Health insurance in today’s times is doubtlessly a shied for the policyholder who may end up encountering medical treatment cost and massive bills due to any unforeseen ailment. From the protection point of view, the significance of health insurance is indescribable; yet there are also many myths or false information that people believes about the same. It is necessary to separate such myths from facts and present the picture that can help the potential buyers of health insurance. Here are some of such myths busted.
Myths you need to be aware of
- It is costly: This is one of the biggest myths in the market. To avail, a health insurance plan one needs to pay a premium. The amount to be paid as premium depends on a number of factors such as the age of the buyer, pre-existing disease, location, medical condition, family history and many more. The amount of premium varies from person to person according to the change in these factors. Compared to the benefits a Health Insurance Plan Offers, the cost of insurance is much negligible. One can understand this only when he has to counter a medical condition where he has to pay hefty bills for treatment.
- I don’t need it: Many times people say that ‘I am healthy and I don’t need it’. Some people also say that we have enough money to spend on our health and hence we don’t need medical insurance. In some cases, people say that we take care of our health and body rightly and hence there is no chance for any such diseases where we need health insurance. All these perceptions are wrong as no one knows what might happen to theirhealthin the days to come. Many times people who look healthy also end up suffering from critical diseases. The cost of medical treatment is rising high, and even if one have good amount of savings, it may fall short to cover the hospital bills. Hence it is always wise to have a health insurance plan.
- I have insurance offered by my employer: Those who are employed get insurance coverage by an employer under group insurance. Such people think that as they have group insurance, they don’t need to go for the individual medical plan. It is again not quite right as one never knows when he will be out of a job or have to move to another job where insurance cover may not be provided. Personal health insurance is always recommended.
- I have to pay a high premium every year: With the increase in age, one may have to pay more amount as premium; it is true that the premium keeps on increasing. However, there are also other factors here that one needs to consider among which the most notable one is no claim bonus. If one does not make any claim in a year, he is given this benefit which can directly impact the premium to be paid next year. There are also additional riders that can help one get more benefits than the premium paid.
- It does not pay complete amount:No doubt, it is a big myth in the health insurance market. Insurance companies have various ceilings for different ailments and conditions. They pay according to the plan, one may have selected at the point of purchase and within all the parameters set. One may need to pay a little amount towards processing charge or some more towards other limits else the service providers pay a good amount offered as a part of the coverage and hence one should not believe this point at all.
- I have a family plan which is better for me: In health insurance, one may go for an individual plan or a family floater policy. In case of an individual plan, one is more protected compared to the floater, and hence as per the experts, it is always good to have an individual plan rather a floater one. However, in some cases, the floater may also be a good option, but one cannot nullify the need of individual plan on the basis of a floater plan.
- Claim settlement is very tough: This is also not a valid excuse and thereforeit’s a big myth in the market. The claim process designed by the health insurance companies in this era is very simple. The client can also go for the cashless claim as there are many hospitals which are in network of the service providers and for this reason one can have the claim settled without any hassle. In case of reimbursement, also one can furnish the valid documents and supporting bills necessary to have easy claim settlement. The claim settlement ratio is an important parameter for the service providers.
Looking at these points, one can know that health insurance is much helpful and also needed in this age when the treatment is necessary yet much costly to bear for any individual.