Some Common Misconceptions About Health Insurance In India

During life, there’s a long list of dreams to chase, aspirations to fulfil and goals to accomplish. But, to reach these milestones, you may sometimes neglect your health and well-being. And, this can result in a medical condition that can cost you both physically and financially. Well, there is a beacon of positivity in this scenario - health insurance, which is your gateway to a worry-free future.

It is a trusted ally that ensures you are supported and protected in the event of a medical emergency. It provides a safety net that helps you ease the burden of medical expenses, so you can focus on what matters the most - healing and getting better.

But despite its potential benefits, some people hesitate to purchase health insurance due to the misconceptions swirling around it. Like a dense fog, these myths obscure its true purpose and value. So, in this article, let us unmask the common myths about health insurance to help you make an informed decision and enjoy the peace of mind that comes with it.

Common Myths Around Health Insurance In India

Here’s a list of 10 common myths about health insurance that deters people from buying it -

Myth #1: I’m Young, I Don’t Need Health Insurance –

Good health is no more determined by age. Studies reveal a concerning trend - a growing number of young individuals are experiencing cardiac diseases.1 Medical emergencies can strike unexpectedly at any age. Therefore, if you buy health insurance, it will be wiser than not having one. And here’s an added benefit - by obtaining a health insurance plan early in life, you not only protect yourself but also enjoy the benefit of lower premiums. So, it’s a total win-win for both your well-being and your wallet.

Myth #2: Health Insurance Covers All Medical Expenses

While health insurance offers coverage for a range of medical expenses, it may not provide coverage for every situation. Certain treatments, pre-existing conditions, and specific procedures may have limitations or exclusions within the policy. Therefore, it is very important to read and understand the terms and conditions to know the extent of the coverage and the limitations that may apply to the policy.

Myth #3: Buying Health Insurance Is Expensive

While some people believe health insurance is costly and falls beyond their budget, there are numerous health insurance plans available in India that are affordable. By comparing different plans, you can identify an option that aligns with your financial capabilities while providing the necessary coverage for your healthcare needs.

Myth #4: Waiting Periods Does Not Apply To All Health Insurance Policies

A waiting period is a specific time frame during which certain conditions or treatments are not covered. Waiting periods begin right after you purchase the health insurance plan and commonly apply to pre-existing conditions, maternity benefits, and specific surgeries under various policies. If you incur medical expenses related to these conditions during this period, you might have to pay out of your own pocket to settle the bills. Therefore, it is crucial to be aware of the waiting periods as spplicable under your policy to keep the unpleasant surprises at bay.

Myth #5: Cashless Hospitalisation Means No Expenses At All

Cashless hospitalisation offers the convenience of receiving treatment at network hospitals without the hassle of upfront payments. This means that if you receive the treatment at a hospital that is listed on your insurance company's network, the insurer will settle the bill directly with the hospital, relieving you of any financial concerns. But here’s the thing - cashless hospitalisation does not mean everything is fully covered. There may be co-pays or costs exceeding the coverage limits of your policy - all of which will be your responsibility.

Note: A co-pay is the fixed percentage of your medical bill you need to pay while your insurer takes care of the remaining costs.

Myth #6: Every Health Insurance Plan Is The Same

Navigating through health insurance options can feel like exploring a vast sea of possibilities. Each policy offers its own coverage, benefits, exclusions, and premiums. Therefore, you must dive into the policy details and compare them to find the one that perfectly aligns with your needs and sets sail towards a healthy tomorrow.

Myth #7: Existing Health Conditions Receive Immediate Coverage

A pre-existing condition is a medical condition, illness, disease, or injury, that has been diagnosed and treated within 48 months prior to the purchase of a medical insurance policy. It also comes with a waiting period, making it important to accurately disclose any pre-existing conditions and understand the waiting periods that may apply. This will help you prepare for any out-of-pocket expenses.

Myth #8: At Least 24 Hours Of Hospitalisation Is Mandatory For Insurance Claims

It is a common misconception that hospitalisation is necessary to make an insurance claim. However today several insurance companies have started offering coverage for day care procedures - treatments that don't necessitate hospitalisation and can be completed within a few hours. These include chemotherapy, radiotherapy, eye surgery, dialysis, etc.

Myth #9: Purchasing Health Insurance Before A Surgery Will Cover It

As mentioned above, health insurance policies typically include a waiting period, meaning you must wait for a certain period before making any claims. If you purchase a health insurance plan right before a major treatment or surgery, it will not cover the costs of the same until you have fulfilled all the associated waiting periods. Hence, make sure you understand the waiting periods and when your coverage will come into effect when you buy the plan.

Myth #10: It Is Unsafe To Purchase Health Cover Online

In today's digital age, purchasing online health insurance has become incredibly convenient. Now health insurance plans are readily available on websites, along with secure payment gateways and strict privacy measures. So, you can experience a smooth purchase process - right from the comfort of your home.

Conclusion

We have reached the end and hope this article has cleared most of the misconceptions about health insurance. Armed with this knowledge, you can now navigate the realm of health insurance confidently and make informed decisions for your well-being. So, stay informed, stay protected!

Sources [1] https://indianheartassociation.org/why-indians-why-south-asians/overview/