Selecting a perfect health insurance is confusing but forms a crucial part of your financial planning. It is imperative to know it is one of the most ignored area in terms of investment products but medical exigencies will have gruesome impact on your financial goals in the long run. The bubble of these myths that float around health insurance plans need to be busted-
Group Insurance Policy is sufficient
A Group mediclaim offers you benefits which may not be enough to take care of your medical exigencies. Also, the restrictive coverage it offers till you are associated with your employer is a major downside to relying solely on such group insurance plan. There have been instances where the employers call-off their association with the insurance companies and employees are left without any cover.
Loss of benefits if policy not timely renewed
You should maintain the continuity in payment of the insurance policy premium; although you have a buffer period of 15 days after the expiry to honour the payment for the policy to be treated as ‘continuously covered’.
Benefits flow from day one
There is a misconception about the benefits of the health insurance plan accrue from the first day. You need to know that only in case of accidental health insurance you are covered from day one. Whereas in reality, there are ‘waiting periods’ for specific ailments clearly mentioned in the policy document.
The young and healthy don’t need a health insurance
When you are young and healthy, getting a health insurance policy for yourself is probably the last thing on your mind. One often tends to put these things off for the future. However, when it comes to an adequate health insurance cover, it is never too early to do so. A medical emergency can happen to anybody and can arise at any inopportune time; therefore it is crucial for every individual, no matter how young or old, to obtain a health insurance.
Payment only if hospitalized
This is not true at all. Certain surgeries do not require hospitalization and yet are covered in full under your medical insurance. Cataract surgeries are one such treatment that do not require the patient to get hospitalized. They are called day care procedures and offered under your insurance cover.
More Network Hospitals and Day Care Facilities, the better it is.
This is untrue as they policy documents may lure you into buying the one that offers better coverage of day care facilities and a wider network coverage, but in fact they may come attached with a plethora of conditions that need to be fulfilled to get your claim sanctioned.
You may destroy the policy documents after the expiry
One such misconception is that the policy documents are of no use post expiry of the policy. However, it may help the TPA through whom most insurers process their claims and change in such TPAs may lead to missing data regarding the claims made by you. So, it is always better that you keep the policy documents for prior years at hand although they have expired.
Hoping this has brought some insight regarding the myths surrounding insurance policies and you make well informed choices in selecting the best policies for you! Happy Investing!