7 Common Health Insurance Myths Busted

In case of medical emergency or health crisis, there is nothing better than having an insurance policy ready to cover your financial needs. Although, it is one of the most well-known insurance products, it has been subject to certain misconceptions that can misguide insurance seekers resulting in them losing out on health coverage. 

So, to help dispel baseless and outdated misunderstandings, we bust the seven most common myths surrounding health insurance in India.

Myth #1: Young and healthy individuals don’t need health insurance

Reality: Health insurance is essential for all age groups

Health insurance is often believed to be required only by middle-aged or old individuals who might be suffering from health issues. That’s because most believe that health insurance policies are only required for severe illnesses.

However, that’s untrue. Health insurance policies cover medical emergencies, accidents, and even annual health check-ups. So, it must be considered by individuals regardless of age.

Myth #2: Health insurance policy benefits begin immediately

Reality: All health insurance policies have a waiting period during which claims cannot be settled

Health insurance policies have a waiting period for certain diseases, depending on the scope of the policy. Until this doesn’t lapse, no claims regarding those will be settled. Waiting periods can range from three months to a couple of years.

Be sure to read your insurance documents carefully regarding the waiting period to have all the important information before purchasing your policy.

Myth #3: Health insurance doesn’t cover pregnancy

Reality: Health insurance can cover pregnancy as well

Until a couple of years back, pregnancy and maternity-related expenses were not covered by most health insurance providers. However, that’s not the case anymore.

Today, you can purchase a health insurance policy to cover pregnancies. However, these too come with a waiting period, which varies with insurance providers.

Myth #4: Applying for health insurance online is risky

Reality: Applying for health insurance online is safe

Today, you can do virtually everything online from opening a new bank account to applying for a home loan. And that to, in a safe and secure manner. This holds true for health insurance policies as well. You can purchase a health insurance policy right from the comfort of your home!

Myth #5: If you have group health insurance, you don’t need an additional policy

Reality: Group health insurance is not enough

It’s always better to have an additional health insurance policy over and above a group one. This is because a group health insurance policy might be generic and inadequate for you and your family’s healthcare needs. Further, a separate health insurance policy also ensures you’re covered in case you switch jobs.

Myth #6: The cheapest policy is the best policy

Reality: Low-cost policies can leave out essential coverage

While cost is an important factor when choosing a health insurance policy, it shouldn’t be the guiding factor. This is because health insurance policies with low premiums often cover a very limited list of offerings.

So, while deciding on a policy, the most important criteria should be whether the policy covers all vital health conditions and scenarios for optimal benefit.

Myth #7: Policy documents can be discarded after the expiry of the policy

Reality: Past policy documents are important even after they expire

Keeping your past health insurance policy documents safe is vital for a smooth claims settlement. This is because Third-Party Administrators (TPAs) study your past insurance policies as part of your claim approval process. These insurance agents might require policy copies of past years. So, be sure to keep these safe and in good condition.

Final thoughts

Health insurance is one of the most crucial requirements today. So, dispelling misconceptions and misunderstandings surrounding this vital type of insurance is the need of the hour.

However, one aspect of health insurance remains to be discussed. And that’s your insurance provider. In a time of crisis, you need a partner who can step up and help you and your loved ones. So, choosing the right insurance provider is essential.

And if you’re looking for one, your search ends with Tata Capital Wealth. With our comprehensive health insurance plans that cover a significant number of health conditions, you can rest assured that in case of a troubled time, you’re well taken care of.