5 Myths Uncovered About Health Insurances
- I am young & fit: One of the biggest myths of a health insurance policy is that people think they are healthy and fit and therefore do not require a health insurance policy. But, this doesn’t hold good in all situations. There are many instances where even young and fit people are hospitalized with illnesses and diseases. Gone are those days where only old people are prone to illnesses, now there is no age limit to get hospitalized with any illness. Due to the change in lifestyle, pollution and other factors there are high chances that the hospitalization may happen even at a young age. One of the best examples is Covid-19 related claims where even the healthy and young people succumbed to the virus.
- Cheap is the best: Most of the people think that taking a cheap health insurance policy would suffice their health care needs. But it is important to note that cheap is not always best while taking a health insurance policy. A cheap health insurance policy might have certain hidden clauses such as co-pay and other exclusions which would affect the insured customer at the time of taking the policy.
- I have an employer sponsored plan: Employer sponsored health insurance policies are those where the premium is paid by the employer and the employee enjoys the health insurance coverage. Most people delay and deny taking an individual health insurance policy stating that they have an employer sponsored health insurance policy which covers their health care needs. It is important to note that the employer sponsored health policy would only be valid till the time you are working in the organization. Once you leave the organization you are exposed to potential health claims which might lead to erosion of your wealth.
- Health insurance doesn’t settle claims: Most people think that health insurance claims would not be settled by showing some or the other reason. But this myth can be debunked by taking a health insurance policy after proper research. There might be certain instances where the health insurance claim is denied such as declaring wrong information at the time of taking the policy, hiding pre-existing disease information and taking the policy, trying to commit fraudulent claim etc. It is important to spend some time and understand the coverage and exclusions in a health insurance policy to prevent the chances of denial of claim in the future.
- Entire hospital bill will be paid by health insurance policy: Many people are of the impression that the entire hospital bill in case of hospitalization due to any illness or disease would be paid by the health insurance policy. But, this statement might not hold true in all the cases. There is a concept of co-pay in some of the health insurance policies wherein a part of the claim amount has to be borne by the insured. There are other items such as consumables utilized in the treatment which are not paid under the group health insurance policy. On top of this there is a deductible in each and every claim which would be deducted before a claim is paid.