6 Common Myths About Buying Health Insurance Plans

Some people may hesitate to buy health insurance online due to some misconceptions. These myths create confusion as to what to buy and how to use such plans. Various amendments related to medical claim policies have been announced in the recent budget session to enable insurance customers to choose better health insurance that would be suitable for them. Some of the myths related to health insurance plans are written below:

Myth 1

Let’s say you are already covered under your employer’s group health plan. In that case, you are not eligible to claim for another individual health insurance to avoid exorbitant premium rates and reduce the financial burden. Buying a health insurance policy at the time of retirement is very expensive. It is wise to buy health insurance first because health insurance gets costlier as you get older and your health generally declines.

Myth 2

Most people believe that smokers and alcoholics can be excluded from seeking coverage for themselves. But this is not true at all. Insurance companies in India provide mediclaim policies to such people after they undergo a health check-up and become eligible for insurance benefits. However, given that the risk associated with such individuals is higher, they may have to pay a slightly higher premium than others and undergo a stringent health test before being offered health insurance.

Myth 3

Some youngsters feel that they do not need health insurance cover because they are fit. But you should always keep in mind that threats never come with prior notice. Accidents can leave anyone dangerously injured, with hospitalization drug bills quickly running into the millions, depending on the severity of the injuries. Due to rising medical costs, buying health insurance plans online is essential for managing finances.

Myth 4

Insurance comes into play only when the policyholder gets hospitalized. This concept is completely wrong. The adverse impact of technology has led to many reforms in the healthcare industry. Today, health insurance companies provide coverage for such hospitalization and even for doctor consultation charges.

Myth 5

Sometimes, policyholders think that everything is covered when they buy a health insurance policy, but this is a misconception. Always provide accurate details while filling the application because if you find any detail wrong, the application may get rejected. There are strict guidelines for claims that policyholders can make during the first six months.

Myth 6

If I pay the premium to the insurance company, I should also pay them for the bills I receive. This can be quite confusing. Your premium is the cost of insurance that you must pay each month in order to participate in your health plan.

After meeting with your doctor, your doctor will send the claim to your health insurance company. The health insurer processes claims and sends you an Explanation of Benefits, which explains what was billed and how much you are responsible for paying. An electronic version of the document is also sent to your doctor, along with any applicable payment checks.