Buying a health insurance policy is a big decision that you need to take with utmost precaution. And because of this, there are many misconceptions prevail as far as health insurances are concerned. Here, we uncover top seven myths about health insurances. Have a look:
Young and healthy people do not need health insurances
The best time to buy a health insurance is when you are young and healthy. A policy, purchased when you are young and renewed regularly will result into better experiences when you make a claim. Do buy your insurance early and be ready to face the unannounced emergencies.
Policy coverage starts from the first day
It is a myth that the benefits of buying a health insurance can be enjoyed from the very first day of the purchase. Every health insurance come with their own waiting periods before claims can be made. The duration of this waiting period will vary from insurer to insurer. However, health insurance policies do cover accidental hospitalization from the time a policy is purchased.
Corporate Group Health Insurance Policies are enough
The job market is fast becoming competitive. Employers are constantly trying to introduce new and attractive looking welfare programs to retain efficient employees for a longer period. Similarly, employees keep switching jobs in search of better opportunities. Hence, if you fall sick or an accident occurs while you were about to switch to a new company, the Corporate Group Health Insurance Policy of your earlier employer will no longer be valid and you will have to bear the medical expenses yourself. Further, the employer provided health insurances do not cover your dependents or aged parents and in some cases, it requires co-payment.
Pregnancy is not covered
Pregnancy and maternity related claims is a sure-shot in most of the insurance cases. Hence, health insurers in India did not cover pregnancy related claims until few years back. However, as the competition amongst insurance companies increase, insurers are trying to figure out new ways to attract customers. These days insurance policies do cover pregnancy related claims if certain conditions are fulfilled. Generally insurers fix three years waiting period before policy holders can submit pregnancy related claims. Some of the insurance policies cover only the first pregnancy. Read the policy documents carefully and talk well with your insurer on the terms and conditions attached with the claims.
Longer the list of day care procedures, better is the health insurance policy
It is not good if your health insurance policy provides an exhaustive list of day care procedures with minute details. The chances of getting claims rejected are higher in such policies. However, a policy that is not very specific with the procedures and treatment categories to be covered is always a better option for you a sits not putting too many conditions.
Insurance policies are tax saving instruments
In India, most of the people buy insurance policies with the aim of saving taxes. In such a case the buyer will most likely be unwilling to go through the terms and conditions to understand what the policy covers and what not. It is a myth to buy health insurance for tax saving. You should understand all the terms and carefully choose a plan based on your needs
An agent will help you purchase the best insurance policy
Agents have their own targets to meet. Agents, no doubt, can help you understand the ambiguous clauses in your policy documents. But obeying whatever the agent advices is not a wise thing to do. You need to verify well that the insurance policy meets up your expectations.
With this long list of myths and truths on health insurance policies, we are sure you will be able to make a better and informed decision for yourself. Good luck.
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