India has come a long way since 1947. It has overtaken China as the most populous country in 2023. Moreover, with the increasing population and medical expenses in India, the increment in the health insurance market hasn’t been great. India is among the countries with the lowest healthcare insurance penetration rate.
What could have been the possible reason? Lack of knowledge and the importance of financial literacy among the people has forced them to consider healthcare insurance as an expense. Further, people have popularised myths and misconceptions about healthcare insurance, making it difficult to identify which health insurance is best in India. This article will debunk some of the most common myths regarding health insurance and help you understand why having health insurance makes sense.
Top 6 Myths and Misconceptions Debunked about Health Insurance
Here are the top myths and misconceptions debunked about healthcare insurance making it easier to choose which health insurance is best in India.
Myth 1: While You’re Healthy And Young, You Don’t Need Health Insurance
Fact: Even if you consider yourself healthy, there is always a chance of getting sick. You can meet with an accident forcing you to get hospitalised. Moreover, if you suffer from pre-existing illnesses, you should know there is a waiting period during which you cannot claim. This means that if you are hospitalised, then you will have to bear the expense. Thus, you should buy insurance early to secure your future
Myth 2: A Corporate Group HealthCare Insurance is Enough
Fact: Many of you consider that if you have a corporate healthcare insurance plan, you do not have to worry about medical expenses. However, a corporate group health insurance policy is insufficient because you lose the coverage and benefits as soon as you leave the organisation. Moreover, the policy only covers you, and if you want to provide coverage to any other family member, you will have to pay an extra premium. On the contrary, if you have healthcare insurance, you can have continuous coverage even if you change the job. Moreover, family health insurance provides coverage to all family members.
Myth 3: If You Are A Smoker Or Alcoholic, Then You Cannot Get Healthcare Insurance
Fact: You must have heard people say that a smoker or alcoholic cannot get a healthcare plan, but this is wrong. The only thing that you need to know is that you have to pay a higher premium against the healthcare plan if you drink or smoke. This means that you can get an insurance policy.
Myth 4: Healthcare Insurance is Quite Costly
Fact: Many people consider healthcare plans in India expensive, and thus they do not wish to spend money on them. But this isn’t the case. Today, you can buy healthcare insurance policies at an affordable rate. The market for healthcare insurance has expanded a lot, and the pricing has become competitive and reasonable. Moreover, people can pay the health insurance premium in half-yearly and quarterly instalments. Furthermore, you can buy a basic plan and add several top-on to get better coverage at a lower rate.
Myth 5: No Claim In Case of Hospitalisation For Less Than 24-Hours
Fact: Many people believe that they can only get a claim if they are hospitalised for more than 24 hours. But this isn’t the case. Health insurance plans cover the cost of daycare facilities as well. Many procedures, such as dialysis, chemotherapy, lithotripsy, tonsil surgery etc., require less than 24 hours of hospitalisation. This means you will be discharged in less than a day. Healthcare plans cover more than 20 to 50 daycare facilities.
Myth 6: Healthcare Insurance Covers All the Expenses
Fact: Several people believe that a healthcare policy provides 100% coverage against all expenses when you are hospitalised. This isn’t the truth. Every policy has certain exclusions or copayment clauses. An exclusion means that your healthcare policy will not cover certain expenses. This implies that you have to pay for such expenses from your pocket. Furthermore, the copayment clause of your healthcare plan covers up to a certain cost of the hospital bills while the rest has to be paid by you. Moreover, your healthcare policy does not cover the cost of any pre-existing ailment. Thus, you must pay close attention to the fine print and understand the inclusions and exclusions.
Conclusion
Several health insurance myths and misunderstandings might impede you from making wise healthcare decisions. You must conduct proper research and understand whether the information you hear is a fact or a myth. You should also have a clear understanding of the difference between mediclaim vs health insurance. Furthermore, you should understand the coverage and benefits of the plan before buying it. This will find the answer about which health insurance is best in India.
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