In today’s times, health insurance has become a necessity, offering you with required financial coverage in times of hospitalisation. Government-sponsored employee health insurance was offered only to blue-collar employees back in 1948, but over the years, as the general insurance sector got nationalized in 1973, health insurance was introduced for individuals as well as families. While health insurance covers hospitalisation expenses and understanding the coverage is simple, still, there are a lot of misconceptions around it.
Here is a list of common health insurance myths and the facts:
Myth 1: Health insurance is only for old people
There is a popular belief that health insurance is only attributed to covering age-related medical conditions. However, this is not true as the coverage is offered in cases of accidents and other illnesses as well. Buying health insurance at an early age attracts less premium and in case of no claim-free years, one can get a discount on premium as well.
Myth 2: I am young and healthy, I don’t need health insurance
Age has no relevance with the time you buy health insurance. Lifestyle conditions and medical expenses are on the rise and hence, buying health insurance while you are young is a wise thing to do.
Myth 3: Health insurance coverage starts from day one
Many people believe that they will start receiving health insurance coverage from the day of policy purchase. However, this is not true as the coverage starts after a waiting period of 30 days for the medical conditions mentioned in the policy document. Pre-existing diseases are also covered after a waiting period of 3-4 years and there is a waiting period of 1-2 years for coverage of specific medical conditions such as sinus, hernia, etc.
Myth 4: Pregnancy is not covered under health insurance
Today, almost all insurance companies offer maternity coverage under health insurance. You can also opt to get pregnancy-related coverage as an add-on along with your base health policy. However, maternity coverage can only be opted for after a waiting period of 24-36 months.
Myth 5: It is okay to not disclose your existing medical condition
People believe that non-disclosure of existing medical conditions or health conditions is fine. Many times, people hide their medical state thinking that disclosing the same will lead to attracting lower premiums. But not disclosing health status can lead to rejection of the claim or cancellation of the policy.
Myth 6: Health insurance can only be claimed for hospitalisation for more than 24 hours
Health insurance not only provides coverage for hospitalisation for more than 24 hours but also for less than 24 hours. Hospitalisation for less than 24 hours is termed as a daycare procedure and is covered under health insurance. Chemotherapy, cataract surgery, etc. are covered under daycare procedures.
Myth 7: Health insurance premium can only be paid in full
Whether you are purchasing group health insurance or health insurance, it is important to know that you can pay the premium on an EMI basis or even opt to pay in full. Onsurity has introduced monthly subscription health membership which enables you to pay the fee on a monthly basis and get health insurance and wellness benefits for your team.
Myth 8: Having health insurance means you will get full treatment covered
Health insurance comes with a cap on room rent, deductible, consumables cost, and other sub-limits which may increase your out-of-pocket expense and the insurer can deny you full coverage. It is best to go through the policy documents and then proceed with the policy purchase to ensure you are fully covered.
Myth 9: Health insurance premiums should be low
Many people think that the best health insurance policy is the one that attracts less premium. While less premium can help you save money, it may not offer you the desired coverage and may come with restricted offerings. It is best to check the coverage and then check on the premium.
The above health insurance myths remain the same for group health insurance as well. When choosing group health insurance for employees, keep the above points in mind. Nowadays, modern health plans come with a host of wellness benefits for employees in addition to health coverage. Onsurity membership plan starts at Rs. 149/month.