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Do not fall for these 8 Health Insurance Myths

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 A lot of individuals still avoid acquiring health insurance because of insufficient understanding. However, medical costs are constantly rising, which makes it difficult to meet expenses in case you are diagnosed with a serious illness.

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Several myths surround health insurance that also acts as a deterrent to acquiring such coverage. Most insurance companies offer health insurance that provides several benefits. It is important that you do your research and get a clear understanding of various plans to make an appropriate decision.

Here are eight common health insurance myths that must be overcome:

  1. Group insurance is adequate

Some companies provide group insurance plans to their employees. However, group health insurance plans generally do not cover a wide range of illnesses. Additionally, there may be certain caps on the maximum coverage that is available under the group insurance plan. Another factor you must remember about group health policies is that the coverage is available only as long as you are working with the organization. If you quit the job, you lose the insurance coverage leaving you vulnerable to high medical expenses in case of an illness. Therefore, it is recommended you procure health insurance coverage for self and family based on your health condition and personal needs.

  1. Health insurance is not available if you smoke

This is a very common myth surrounding health plans. However, this is not true because insurance companies consider only pre-existing medical conditions while providing you with health coverage. In case your habit of smoking causes any health condition, such as respiratory issues or lung cancer, you need to declare this at the time of making an application.

  1. Pre-existing conditions are not covered

Another common myth about health insurance is that if you have an existing condition, such as diabetes, hypertension, or heart disease, you do not receive coverage for the same. Insurance companies impose a waiting period [generally between two and four years] before the expenses related to such illnesses are covered under the health policy. At the end of this waiting period, you receive coverage under your health insurance policy and you may file a claim for their treatment at the end of this duration.

  1. Coverage begins from the date of purchase

Do you like most individuals think that coverage under the health policy commences as soon as you purchase it? The fact is that most insurance companies offer you a period of 30 days before coverage commences. In case you are diagnosed with an illness that requires immediate treatment, these expenses will not be covered under the health policy during this 30-day period. However, if you meet with an accident and require treatment, the expenses for the same are covered under the policy even during the first 30 days from the date of purchase.

  1. One day admission is mandatory for receiving health insurance benefits

Several people think that they will receive the health insurance benefits only if they are admitted to a hospital for at least one day. This may be accurate for most diseases. However, insurance companies do consider certain treatments and surgeries that do not require hospitalization and are known as day care procedures. Therefore, the insurer will cover the expenses incurred towards such procedures as long as an experienced and qualified medical practitioner certifies the validity of your claim.

  1. Online purchase is not safe

Traditionally, you needed the assistance of an insurance agent if you wanted to buy a health policy. However, today you may opt for an online health insurance policy, which is more convenient and quicker. You may directly apply to the insurance companies’ websites to purchase a health policy. Insurers also provide better deals and lower premiums if you choose to buy an online policy. This is because the insurance companies are able to eliminate costs such as commission and agent fees when you purchase the policy directly through their online platforms. These cost savings are passed on to you through a lower premium cost, which makes buying health insurance more affordable.

  1. Lowest premium is the best plan

You may think that the possibility of filing a claim under your health insurance policy is lower. Therefore, you may choose to opt for a plan with a lower premium to save money. However, a cheaper health policy may have multiple restrictions and limited coverage. Therefore, you may be in for a rude shock to find that the desired coverage is not available when you require the same.

  1. All medical expenses are reimbursed

This is a very common myth associated with health insurance. Expenses are reimbursed only if the terms and conditions are met. Moreover, there may be certain sub-limits even when coverage is available. Therefore, it is very important that you read the policy document carefully to clearly understand the inclusions and exclusions to avoid any confusion in the future.

It is important that you do not fall prey to the myths surrounding health insurance. You may seek the advice from a qualified insurance advisor to understand more about such policies. Alternatively, you may research online and read through blogs, forums, and other resources to gain an understanding about health insurance.