Health Insurance Policy: Top 5 myths that you must debunk
Buying health insurance policy is one of life’s smartest decisions any person can take. However, few understand what they are getting into since the terms and conditions are often intimidating. However, many insurance companies and third-party aggregators are now making more information available for customers to bust the myths surrounding health insurance. InsuranceDekho clears the air on health insurance to help you make an informed decision while purchasing health insurance plans.
Myth 1: Group Health Insurance Plan is Enough
Corporate plans are beneficial but may not extend coverage to old parents and dependents. They may even come with a co-payment clause. Also, the policy becomes invalid as soon as you quit the job. Hence, a personal health plan for you and your family is essential as it provides cover for a lifetime. Group health insurance can be an add-on to personal health insurance. Photo: Pixabay
Myth 2: Health Insurance Is Meant for Sick People Not Fit People
Do not discount unforeseen incidents such as sudden illnesses or accidents. Anyone at any time can fall sick or be a victim of an accident, the treatment of which can expensive. So, adequate health cover helps. Photo: Pixabay
Myth 3: Health Insurance Is Just For Income Tax Saving Purposes
Health insurance policy ensures that the insurance company bears your medical bills if you have a medical emergency and are hospitalized. A tax benefit is an added advantage that you get. Do go through the complete policy document carefully to avoid losing out on tax benefits. Photo: Reuters
Myth 4: Health Insurance needs at least 24-Hour Hospitalization
Insurance companies also provide coverage for daycare procedures that don’t require 24 hours of hospitalization. The procedures include dental treatments, cataract, hernia operation, ligament tear and meniscus tear surgery, joint and bone surgery, chemotherapy and many others. Read health policy brochure carefully to find out which day-care procedures are covered under your policy. Photo: PTI
Myth 5: Health Plans Pay Only If You’re Hospitalized
Many surgeries that are daycare procedures, such as cataract operation, kidney stone removal, dental treatments, alternative treatment and OPD treatments are now covered under health policy. Photo: PTI