General misconceptions about health insurance
January 16, 2019
1. Medical insurance is not for young people
While you might be young and healthy now, there is no guarantee that your health would remain the same till you reach your 40s, 50s or 60s. The increasing stress of our professional and personal lives significantly affects our health.
So, a health insurance policy is a must even if you are in your 20s or 30s and are completely healthy. Moreover, policies are generally cheaper when you are young.
2. Health insurance provided by employer is adequate
A lot of people believe that they do not need an individual policy if they are already covered under the group medical policy of their employer. But to reduce high premiums, most of these group policies do not cover your dependents, aged parents, require co-payment, etc. Moreover, you are only covered under this policy as long as you work with the employer. It is great that your employer offers group health cover, but this does not eliminate the need for you to have the protection of health insurance for you and your family.
3. Medical insurance is no good as it does not cover pre-existing diseases
Many believe that as a health insurance policy does not cover pre-existing ailments, it is obsolete. However, most policies provide you with protection against such diseases as long as you have completed a “Waiting Period” with the policy which could be anywhere between 1-4 years depending on the ailment and your policy provider.
4. Medical insurance only covers 24-hours or above hospitalisation costs
Several medical procedures require a patient to stay at the hospital only for the duration of the procedure which is less than 24 hours. These come under the category of Day Care Treatment. An example of this is a Cataract Operation wherein a patient can actually be home within hours after the surgery.
A lot of people believe that such medical procedures are not covered under the medical policy as the patient is not hospitalised. However, most medical policies cover such treatments as well.
5. Purchasing medical plan online is risky
Most insurance providers now let you purchase health insurance cover online as well. However, a lot of people believe that purchasing a medical plan online is risky.
But as long as you are dealing with a reputed insurance provider and purchasing the policy from the official website of the company, be assured that the whole process will be completely safe. As a matter of fact, online policies are generally known to be cheaper than offline purchases.
Protect yourself and your family members against high medical costs with medical policy
With some of the most common medical policy myths busted, you are now better prepared to make the right decision. Rather than viewing medical insurance as an unwanted expense, try to understand its importance in protecting your financial health.
Insurance providers now offer many different types of health insurance plans to suit every buyer. Browse through the different options offered by the company and thoroughly understand their benefits to select the one that best suits your requirements.
The contents of this document are meant merely for information purposes. The information contained herein is subject to updation, completion, revision, verification and amendment and the same may change materially. The information provided herein is not intended for distribution to, or use by, any person in any jurisdiction where such distribution or use would (by reason of that person‘s nationality, residence or otherwise) be contrary to law or regulation or would subject lClCl Bank or its affiliates to any licensing or registration requirements. This document is not an offer, invitation or solicitation of any kind to buy or sell any security and is not intended to create any rights or obligations. Nothing in this document is intended to constitute legal, tax, securities or investment advice, or opinion regarding the appropriateness of any investment, or a solicitation for any product or service. Please obtain professional legal, tax and other investment advice before making any investment. Any investment decisions that may be made by you shall be at your sole discretion, independent analysis and at your own evaluation of the risks involved. The use of any information set out in this document is entirely at the recipient's own risk. The information set out in this document has been prepared by ICICI Bank based upon projections which have been determined in good faith by lClCl Bank and from sources deemed reliable. There can be no assurance that such projections will prove to be accurate. lClCl Bank does not accept any responsibility for any errors whether caused by negligence or otherwise or for any loss or damage incurred by anyone in reliance on anything set out in this document. The information set out in this document has been prepared by ICICI Bank based upon projections which have been determined in good faith and sources considered reliable by lClCl Bank. In preparing this document we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources or which was provided to us or which was otherwise reviewed by us. Past performance cannot be a guide to future performance. 'lClCl ' and the 'I-man' logo are the trademarks and property of lCICl Bank. Misuse of any intellectual property, or any other content displayed herein is strictly prohibited.