In order to be productive and active, it is essential that one pays attention to one’s health. However, when it comes to securing one’s future by purchasing a health insurance plan many people have second thoughts because they are misinformed about various provisions that are given in the insurance policy.
Since prevention is always better than cure, one must be aware of the ins and outs of health insurance. It is essential to go back to the basics unlearn and relearn accurate facts, figures, terms and conditions related to different health insurance policies.
However, the first step towards keeping this commitment is to debunk myths associated with health insurance that are not necessarily true. Some of the myths have been discussed in the following sections.
Selecting the Cheapest Health Insurance is the Best Choice
Most people do not realize that an insurance policy is an investment that requires a regular premium to be paid or a lump sum amount. They take for granted the utility of a health insurance plan and the ways in which is an excellent option in times of emergency.
For this reason, many people end up going in for the cheapest health insurance policies that are not comprehensive. This is because they feel that they are optimistic that they won’t fall ill anytime soon or require medical treatment that is expensive.
However, this attitude is a recipe for disaster since a basic plan will not cover all related medical expenses and if the policy lapses due to non-payment of premium the policyholder cannot make a claim until the due is paid. Therefore, it is always best to go in for a health plan that suits the needs of the policyholder.
Insurance Policy Benefits are Instantly Applicable
While purchasing a health plan most people take for granted that the act of purchasing the policy means that the insurance policy benefits are instantly applicable. This problem arises, most often, because new policyholders fail to read the policy document that contains all the terms and conditions related to the policy.
Any insurance plan, which includes health plans, have a 30-day waiting period and this period might vary according to the policy purchased. During this period, diseases are not covered apart from hospitalization caused by accidents.
Another point that must be noted is that coverage for pre-existing diseases is covered only after a lock-in period of four years and claims cannot be made during this period. Additionally, certain diseases have one or two-year exclusions, and hence one must read the offer document carefully before purchasing health insurance to know whether the policy covers existing illnesses.
Insurance Covers All Medical Bills and Reimburses Policyholders
Another myth that most people believe in is that insurance covers all medical bills and reimburses policyholders for all related medical expenses. However, most reimbursements are applicable only when it involves hospitalization.
Another important point to note is that hospitalization alone is not just broad criteria but based on the policy taken. For instance, certain procedures are not covered under insurance plans while certain essential medication and room charges are permitted while others are not.
It is all the more reason that policyholders should look at the terms and conditions, in particular, before signing up for a health insurance policy.
Health Insurance is Meant for People with Health Issues
Another unsubstantiated myth is that only people with known-illnesses or chronic health issues are the only people who benefit from best health insurance plans while those who are healthier do not require one. Without trying to sound negative, when it comes to one’s health, it is best not to take any risks because one can never be sure of what will happen in the future.
It is essential to aim to lead a healthy lifestyle but cannot prevent or keep disease or illnesses at bay. As a result, without any form of health insurance, it is going to be very expensive for a person to pay the mounting medical bills and pay all the bills out of pocket.
Whether the health insurance is utilized to its maximum potential or not, one should invest in a comprehensive plan in order to protect oneself from any health-related concerns.
24 Hour Hospitalization is Required to Make Claims
With the rapid developments in the field of medical sciences with procedures becoming shorter the 24-hour rule is no longer enforceable like before. For instance, out-patient procedures like chemotherapy and dialysis do not require hospitalizations, and similarly, patients undergoing radiosurgery and laparoscopic procedures are discharged on the same day.
However, certain procedures like dental implants might not be covered by most health insurance policies, and it is best to check before buying one. Additionally, over 140 procedures are usually covered for approval for claims that do not need to adhere to the 24-hour rule.
These are five common myths surrounding health insurance that are untrue and that policyholders should be aware of.