With the new year, you might have set a resolution towards living a healthier lifestyle from now on, but do you know no lifestyle is complete without first getting medical insurance? However, for many people, health insurance coverage can be a complicated and frequently confusing subject. Many people have misconceptions about how the policy functions. In this article, we will discuss some common myths about the health insurance policy to help you better understand your coverage.
Health Insurance Myths You Shouldn't Believe
In this age of misinformation, it is simple to be swayed by incorrect information. This can prevent you from receiving medical care at the time of a medical emergency. Below are the common myths that prevent most of the people from getting their first health insurance policy.
Myth #1: I'm in my early thirties. Why do I need insurance?
It is widely believed that those in their early thirties are not at risk of developing health difficulties. So, it may appear that they are generally healthy and do not require health insurance. It is also a widely known fact that accidents and unforeseen diseases do occur. Having a health insurance plans gives financial security and assures that you can receive vital medical care without incurring outrageous medical fees. However, claims are subject to the terms and circumstances specified in the health insurance policy.
Myth #2: Not all policies include a waiting period.
A prevalent misperception is that policy coverage starts on the first day. This, however, is not correct. All health insurance policies, including maternity coverage, include a waiting period in health insurance. Depending on the type of policy, the waiting period might be anywhere from one to three years. Even cashless hospitalization coverage, such as Mediclaim, has the same waiting period in health insurance.
Myth #3: My employer's medical coverage is more than adequate
Employer-sponsored health insurance policy often requires cost-sharing between you and your employer. While your company may pay a major percentage of the premium, you will most likely be responsible for a portion of the cost through deductions from your salary. The coverage is valid as long as the employer remains the same. Changing employers may result in the cancellation of coverage. There are many types of coverage that aren't available with the corporate medical policy, such as maternity coverage. For the same, you need to choose a health insurance policy and go through the waiting period.
Myth #4: I could always purchase the policy later
Your age has a significant impact on the price of your coverage. Buying it when you're younger means you're in better shape and have fewer health issues, so your coverage will be more affordable. Buying it when you are older implies paying more because of health difficulties, which may necessitate extra coverage. Furthermore, purchasing the coverage sooner allows you to take advantage of medical insurance tax savings at a young age.
Myth #5: Why waste money on more coverage?
When acquiring your health insurance policy, you may believe that a low level of coverage will benefit you in the long term. However, it is difficult to predict what type of health condition you may have in the future. It may be smart to choose a higher coverage level in your insurance from the start to avoid any unexpected burdens later.
Myth #6: The more riders you have, the better it will be
Riders allow you to increase your policy's coverage while reducing the additional financial strain throughout your treatment. However, riders raise the cost of the policy, so it is critical to examine your needs before selecting the add-ons you desire. For example, if you and your spouse are expecting a child, purchasing health insurance that includes maternity care will benefit both the mother and the baby in the future.
Myth #7: Health insurance covers everything
One of the most widely held myths is that health insurance covers all medical bills you will incur. In actuality, health insurance includes a variety of deductibles, co-payments, and out-of-pocket expenditures that you must pay. Furthermore, not all medical procedures or treatments are covered, so you must study your coverage to see what is and is not covered. Some of the coverage might require you to surpass the waiting period in health insurance before you can take its benefits.
Myth #8: I can cancel my health insurance anytime
Health insurance policies often have certain enrolment periods during which you can change or cancel your coverage. Instead of cancelling your coverage, you can simply port it to another insurer. Health insurance plan portability allows you to switch from your current plan to another insurer without losing any of your existing benefits. This way, you can enjoy the new insurer's services rather than being without health insurance.
Myth #9: Online health insurance plans are fake
It is disheartening to witness folks in the current digital era still holding onto the misconception that online plans are fake. Getting online health insurance plans are quite safe. When you buy a health insurance policy online, you can find some of the affordable prices for the coverage you are looking for.
Myth #10:Customisations in your health insurance plan are rarely possible
Riders can assist you in personalizing your health insurance plan. Riders are optional coverage that can be purchased separately.
Myth #11:In order to file an insurance claim, you must stay in the hospital for a full day
Many individuals think that the only circumstances in which health insurance claims can be made are when a policyholder is admitted to the hospital for longer than 24 hours or when the policyholder is an in-patient. However, the reality is Health insurance can be used for daycare centres in addition to in-patient hospital stays. Some hospital operations, such as chemotherapy, dialysis, tonsil surgery, cataract surgery, etc., can be finished in less than a day. These are covered by health insurance and regarded as hospitalizations related to the nursery. Up to 20–50 daycare centres are covered by health insurance policies.
Conclusion
Understanding your health insurance is critical for making informed decisions regarding your medical and financial health. Dispelling these common myths will allow you to negotiate the world of health insurance with greater confidence and effectiveness. Remember that your health is an important asset, and having adequate coverage guarantees that you can access the care you need when you need it without undue stress or financial burden.
