Common Health Insurance Myths Busted
Health Insurance has become a need for today’s people. You too, might have thought of getting a health insurance which will financially insure you and your family against large-scale health expenditure. If you are planning on getting the health insurance, you must have doubts and questions and health insurance myths in your mind which are either self-made or have been others. Other than that there is a lot of information which is spread by agents and middlemen, only because they want to attain their sales target and we trust this information. Well, most of the information that you have regarding this which you consider as facts might be a complete myth. So let us discuss them, and throw light on some real facts which will help you take a better decision for your investment in a Health Insurance Plan.
Myth #1: 24 hours Hospitalization is essential for a Claim
Due to scientific advancements and technology up gradation has made it possible for you to spend less than 24 hours in the hospital. This is because many surgeries take lesser time than before. Spending less than 24 hours does not mean that your reason is not genuine and you are not eligible to file a claim. This is the reason a lot of health insurance plans have started covering claims for day-care expenses such as dialysis, chemotherapy, eye surgery and lithotripsy.
Now about 140 such surgeries are covered by a number of insurers, with or without restrictions. Whereas some procedures do not come under any day-care or require 24 hours of hospitalization, this includes dental care as well. While some health insurance plans cover such procedures, they have some restrictions.
Fact: The factor that decides if a claim is payable is whether the hospitalization was medically needed and not whether it was for 24 hours or less.
Myth #2: The entire expenditure will be reimbursed whether I have the bills or not
Sometimes, the insurer reimburses only a partial amount of the actual expenses incurred during the hospitalization. If you know the reason behind such practice you will be able to avoid out-of-pocket expenses. You need to know the limits of the policy itself. This may include only a certain amount of rent to be reimbursed, while the insured has to pay the rest of it. Likewise, many other expensed might be limited to a certain extent of compensation. Moreover, some medical bills might not get reimbursed if they come under a non-admissible list of expenses. Moreover, there could be a number of incidental and additional out-of-pocket expenses that one might have to pay.
Fact: You should always keep hospital bills as a proof of the expenditure incurred. Your health insurance policy might have its own limits and would not reimburse the entire amount but only the amount that comes under the policy.
Myth #3: I don’t need a separate policy when I have a group insurance cover
You should definitely take up any group health coverage when your employer gives you a chance. This will be beneficial for you at the end of the day. So you grab the chance even if you have to pay a part of the premium. You should also the coverage amount as it might be restrictive. If your employer provides an option for group health coverage; grab it even if you have to pay a portion of the premium. But you should remember that this will protect you only until you are on the job, which means you will be left unprotected when you are unemployed. Thus if you want to be insured even at that time, you should also take an individual health insurance policy as well.
Fact: Your health insurance will keep you protect regardless of your employment status, while your group insurance will cover you only when you are employed.
Myth#4: You should check the list of Network Hospitals
Most of the customers want to check the Hospitals in the network lists to make sure that their preferred hospitals are a part of the Insurance Company’s list. But what they do not know is that such Hospital Network list is ever changing and Insurance companies blacklist some hospitals on a regular basis. Whereas hospitals also blacklist some insurance companies, which means any list is liable to change at any point in time. Thus, the list of the hospital is not fixed and does not mean that the hospital you prefer and is in the list will also be on the list when you have a claim.
Fact: Network List of Hospitals is not permanent or contracted through policy terms. Do not depend on the network hospital list to decide an appropriate product for your family as the list could change any moment.
Myth#5: My Critical Illness Insurance covers all critical illnesses
Most of critical illness insurance plans have al list of critical illnesses covered, but they do not cover all illnesses. So, you must not only check your critical illness in the list but also re-question them about it. Sometimes, the list covers Cancer, but it doesn’t cover all types of cancer.
Fact: Every critical illness covered by the insurance company comes with their own precise definition. So, if your condition falls into their definition, then only your insurance claim would get accepted
The above-mentioned myths should not be taken up as facts. So the next time you get a health insurance policy utilize the information you just gained and do not get fooled by such myths.