Individual Health Insurance Plan Myths that you should know

What is health insurance going to provide? Are there any returns I am going to get from the health plans? Why should I buy health insurance when I am healthy?

People come with many such questions in regards to buying health insurance. The main reason for such hesitation is the lack of knowledge about the importance of a health insurance policy. However, the Covid pandemic has undoubtedly created a considerable awareness of the importance of holding an active health insurance plan. Besides, there are still some myths about health insurance plans going around, and people are in confusion if they should buy the health insurance plan or simply avoid it.

To get a clear understanding, here are some common myths about health insurance in India and how to come out of it and choose the right health plan for you and your family:   

10 common myths about health insurance in India you should know about before purchasing

1. I am young and healthy; why do I need health insurance? Is there anything to guarantee that young people will not be affected by any diseases or health problems? Life is always uncertain. COVID-19 pandemic is solid evidence to prove that anyone of any age is prone to disease and death. Therefore, it is always safe to be prepared with sufficient health insurance for you and your family. 
2. I have a corporate plan covering my family and me? This is another myth that people have in their minds. Regardless of the corporate health plan, you have for yourself and your family, you still seek individual health insurance plans to meet the growing medical expenses. Besides, you can consider choosing a health plan that covers the benefits which your corporate plan does not cover. Therefore, at a time of medical emergency, you can make use of the maximum benefits from both plans.
3. I’ll not get the benefit once the insurance contract breaks. This is, of course, true that once the insurance policy is lapsed due to a delay in premium payment or when the due date expires, you will not receive the cover. But still, you have a 30 days grace period to review your health plan and continue with the benefit. Therefore, keeping the health plan live is easier than you think. 
4. I don’t think my pre-existing diseases should be declared. It is always good to give the complete details of your existing health condition in order to get the right individual health insurance plans online. Moreover, if you try to hide any health problem at the time of buying a health plan, and when a situation arises that your health has gone serious, there are chances that the insurance company could reject your claim. Thus, your entire effort might go to waste along with the money you paid towards the premium. 
5. To get the claim, I need to be hospitalized for 24 hours. This was the fact previously, but not now. Today, health insurance companies have changed many things. Several types of treatments are included in the health plans that can be done in a few hours and become eligible for a claim. Moreover, you will also become eligible for the claim when you are discharged from the hospital on the same day. Daycare treatments include cataract surgery, dialysis, lithography, chemotherapy, and many others. Therefore, you no longer need to worry about getting a claim only if you are hospitalized for days together, but even get it for the same-day discharge treatments. 
6. I am smoking, so I’ll not get health coverage. This is not the fact. There are health insurance plans for individuals who smoke or drink. Although such habits are prone to health hazards, the insurance companies extend such plans for people who smoke and drink. However, since the risk is higher in case of those who smoke and drink, you might have to pay a higher premium and take the plan for a longer-term than the regular plans. 
7. What if the network of hospitals is limited? Indeed, this is a question to be worried about. The insurance companies might keep changing the network of their hospitals periodically. Therefore, you need to be aware of the network of hospitals covered under your health insurance plan so that when needed, you can directly go to the respective hospital and get the treatment without any hassle.
8. No maternity cover is provided by the health insurance online. This was the fact a few years ago. But now, the trend has changed, and most of the insurance companies cover maternity expenses. Such covers include cover for 1st pregnancy, cover for a maximum of two deliveries, cover for both cesarean and standard deliveries, and cover for the awaiting period of specific years to cover the pregnancy.
9. The insurance company pays my complete hospital expenses. This might sound good to hear, but this is not the fact. Insurance companies will pay only part of your claims. This is because consumables like an oxygen mask, thermometer, face masks, crepe bandages, and similar things are not covered under the insurance plan. Therefore, you must also be prepared to pay a certain amount of money from your pocket when hospitalized. However, you can, at the same time, expect a significant amount to be covered by the insurance cover. 
10. Health insurance will not provide tax benefits. This is another myth that many have. However, health insurance also gives you tax benefits for the premium you pay. Therefore, you don’t need to worry anymore about buying a health insurance plan for this concern. 

Now you would have got a clear idea about the health insurance plans and their benefits. Keep the myths away and try to ask your doubts to your insurance company before you choose to buy the health plan. This will help you to choose a perfect plan as you expected.