Availing a health insurance plan is an important step in your financial life. As hospital expenses are rising each day, not having health insurance can burn a hole in your pocket. But, there are certain Myths surrounding health insurance which is discouraging many citizens from availing health insurance.
1. No need to avail health insurance at an early age
There are many reasons why you need to avail a health insurance policy at a young age. The premiums to be paid will be less when you avail health insurance at an early age. Also, health insurance has a compulsory 30 day waiting period and in case of pre-existing diseases there will be a 2 to 4 years waiting period. So, if you do not avail health insurance at an early age, the waiting period could be a problem. If you avail health insurance at a young age, you can pass the waiting period very easily as you are in good health.
2. Minimum 24 hours of hospitalization must for claim
In the past you required to be hospitalized for at least 24 hours, before the health insurance plan kicked in. Today, a lot of treatments can be done within a few hours and the patient will be allowed to go home on the same day. These treatments are called day care treatment. Now, most of the insurers allow claims for treatment, which do not require 24 hours hospitalization. Some companies even allow claims for treatment which fall under the Out Patient Department (OPD).=
3. All pre-existing diseases are covered after the waiting period
Almost all the health insurance policies cover pre-existing diseases after 2 or 3 years. But, the pre-existing diseases will be covered only if you disclose your medical condition at the time of availing the health insurance policy. If the insurer gets to know that you have not disclosed your medical conditions honestly at the time of availing a policy, your insurance claim will be rejected. In case you are not aware of the disease that you have and say that you are medically fit, your insurer will cover such diseases after the completion of the waiting period.
4. Hospitalization expenses will be covered from Day 1
Health insurance policies offered by all insurers will have a waiting period of a minimum of 30 days, except for accidents. You cannot claim the insurance amount, if you are hospitalized soon after availing the health insurance policy. In case of pre-existing diseases, the waiting period will be 2 to 4 years. So, if you are planning to buy a health insurance plan, do proper research and buy the policy which is most suitable to you. Doing so will help you get to know the terms and condition of the policy.