Top 8 Myths Associated With Health Insurance: Debunked

With health insurance comes peace of mind as your loved ones are protected. You can choose from a wide array of health insurance products available today to suit your needs. And you can keep taking advantage of your health insurance policy even when you are old by renewing the coverage on time. Additionally, health insurance can give you tax benefits under sections 80D and 80DD.

However, several myths have come to be associated with health insurance. The myths have discouraged people from buying health insurance. Here, we bust some of the myths:

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1. ‘I don’t need health insurance coverage because I am fit’

There are several diseases (food poisoning, malaria, dengue, etc.) that strike even healthy people. Most health insurance policies, on the other hand, cover unforeseen events such as accidents or injuries due to violence. Besides, young people have become more susceptible to critical illnesses in recent years.

2. ‘Health insurance covers just the hospitalisation’

Some health insurance providers offer OPD benefits. These include dental treatment, specialist consultation, vaccinations, hearing aid, eye check-up, spectacles and contact lenses, and diagnostic test costs. Preventive and wellness services are also covered by some of the providers.

3. ‘I have a group health cover, so I don’t need a separate policy’

Group health policies have defined limits. And with claim sizes rising for diseases, group medical cover may not be enough.

4. ‘I won’t get health insurance because I drink or smoke’

Insurers offer policies to people who drink and smoke. Because of a higher risk factor, the premiums may be more.

5. ‘Only the breadwinner needs health insurance’

Health insurance, unlike life insurance, should cover everyone in the family because claims data show that in two of every three cases, dependants were the ones for whom the money was needed.

6. ‘There is no need to declare pre-existing diseases’

All pre-existing diseases are to be declared at the time of buying the insurance policy. The insurance regulator, Insurance Regulatory and Development Authority of India (IRDAI), advises that any ailment which is being treated and is under control has to be considered a pre-existing disease. Not declaring a pre-existing disease could lead to rejection of claim.

7. ‘Health insurance is expensive’

Health insurance providers offer a large number of products for you to choose from, some being costly. You can choose the one that is the most suitable for you. The most expensive may not be the best choice for you.

8. ‘A health insurance policy must be chosen based on premium’

Insurers offer different features at different prices. Therefore, premium alone should not be a factor. The premiums depend upon the features of the policy and the age of the insured person.