An uncertain situation may happen anytime, draining all of the savings. So, everyone needs to secure their family’s health and wealth. Therefore, one must plan to purchase from one of the best Health Insurance company in India even before they start financial planning. There are several policies available nowadays. But there are some myths associated with these policies. So, to pick the best health insurance companies and policy in India, it is essential to bust myths and learn the truth.
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Myths Regarding Best Health Insurance Companies in India
Myth 1: Only Unhealthy People Need Health Insurance.
Most of the population following a sedentary lifestyle. So, these people are prone to several kinds of conditions indeed. Moreover, there are some uncertain situations like seasonal ailments which may strike anyone. So, everyone must purchase a Health plan irrespective of age and health.
Moreover, the right time to buy best health insurance policy in India is when the person is in good health. Generally, these policies do not cover preexisting conditions. So, purchasing a policy when healthy ensures coverage without any exclusions.
Myth 2: Health Conditions Should Not Be Disclosed While Purchasing The Policy.
Unfortunately, it is a common belief that people should not disclose their ailments while purchasing the policy; otherwise, the company can either reject the policy or increases the premium. But one must remember that this might become a problem during the claim.
When the Insurance Company finds out that all the health details are not disclosed, they can straightaway reject the claim. So, it is mandatory to reveal all the details when you are purchasing a health plan.
Myth 3: Critical Illness Insurance And Health Plans Are The Same.
Only the best Health Insurance Company in India will cover several medical costs, whereas critical illness insurance takes a step more in covering non-medical expenses also. People are aware that it is expensive to treat a critical illness. However, standard health plans will not cover these costs. So, one must purchase critical illness insurance. Most of the health policies have critical illness Rider. So, one can add this Rider to their Health plans.
Myth 4: Purchasing Health Plan Is To Save Tax.
People are considering health plans as a way to save on taxes. So, they are paying minimum attention to the coverage. Though are health plans help to get tax exemptions, the primary purpose is to provide financial support and protection against soaring health costs. So, a wise investment in a health plan can be more than just a tax saver.
Myth 5: Health Policies Provide Lifetime Coverage.
Fortunately, the best health insurance company provides lifetime coverage with a renewal option. But some policies have 1 to 2 years of tenure. Therefore, it is vital to renew the policy after the tenure gets finished. Otherwise, the policy may lapse, and one needs to purchase a new policy again, losing all the benefits of the previous one.
Myth 6: Health Plan Provided By The Employer Is Sufficient.
Most of the companies provide health policies to their employees with a Limited cover. These plans stop working as soon as the person quits from the job. Moreover, most corporate health plans do not cover retirement. So, it is always advisable to buy an individual or family health plan without totally depending on the corporate plan.
Myth 7: Health Insurance Starts Covering As Soon As The Purchase Is Made.
It is crucial to note that no insurance company or policy covers the first 30 days of the Purchase. Therefore, some emergency expenses will only be covered from the first day.
Moreover, coverage of the preexisting conditions happens only after the waiting period, usually 3 to 4 years. This is because the insurance company provides coverage only after this time frame. But some plans offer cancer insurance benefits.
Myth 8: It Is Mandatory To Get Hospitalized For At Least 24 Hours.
Generally, the essential requirement for a claim was hospitalization for a minimum period that is 24 hours. But with the advancements in healthcare, some treatment procedures are performed without hospitalization. Hence the insurance companies started providing coverage for some of the daycare treatments as well.
Myth 9: All The Expenses Get Covered.
The policy sub-limits show that the health plans cover only partial amounts. So, one may encounter out of pocket expenses that they need to bear even with the best health insurance policy in India.
Myth 10: Health Insurance Does Not Cover Maternity.
Before some years, the policies were not covering Maternity. However, in recent years, many policies started covering both pregnancy and the newborn.
Myth 11: All Hospitals Provide Cashless Treatment- Best Health Insurance Companies
People usually think that the cashless treatment option is provided in all hospitals. But one must remember that this is possible only in the network hospitals. For a non-network hospital, one has to give the bill to the insurance company for reimbursement.
Choose only the best Health Insurance company in India to protect your family. One must always do proper research before finalizing. While you are at it, explore different plans, compare their benefits, and determine if they align with ones’ unique requirements, then choose the best plan available!