Whether you are getting a health insurance policy for the first time or renewing one, you will notice it is not an easy process. There are so many terms and conditions, and options to choose from. It can often be very confusing!
If you don’t really read the fine print, there are a lot of things you will miss. But nobody likes to go through so many pages in such a tiny font. That’s why we are here to help. We’ve done the hard work for you with these health insurance myths debunked article. That way, you know what exactly you are getting into when picking a health insurance policy.
After reading this blog, you will be able to make a more informed decision. That’s the smart way to get a health insurance policy that suits your needs.
8 Popular Health Insurance Myths Debunked
Myth 1: Young People Don’t Need a Health Insurance Policy
It’s very common to assume that since you are young, you aren’t going to need a health insurance policy. But that’s very wrong. Accidents, illness and diseases can occur at any age. They don’t come with a warning. That’s why you need to be prepared.
Here’s a benefit for you young people: health insurance plans usually have lower premium amounts for younger people. So, get a policy now, and enjoy protection along with tax-savings!
Myth 2: Benefits can be Claimed Immediately
It’s easy to think that you can claim your insurance the day you get it, but that is not always the case. There’s something called a “waiting period” in many policies. The waiting period varies from health insurance policy to policy. It can also vary based on disease, for example pre-existing diseases or COVID-19.
Waiting periods are usually mentioned clearly on the website or brochure. If it isn’t, be sure to ask. Always opt for a policy with low or no waiting periods, so that you are covered immediately.
Myth 3: You Don’t Need to Disclose Illnesses
It’s very common for people to not disclose any pre-existing diseases or illnesses when buying a health insurance policy. It is however a bad idea. In case you are hospitalized for an illness you have not disclosed, the insurance company can reject your claim.
An insurance company cannot refuse to offer you a policy just because of an illness. In case you do, they may simply charge a higher premium. Be sure to be open and transparent with them, or you could find yourself with huge medical bills and no insurance support.
Myth 4: I Can Only Claim for Hospitalizations Over 24 Hours
To claim your policy for hospitalization, you will need to be an in-patient, i.e., be admitted for more than 24 hours. Most policies don’t offer outpatient expenses coverage. But, there is an exception here in the form of daycare procedures.
These are surgical procedures that do not require to be hospitalized for 24 hours or more, but are still covered under some policies. For example: cataract surgery, chemotherapy, dialysis etc. Not all policies offer this, so be sure to check.
Myth 5: I Need to Pay the Full Premium Upfront
Whether you are getting a group health insurance plan or a personal policy, it used to be standard practice to pay for the full annual premium amount upfront. Not anymore, though. Now, for personal policies you can pay for your health insurance policy in installments (however with certain EMI interest charges), breaking up the premium cost over the year.
Facility of installment premium is not generally available for group health insurance plans. However, this is more important for SME’s, since paying for many employees at once can often be a huge burden on the working capital. No need to worry, as with companies like Onsurity, you can pay for monthly healthcare which also comes with health insurance benefits for the members, allowing you to save more.
Myth 6: All policies are similar
It is very easy to assume that all policies are similar, but that is far from the case. Only Arogya Sanjeevani policies are very similar, since the features are fixed by India’s insurance regulator. All other policies vary, offering different benefits and covering different expenses.
As a young person, it is a wise idea to get an Arogya Sanjeevani policy. If you are above 35, take your time and compare other options, based on your health and needs. That way, you can ensure you pay for the right health insurance policy.
Myth 7: My Claim Will be Processed Instantly
It’s easy to assume that you will get your money back the moment you file a claim. However, it is often a long process. Your claim can take anywhere from a few days to a few weeks to be processed. It is also likely your claim can be denied, if the paperwork is not proper.
There’s also something called cashless claims you need to look out for. With this feature, the insurance company pays the hospital directly. That way, you don’t have to file for a reimbursement. There’s still some paper work to fill though, but it is quicker to claim.
With Onsurity’s healthcare membership, you also get access to our Good Doctors team services which completely assists with hospitalization and claims process.
Myth 8: All My Hospital Bills are Covered
As nice as that would be, it is false. Any health insurance policy will have a list of expenses partially or not covered. For example, there’s a limit on costs of ambulance charges, room rents and some procedures. You will also have to pay for administrative charges, materials and other things.
A health insurance policy might also have a co-payment option or deductible, where you pay a certain percentage of the expenses. Be sure to avoid this, there are plans without them.
We hope you liked this Health Insurance Myths Debunked article?
Knowing all that, you can make a more informed decision about the health insurance policy you take. As a business owner, why not get employee healthcare benefits for your team from Onsurity? You get group health insurance for the members, as well as other benefits like doctor teleconsultations, discounted health check-ups and medicine delivery and much more.