6 Of The Most Common Myths About Health Insurance In India
As you may be aware, health insurance is among the most important purchases anyone will ever make. Not only does it protect you from numerous unforeseen incidents, but it also offers a wide range of tax benefits. However, buying health insurance remains one of the most misunderstood and least researched decisions. The numerous myths surrounding the product make it difficult to make a truly informed purchase.
You don’t health insurance when you’re young A persistent myth about health insurance is that you don’t need to buy health insurance until you have health issues. However the opposite is true. You should buy health insurance when you are young and healthy. This ensures that the premium you pay for the coverage remains low.
You need to hospitalized for 24 hours to make a claim Medical science today has evolved to the extent where many a procedure can be completed in a matter of hours. This myth claims that your health insurance policy will not cover your medical expenses unless you have to be hospitalized for 24 hours.
Health insurance does not cover maternity charges Most insurance companies in India allow you to buy health insurance with maternity coverage. However, there are some conditions attached to the coverage. These conditions include: Coverage is available for a maximum of two deliveries. Cover for both normal and Caesarean deliveries. A waiting period of a certain number of years to cover pregnancy.
Health insurance covers the entire hospital bill While health insurance policy covers a huge share of your medical expenses, they do not cover every tiny expense. For example, they may not provide coverage for consumables like a thermometer, oxygen mask, nylon gloves, face mask, crepe bandage, etc.
Corporate health insurance is enough Many organizations provide health insurance to their employees through corporate health insurance schemes. However, your corporate policy will be valid only as long as you are working for the organization. Once you resign, you will need to look for a new health insurance policy. Instead, if you buy a personal health insurance in the beginning, you will not have to depend on your corporate policy completely.
You can immediately file a health insurance claim. While buying health insurance is almost instantaneous, the same cannot be said for coverage. Most insurance policies have clauses that restrict you from making a claim during the first 30-90 days after buying the policy. Hence, it is important to buy medical insurance early on rather than right when you need a cover for your medical expenses.
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