The importance of buying a health insurance plan for protection against rising hospital costs is a well accepted fact now.
However, selecting the right plan or choosing the right add-ons etc may not be easy at times, as there are several myths surrounding the purchase of health covers. It is always better to clear some air before making the right moves. Here are few health insurance myths that needs to be spoken about.
Myth 1: The cheapest policy is the best policy
Unlike a term life insurance product which comes at lowest cost and provides maximum life coverage, an attempt to find the cheapest health plan may not be the right thing. Most health plans within the same category have similar basic features. Plans may differ in terms of add-ons and some features. Look for plans with no or lesser sublimits. Importantly look at the list of hospitals it covers and whether it is empanelled to the preferred provider network. In case not, ensure you have cashless treatments in the hospitals around your area. The premium should be the last factor to consider among the final few plans that you decide for.
Myth 2: I have a group insurance so I don’t need a separate policy
For many of us who are medically covered by employers, they still need to be cautious. If you have group health coverage from your employer, continue with it. Look at the coverage amount and see if it suffices. But, remember this group cover will continue as long as one is in the job. In such case you and your family may be stranded if a medical emergency arises and you have not arranged for an alternative health insurance policy. Another independent mediclaim policy will give you not only additional cover but also cover the risk period when you are in between jobs.
Myth 3: If I don’t renew on due date, all benefits gets lost
Even if a health insurance policy is not renewed on the due date, one may do so within 15 days for the insured person to be treated as ‘continuously covered’ in terms of continuity benefits such as waiting periods and coverage of pre-existing diseases. However, remember, no treatment is allowed during this period till policy gets renewed by paying the due premium.
Myth 4:Benefits from health plan start flowing from day one
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