7 myths about Health Insurance busted!
We separate fact from fiction with the seven most common myths about individual health insurance.
Buying health insurance for yourself or your loved ones should be a top priority for you. If you still haven’t bought health insurance, it means that you think it doesn’t matter to you. This article busts similar myths regarding health insurance.
Nobody needs it.
Are you reasonably certain that you will never fall ill? That you will never require essential surgery, or treatment for a serious disease? Everybody falls ill at some point, and treatment is expensive. If you aren’t certain about your future health status, you need health insurance.
It is expensive.
You can buy a basic plan that costs less with a low sum assured, or you can buy a comprehensive individual health insurance plan that covers all the bases. The latter will cost a little more, but the premium will account for the product features and any riders you have included. Also, you can choose the premium that is most affordable, keeping in mind the sum assured that you would like to have.
Company-sponsored insurance is enough.
Your company may provide a health insurance plan, but do study the details. The policy may have a small lump sum pay-out that will not be enough when you undergo treatment. You can certainly use the company-sponsored health insurance, but do back it up with an individual health insurance plan of your own.
It pays very little money.
That’s not true, especially if you have chosen a plan with a good sum assured. You are in control of what you purchase: the insurer does not dictate the premium and sum assured amounts. Research the different health insurance plans online to find the best fit.
The premium increases every year.
No, it doesn’t! The premium might increase in case taxation structures change. For example, the newly implemented GST is bound to increase premiums on life insurance. However, health insurance may be exempted from the same. If the insurer wishes to increase the premium after every couple of years, you are notified about it before you pay the next premium.
The claim is not processed for months.
If you file your claim correctly, submitting all bills and documents pertaining to the hospital visit/treatment for critical illness/diagnostic tests and doctors’ visits, etc. there is no reason for the insurer to delay processing the claim. The best insurers in India process claims in a matter of 7 to 10 days from receiving the claim application.
A family plan is better.
If you don’t have many dependents, then it is better to give with an individual health insurance plan . Or if you have a small family (you, spouse and one child) then you can buy individual plans for all three. Family plans work better for sole earners who have more than two dependents.