Health Insurance Plans

pays for your hospital bills for diagnostics, surgery etc.

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Health Insurance Myths

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Health insurance has gained acceptance among the larger population of late, thanks to the increasing awareness that people have gained over the years about health insurance. It is no longer a question of “what is health insurance”, but how people could benefit from Health Insurance policy. However, there are health insurance myths that need to be dispelled so that you could get the most of health insurance benefits.

Some common health insurance myths:

24-hour Hospitalisation is Mandatory:

Is it necessary for you to stay in the hospital for a minimum of 24 hours for you to make health insurance claim? That is the popular belief. However, the fact is that the reasons why you are hospitalised is more important that the clause of hospitalisation for 24 hours. If you would rather choose to stay on in the hospital just to satisfy the hospitalisation clause in the health insurance Policy when you could rather have been discharged as an Out-patient in a few hours, it is not what medical health insurance is in letter and in spirit.

All medical conditions are subject to Pre-existing waiting periods:

That is an area of serious confusion among people looking for medical health insurance. Would all medical conditions be subject to waiting periods? Not at all! What is health insurance used for, if you develop a condition and cannot Claim for its treatment? Rest Assured – the pre-existing condition clause is applicable only to those medical conditions that may have existed at the time you applied for health insurance policy, not otherwise.

Cashless facility handles all cash requirements in an emergency:

That is a myth because emergency services work in the real world, and the real world scenario is that there are specific office hours – and procedures – attached with the cashless facility of health insurance. Insurance companies/TPA’s have agreements with Network Hospitals that require the hospitals to work on credit when it comes to authorised claims. However, authorisation is mandatory – and it may well take a few hours or even a couple of days to authorise claims, depending on when the emergency occurs. It becomes a rather dangerous assumption to suppose that health insurance benefits include facilities that are 100% cash-free.

You could choose a hospital that is in the list of network hospitals:

Well, there is nothing wrong in checking the network hospital list. What you should know, however, is that medical health insurance is an agreement between the TPA/insurance provider and the hospital, and that could change at any point in time, depending on the way hospitals behave. If hospitals are blacklisted, it may not be updated immediately in the list of network hospitals. What is health insurance used for, if you get admitted in a hospital that is no longer in the list of approved hospitals?

Health Insurance is a tax saving tool:

While none could refute the fact that health insurance policy would work for you to save tax, you would have your preferences misplaced if you were to buy health insurance policy just for the sake of saving tax. The problem with such an approach is that you may end up buying medical health insurance with an eye on tax savings, but may land with the wrong health insurance policy for you.

Health insurance is best left to the agent:

There are insurance agents who have knowledge and expertise in the business. However, that is not to say that every agent could be taken for granted, and every word could be taken at face value. It is your responsibility to do your research, understand what health insurance is, compare health insurance, and make the most of health insurance benefits. There are many products available and the health insurance industry has become sophisticated over time. Utilise the power of the internet, explore the options, and make your decision.