There is no doubt that our health is the biggest priority in our life.
However, despite making sure we are healthy by following a healthy lifestyle, there are certain things that will remain outside of our control even when it comes to our own health.
We cannot control everything. That’s why it’s smart to insure our health from the factors we cannot control.
Health insurance happens to be one of the most misunderstood financial products out there.
While a majority acknowledges the need to purchase the best health insurance policy, only a few realize what “best” actually means or even what’s the right time to invest in a health policy.
This general lack of understanding has resulted in several misconceptions revolving around health insurance policies.
And, in this article we will bust the most common myths about health insurance to help you make more rational decisions.
4 Most Common Myths about Health Insurance:
Myth 1. The Cheapest Policies Are the Best Policies.
When it comes to health insurance policies, seeking plans with the lowest premium is simply wrong.
The problem with surprisingly low cost or basic plans is that they have highly restricted offerings and none of the important features.
The low cost health insurance policies only have the obvious, but the updated policies have several crucial additional benefits that make it worth the extra bucks you spend.
Similarly, cashless policies are also not the only thing to check when buying health insurance.
Myth 2. The Young and Healthy Does Not Need Insurance.
This is one of the biggest myths ever about health insurance plans.
In fact, the best time to buy health insurance is when you are healthiest.
Health insurance bought early in life and regularly renewed thereafter can lead to better claim experience when the need arises.
Several maladies are undiscovered until their symptoms start manifesting.
According to health insurance rules, such pre existing diseases get covered after an individual has the policy for at least forty eight months.
Thus, purchasing health insurance when you are young is a good idea because the policyholder remains insured at any stage of life.
Moreover, something like a critical illness insurance plan can also financially shield you against unannounced accidents any time.
Myth 3. Policy Benefits Start from the First Day.
All health insurance policies have a waiting period.
Any claims against particular ailments are not considered before the waiting period gets over.
As such, no ailments are covered in the initial thirty days from the commencement of the policy.
The only thing that gets coverage from the start is accidental hospitalization.
In most cases, pre existing diseases get coverage after three to four years.
There are exclusions for one or two years only for specific diseases.
Myth 4. Pregnancy or Maternity Related Claims Aren’t Entertained.
This myth originated because, up until recently, most health insurers were not willing to cover maternity and pregnancy as it was almost a sure shot claim.
However, things are not the same anymore, many things people believed are just myths now, and the health insurance policy providers have begun to cover maternity and pregnancy expenses, under certain conditions.
For instance, some insurance policies have a specific waiting period before they cover pregnancy based claims, while others only cover the first pregnancy.
When buying health insurance, it’s important to be aware of these myths that might deter you from making the right decision. You should also compare policies and read the offer documents in detail before coming to a decision.