Common Health Insurance Myths You Should Stop Believing
While we talk a lot about health insurance in personal finance and how it can protect the wealth creation of the family . It’s important to have accurate information about health insurance to make informed decisions and important to burst the most common myths associated with health insurance.
Myth: With sufficient savings, health insurance is redundant.
Fact: Some argue that personal savings make health insurance unnecessary. However, even large savings might prove insufficient to cover substantial medical costs, such as major surgeries or long-term hospital care. These costs may run into lakhs and with time spent in hospitalization of your near ones, you might face financial crunch.
Myth: Health insurance is only for older people or I am young i do not need health cover
Fact: Medical emergencies can happen to anyone at any age. Purchasing health insurance early can provide financial protection against unexpected medical bills. Younger individuals may also benefit from lower premiums and shorter waiting periods.
Myth : You get coverage as soon as you buy the plan:
Fact: Medical insurance plans often have waiting periods before certain illnesses are covered. Therefore, carefully read the policy wording when buying a plan to understand the claim eligibility timeline. A typical initial cooling period is 30 days, and longer waiting periods may apply to pre-existing and specified diseases. ( We will let you know what waiting periods are applicable to book your free consultation.)
Myth: Employer-provided health insurance is enough.
Fact: Employer-sponsored group health insurance often has limited coverage, less flexibility, and may not include add-ons. It also ceases when you leave the company. An individual health insurance plan can offer broader coverage tailored to your specific needs.
Myth: The cheapest plan is the best option
Fact: Beware of the biggest medical insurance myth: that price equals coverage. You can’t simply choose a plan based on how cheap it