Seven Common Health Insurance Myths Busted

A spurt in lifestyle diseases and soaring medical costs has made health insurance a critical need today. Though buying a health insurance policy is pretty straightforward, especially in this digital age, but still there are a lot of misconceptions around health insurance. Hence, before purchasing a health insurance, you need to understand and separate the myths from the facts before taking a final decision. Here is a list of the common and some not-so-common myths and the real facts behind them.

Myth One: I am young, fit and fine. I don’t need health insurance
Fact: Age has no relevance to good health anymore because of our stressful lifestyle, environmental pollution and unhealthy food habits. Studies have substantiated the fact that a majority of young population is getting sicker and sicker every day. Hence, irrespective of your age, you are safer with a health insurance plan than without it. Availing a health insurance plan early in life is also wiser as the premium is lower.

Myth Two: Employer contributed health insurance will suffice for your needs
Fact: A majority of organisations cover their employees under the corporate health insurance schemes. However, do not undermine the importance of having a personal health cover. Your corporate policy will be valid only as long as you are working for the organisation, and once you quit you will need to look for a new plan anyway. Having a personal health insurance rules out this dependence on employer contributed health insurance.

Myth Three: A minimum of 24 hours’ hospitalisation is mandatory for insurance claims
Fact: The common myth that hospitalisation is mandatory for any claim through insurance, is no more a prerequisite. Many insurance companies have started providing cover for chemotherapy, radiotherapy, eye surgery, dialysis, to name a few, which are all day care procedures. Also, nowadays most of the insurance companies cover a few procedures/treatment not requiring 24 hours’ hospitalisation on account of technologic advancement in medical field. Dental care does not fall under day care and may not require hospitalisation. All these are covered under specific health plans.

Myth Four: Pregnancy not covered under health insurance
Fact: This was a fact until a few years ago; however, the scenario is changing for the better. Insurers offer pregnancy and maternity coverage subject to certain constraints. While some cover a restricted number of pregnancies, others have a waiting period of three years before covering such claims.

Myth Five: Health insurance purchased just before a surgery will cover the costs
Fact: Health cover policies often have a clause for a waiting period before making any claims. Also, pre-existing diseases may not be covered, hence read the fine print before buying a policy.

Myth Six: You will get complete reimbursement of the cost of treatment
Fact: The percentage of reimbursement is policy specific. Most policies have a cap for room charges depending upon the total sum insured and the excess amount needs to be borne by the insured. A policy has sub-limits for other expenses like medicine which may fall under partial reimbursement. It would be sensible to choose the perfect plan for your needs from the array of policies available.

Myth Seven: Online purchase of health cover is unsafe
Fact: In this digital era, buying anything is convenient and just a click away, including the health cover. All the details are uploaded on the websites with secure payment gateways and complete privacy. Queries are addressed and information verified online quickly. Buying a health insurance policy online barely takes 10 minutes of your time and is the most convenient option now.

Now that you know about all the facts behind the myths, it’s time to go through the offer document carefully and read it in detail before buying your policy. Healthcare is extremely expensive and hence it’s important to be armed with the right health insurance plan for your needs.

Disclaimer: All information in this article has been provided by HDFC Ergo and NDTV is not responsible for the accuracy and completeness of the same.