There are many misconceptions and myths on health insurance. This is because people do not have adequate knowledge on health insurance. Even modern-day consumers fall prey to myths.
They have to come out from these myths and stay well-informed on health insurance. A recent survey reveals 50-60% of the working-class population in India has health insurance, but only a few people have realized its true value.
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This is completely wrong. Buying health insurance at an early age is strongly recommended for several reasons. All health insurance policies have mandatory waiting period of 30 days. The waiting period for people with pre-existing conditions is 2-4 years.
When you avail health insurance at a young age, you can pass the waiting period in good health. As health insurance premiums are computed on the basis of your current age, purchasing health insurance at an early age reduces the premium.
Mr Ravi is 38 years old. He never bothered to avail a health insurance plan. He recently suffered a heart attack. No insurer is willing to insure him, now. He incurred heavy medical expenses which blew his savings away. He and his family are now in severe debt. Wouldn’t it have been great if he had availed a critical health insurance plan?
Health insurance policies are offered with a minimum waiting period of 30 days, except for accidents. It means you have to wait for a minimum period of 30 days from the date of policy issuance to make a claim for an illness. If you get hospitalized prior to the completion of the minimum waiting period, the insurer doesn’t honor the claim. Financial advisors ask you to read the terms and conditions of the health insurance policy and then avail it.
The waiting period for people with pre-existing medical conditions is around 2-4 years. It means that some critical illnesses have a waiting period of 2 years, while some other critical illnesses have a waiting period of 4 years. At the time of availing the health insurance policy, you have to be honest with disclosures. If the insurer suspects that you have not made an honest disclosure, claims would be denied. You get nothing even after the completion of the waiting period.
You must understand that the insurance company does not pay the medical expenses in full as health insurance policies do not cover consumables like face mask, oxygen mask, crepe bandage, nylon gloves and so on. Some health insurance plans come with sub-limits. Let’s assume that the actual room rent is Rs 5,000 and your policy has a room rent cap at Rs 4,500, the remaining amount of Rs 500 has to be paid, out of pocket.
See Also: Health Insurance Benefits
How can you expect the health insurance premiums to remain unchanged with growing medical inflation? Health insurance companies keep revising their premiums with time. Your current age also matters when availing health insurance. The revised premium has to be paid to get the health insurance policy you need. Consult the insurer to get more details on the premiums.
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