I am Young & Fit
One of the biggest myths about a health insurance policy is that people think they are healthy and fit and therefore do not require a health insurance policy.
But, this doesn’t hold well in all situations. There are many instances where even young and fit people are hospitalized with illnesses and diseases.
Gone are those days when only old people are prone to illnesses, now there is no age limit to get hospitalized with any illness. Due to the changes in lifestyle, pollution, and other factors, there is a high chance that hospitalization may happen even at a young age.
One of the best examples is Covid-19 related claims where even healthy and young people succumbed to the virus.
Cheap is the Best
Most people think that taking a cheap health insurance policy would suffice their health care needs. However, it is important to note that cheap is not always best when taking a health insurance policy.
A cheap health insurance policy might have certain hidden clauses such as co-pay and other exclusions that would affect the insured customer at the time of taking the policy.
I have an Employer Sponsored Plan
Employer-sponsored health insurance policies are those where the premium is paid by the employer and the employee enjoys the health insurance coverage. Most people delay and deny taking an individual health insurance policy stating that they have an employer-sponsored health insurance policy that covers their health care needs.
It is important to note that the employer-sponsored health policy would only be valid till the time you are working in the organization. Once you leave the organization you are exposed to potential health claims which might lead to the erosion of your wealth.
Health Insurance doesn’t Settle Claims
Most people think that health insurance claims would not be settled by showing some or the other reason. But this myth can be debunked by taking a health insurance policy after proper research.
There might be certain instances where the health insurance claim is denied such as declaring wrong information at the time of taking the policy, hiding pre-existing disease information and taking the policy, trying to commit fraudulent claims, etc.
It is important to spend some time and understand the coverage and exclusions in a health insurance policy to prevent the chances of denial of a claim in the future.
The entire Hospital Bill will be Paid by Health Insurance Policy
Many people are of the impression that the entire hospital bill in case of hospitalization due to any illness or disease would be paid by the health insurance policy. But, this statement might not hold in all cases.
There is a concept of co-pay in some of the health insurance policies wherein a part of the claim amount has to be borne by the insured. There are other items such as consumables utilised in the treatment which are not paid under the group health insurance policy.
On top of this, there is a deductible in every claim which would be deducted before a claim is paid.
You May Like to Read: Co-Payment in Health Insurance