Common Misconceptions While Buying A Medical Insurance Policy

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There are several misunderstandings about health insurance policies that exist among policy customers. Therefore, let’s dispel some widespread misconceptions about health insurance before you purchase a new policy or make changes to an existing one:

  1. Since I am in good health, I don’t need health insurance

Even if you are healthy and taking the best care of yourself, accidents and illnesses can still happen. The rising expense of healthcare might drain your bank account. Therefore, even if you are in good health, it is crucial to purchase a health insurance coverage in India.

  1. I can claim health insurance only if I am hospitalised

This is a typical misperception about health insurance. Although insurance companies have a requirement for a particular number of hospital hours, there are several exceptions. You may not necessarily need to be hospitalised in order to have surgery. These procedures could be a part of day care procedures and one of the significant advantages of health insurance.*

 

  1. The solution is cashless.

In the opinion of many policyholders, cashless hospitalisation is the solution to all their problems. However, the reality is that in order to use a cashless facility, you must first determine whether the hospital where you are receiving treatment is a part of your insurance company’s network of hospitals. In other words, the cashless option is only available at hospitals that are part of your insurance company’s network. Your insurance company would have an extensive amount of network hospitals.*

 

  1. Health insurance doesn’t include maternity benefits:

While this was true a few years ago, a lot of insurance companies have recently begun including maternity coverage in their health insurance plans, which includes coverage for both pre-and post-natal care as well as delivery costs.*

 

  1. 5. Purchasing a health insurance policy only to reduce taxes

While health insurance does reduce your tax burden, there are other things to look for alongside. Along with trying to save money on taxes, ensure to check other factors as well. It’s crucial that you look for a plan that can protect you from medical bills. You can save much more than just taxes if you do this.**

  1. You cannot get health insurance if you have existing illnesses.

Due to their pre-existing conditions, many appear to be hesitant to purchase health insurance. However, the majority of health insurance policies today also offer the benefit of covering pre-existing conditions. However, there can be a waiting period before you can utilise that benefit.*

  1. 7. Only the family’s breadwinner requires insurance.

Another common myth regarding health insurance is that only family members who are employed must have it. Your family should be covered by your health insurance plan, including your spouse, children, and parents. There are several health insurance plans for family available in India.

Lack of information may result in myths that are far from reality. Hence research is important when buying health insurance. It is crucial that you invest in a proper healthcare plan only after knowing the fine print and policy requirements.

* Standard T&C Apply

** Currently, there are 2 tax regimes in India – new and old. To get the tax benefit you desire, choose the correct one after consulting an expert. You can opt for a regime change during the next financial year.

# Visit the official website of IRDAI for further details.

## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply

 

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.