Some Misconceptions of Health Insurance

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Some people may hesitate to purchase health insurance online due to some misconceptions. These myths create confusion over what to buy and how to use such plans. The recent budget session has declared various revisions related to Mediclaim policies to improve insurance customers to choose the best health insurance which would fit them. Written below are some of the myths related to health insurance plans:

Some Misconceptions of Health Insurance

Myth 1

Suppose you have already been covered under the employer’s group health plan. In that case, you are not eligible to claim for another individual health insurance to avoid excessive premium rates and reduce the financial burden. Buying health insurance policy at the time of retirement is very expensive. Purchasing health insurance earlier is wise as health insurance only becomes costlier as you grow older and your health generally depreciates.

Myth 2

The majority of the people believe that smokers and alcoholics might be excluded from seeking coverage for themselves. But this is not true at all. Insurance companies in India offer mediclaim policies to such a set of people when they undergo a health checkup and qualify for the insurance benefits. However, given that the risk related with such individuals is high, they may be required to pay a slightly higher premium than others and undergo stringent health tests before health insurance is offered.

Myth 3

Some youngsters do feel that they don’t need health insurance cover because they are fit. But you should always keep in mind that the hazards never come with prior notices. Accidents can dangerously injure anyone, the hospitalization medication bills for which can quickly run into lakhs, depending on the severity of the injuries. Due to increasing medical costs, buying online health insurance plans is necessary to manage finances.

Myth 4

Insurance comes into play only when the policyholder gets hospitalized. This concept is completely mistaken. There have been many improvements in the health industry due to the adverse effect of technology. Today, health insurance companies provide coverage for such hospitalization and even for doctor consultation fees.

 

Myth 5

Sometimes, policyholders think that everything is covered when they buy a health insurance policy, but it is a misconception. Always provide accurate details while filling up the application because in case you are found to mislead any detail, then the application may get refused. There are strict guidelines for claims which policyholder can make during the first six months.

Myth 6

If I pay the insurance company for a premium, I should also pay them for any bills I receive. This could be pretty confusing. Your installment is the monthly bill you pay for insurance coverage – to be a member of your health plan.

After you visit your doctor, your doctor will send your health insurance company a claim. The health insurer processes that claim and sends you an Explanation of Benefits, which explains what was billed and how much you are responsible for paying. An electronic version of the document is also forwarded to your doctor, along with a check for any applicable payment.

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