Demystifying 5 Myths about Health Insurance in India

Health insurance is one investment that should be a part of your investment portfolio. It will help you be better prepared in case of a medical emergency and avert any kind of financial constraint. However, there are myths that surround medical insurance. Some of these myths are debunked below.

1. It is not important to get health insurance when you are young

There is no specific age to invest in health insurance plans. However, it is beneficial to make an investment when you are young. Most policies have a mandatory waiting period of one month and if you have a pre-existing condition, you will have to wait for two to four years. When you buy medical insurance at a young age, you can ensure that you pay a lower health insurance premium and get a comprehensive cover.

2. Hospitalization expenses will be covered from day 1

This is a very common myth amongst people with respect to their health insurance policy. All health policies have a waiting period of one month, except for in case of an accident. If you are hospitalized for some reason immediately after the purchase of the policy, you should not expect any help from the insurance company. You will have to wait until the waiting period gets over. Not all your medical expenses will be covered right from day 1.

3. It is must to remain hospitalized for 24 hours for a claim

This used to be true in the past but not anymore. Thanks to technological developments, it is now possible for various surgeries and medical procedures to be completed within a few hours. Patients can now go home in one day and this is referred to as ay care treatment. Medical insurance companies accept claims for treatments even if the hospitalization period is less than 24 hours. Many companies also allow the claim for treatments that fall under Out-Patient Departments like, Dental Care, but there are certain limitations to such claims.

4. At the end of the waiting period, all pre-existing diseases are covered

Most medical insurance plans cover pre existing diseases. There is a waiting period ranging between 2 to 4 years for many pre-existing diseases. This coverage will depend upon your honesty, which is why it is important to disclose the medical details at the time of purchase of the policy. If you hide any information, the insurer has all the rights to reject the claim. Hence, it is important, to be honest with the insurer about the conditions you suffer from.

5. The insurance company will pay the entire amount of hospital bill

The health insurance company will pay the actual amount that you incurred for the treatment. However, it is not mandatory for the company to do so. They can honour only partial claims because the insurance plan will not cover for consumables like the thermometer, oxygen mask, and face mask. There are pre-defined limits on some plans.

Now that some of your myths related to the policy have been debunked, we suggest you get an online health insurance right away!

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