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Some Common Misconceptions About Health Insurance in India

Aniket Thakkar Aniket Thakkar 02 February 2016

With our super demanding lifestyle, none of us is out of danger. While we make adequate provisions for those not-so-sunny days, why spare ourselves from a decent health insurance cover? And if you have some qualms or misconceptions about the same, read on.

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Believe it or not, health insurance is looked upon as a complex product. With the technicalities involved, sometimes it can get a bit clumsy to wholly apprehend the matter. On the other hand, thanks to internet, abundant information is available at hand. With growing competition, insurance companies and online brokers like are resolute to provide all possible information pro-actively to the consumers at the click of the mouse.

There are numerous mistaken beliefs around the health insurance. Through this article, we hope to bust some of the myths connected to the topic. Likewise, if you are eyeing to acquire one for yourself or your loved ones, this can serve as a first-hand info.

Myth # -1

I am not aged enough to buy a health plan.

‘I am too young to buy a health plan’ – this quote is not new to us. And as naïve as it may sound, it is the most common blunder people commit. On the contrary, buying a health plan in the younger ages is beneficial. Doing so, the related pre-existing waiting period will be waited out without any illnesses and when you actually face those illnesses, your plan will cover you without having to wait more. Moreover, buying at younger age will also result in savings in the premium and the deciding premiums largely depend upon the age.

Myth # -2

I need a plan only if I am married.

It’s good you care for your family, but won’t you ever need a health plan for yourself if you are single? Is it certain that you will not face any health complication? And if, unfortunately you do, are you equipped enough financially to bear the costs yourself? Uncertainties come crashing irrespective of you marital status so why should the health plan?

Myth # -3

I already have an employer-sponsored health plan. I do not need another one.

Your employer sponsored plan will provide you a basic coverage which will take care of your basic hospitalization. However, your group health plan is neither sufficient nor exhaustive in the coverage department. For an increased and optimum level of cover, you should buy a specific health plan covering you based on your requirements. Additionally, there are chances that your employer may discontinue the plan or if you switch jobs you may be left without a cover. Similarly, it is important to think long term, i.e when you retire you may be left without a cover when you need it the most.

Myth # –4

I don’t need a higher Sum Insured.

Having a sufficient level of cover is important because of the rising healthcare costs compared to the higher incidence of ailments. If the entire family is covered under a floater plan, a higher coverage becomes all the more necessary. A high coverage becomes affordable if you opt for a top-up or a super top-up plan to supplement your coverage. These plans increase the cover and are also considerably cheaper.

Myth # -5

A health plan will cover every type of medical exigency.

While health plans today have become fairly exhaustive in their scope of coverage, yet, certain costs are not covered by the plans. There is usually a list of exclusions which are mentioned in the policy wordings of your health plan and demands a look-over. General exclusions include dental treatments, maternity expenses (until unless specified), circumcision, HIV/AIDS, etc.

Coverfox Verdict:

A health insurance plan is necessary in today’s lifestyle where growing number of people are falling prey to diseases and ailments. With the drastic change in our lifestyles, whether you are single or married, whether you are already covered by your employer’s health program or not, you should buy a customized health insurance plan for yourself for a complete protection. Ensure that the amount of cover is sufficient to meet the increasing costs. If affordability is a factor, supplement your existing plan with top-up or super top-up plans. Lastly, do make sure to read the fine print or ask your broker to explain the list of exclusions so that you know what limitations your plan brings. Get over your pre-conceived notions and insure yourself, today!!

Aniket Thakkar
Written by Aniket Thakkar
He lives off TV shows, movies, junk food, comics and sarcasm. When he is not working as a freelance imaginary friend to other beings like him, he works as VP of Marketing at Coverfox.