
Myth 2: Smokers Cannot Get a Health Insurance Policy
Some smokers are unaware of the medical benefits they can avail themselves of. In India, about 49% of people who consume cigarettes and alcohol do not know they are eligible for health insurance. At the same time, regular smokers or drinkers are exposed to high health risks and can also apply for health insurance.
However, they might have to pay a slightly higher premium than those who don’t smoke or drink.
Myth 3: Fit People Should Not Buy Health Insurance
Fitness is a relative concept and while it is good to be fit, sometimes being fit is not under the control of an individual. Any medical emergency or ailment can knock on your door unannounced and dent your savings.
Moreover, fit people too can land in accidents that can lead to a hefty hospital bills. Additionally, everyone, regardless of their fitness levels, is at risk of catching seasonal viral diseases. Therefore, you should try to save yourself from the financial burden of spending a massive amount on treatments with the help of health insurance.
Myth 4: Health Insurance Only Covers Hospitalisation Expenses
While the coverage of hospitalisation expenses is an important part of a health insurance policy, that is not the only aspect they cover. Even day-care procedures where patients are not hospitalised are covered. Some health insurance policies also cover the cost of consultation, diagnostic tests, etc. Therefore, you must check with the insurance provider and ask for the list of inclusions.
Myth 5: More Network Hospitals Are Better
While the number of hospitals is a selling point for health insurance providers, you must not choose the policy by the number of hospitals it covers. The fact is that the quality of the hospitals included in the list matters more than anything else. The network hospitals covered by a health insurance policy change yearly. Hence, the hospitals that made you go with the policy might go off the list.
If your policy covers a limited number of hospitals, it is more likely to stick with the same hospitals in the years to come.
Myth 6: There are Differences between Online and Offline Health Insurance
While people might think that online insurance policies differ from those offered offline, they are practically the same. Online insurance policies are offered by the same insurance service providers who do so for the convenience of the customers.
While the cost of a few online health insurance policies might be slightly lower than that of offline ones, the primary reason for the difference is the absence of an agent. Therefore, you might be asked to pay a lower premium for the health insurance policy.
Myth 7: Health Insurance is a Tax Saving Instrument
Most people in India see insurance policies more as a way to save money on taxes than as a way to be covered in an emergency. It is advised that you carefully study the policy document before you buy insurance only for tax benefits to prevent being caught off guard when it comes time to file a claim.
In Conclusion
Health insurance policies are important as they save you from paying lakhs on a small treatment. Therefore, you should know about these myths and try to read about the policy before you choose not to buy a health insurance policy.
