Health Insurance Myths

Health insurance is a highly misunderstood financial product in India due to several myths associated with it. Here are several health insurance myths busted for you.

Employer provided health insurance is enough

Even though your employer offers you health insurance coverage, do you think it is good enough to cover your family? Also, do you think that you would still be able to enjoy the policy benefits after you leave the job? Certainly not. Employer provided health insurance coverage is only valid till the time you are employed with the company. Hence, it is necessary that you buy a health insurance policy now, if you haven't already as by the time you leave the job, it would become an expensive deal as you would age.

Being a smoker does not make you eligible to buy a health insurance policy

This is a common myth that has prevented many smokers from buying a health policy. The truth is, that even if you are a smoker, you are eligible to buy a health policy. But you would have to pay a slightly higher premium compared to the premium rate offered to a non-smoker. This is because the insurance companies are at a higher risk for insuring smokers as they are likely to get affected with ailments.

Fit people don't require health insurance

Diseases such as dengue, malaria, typhoid, etc. can befall event the fittest. In such cases, hospitals bills can even go up to lakhs which would burn a hole in your pocket, if you do not have a health insurance policy in hand. 

Health insurance plans only cover the hospital bills

Health insurance policy just doesn't cover hospital bills but also covers costs for treatment such as cataract operations, kidney removal, dental treatments, doctor consultation charges, ayurvedic and even unani treatments, etc.

You can buy health insurance policy only through an agent

If you are still relying on the age-old concept of buying a health insurance policy from an agent, then you are buying the policy the wrong way. With technological advancement, you can now easily buy a health insurance policy online. Buying health insurance policy online offers you a chance to compare health plans offered by various insurers and choose the one that best fits your requirements. 

Why health insurance is important?

• With the rising medical costs, it is important that you purchase a health insurance policy. Below are a few benefits of having a health insurance policy.
• You get cashless treatment: If you avail treatment at a hospital that falls under the network of the insurer, then you can enjoy cashless treatment at such hospital.
• Pre and post hospitalization: The pre and post hospitalisation costs are taken care by the health insurance policy of ranging from 30-60 days.
• Tax benefits:  Section 80D of the Income Tax Act, 1961 allows you to get tax benefits up to Rs. 25,000- Rs. 30,000 for insuring yourself and your family members including your spouse, parents and kids.
• No claim bonus: For every claim free year, you can get discounts up to 50% on renewal of your health insurance policy. NCB is transferable and is offered to you in the form of a reward.