Health Insurance is a type of insurance that covers the cost of medical bills. Unfortunately, various misconceptions revolve around health insurance policies which arise from lack of knowledge and understanding about insurance in general. As with all industries, when a consumer is more informed about the products and services they use, they can make better decisions. When it comes to health insurance, those decisions could have an enormous impact. This article will highlight five common myths and facts about health insurance.
Myth 1 – I am young and healthy. I do not need health insurance
Fact: Health insurance is important at any age because the truth is, while being young and fit is great, it does not shield you from unforeseen incidents like illness. Moreover, health insurance not only covers critical illnesses but also medical emergencies such as accident-related hospitalization, acute illnesses as well as annual health check-ups in some cases.
Buying health insurance early in life also allows you to pay lower premiums compared to buying one later in life.
Myth 2 – Health insurance is overpriced and not worth it
Fact: A variety of insurance providers have health insurance plans that offer inpatient, outpatient among other levels of coverage. This can be a crucial shield against the high cost of medical care for you and your family. While health insurance can be pricey, it will ultimately help you save a lot of money.
Myth 3 – Health insurance policies only cover treatment in government hospitals
Fact: Most plans have a network of preferred providers including both private and government hospitals. Your insurance company can tell you which hospitals and doctors are in its network which is extensive, including hospitals outside the country. If you go to an out-of-network hospital, not only will your cost of treatment be higher but you might also be required to pay the hospital any amount not paid by your insurance.
Myth 4 – Pre-existing conditions are not covered by health insurance policies
Fact: The customary medical solutions provide for pre-existing and chronic conditions within the cover, whose governance revolve around unlocking the benefits within the defined terms and conditions stipulated in the policies purchased.
Myth 5 – I need to be admitted for at least one day to claim my health insurance
Fact: Most insurance companies recognize the fact that there are certain conditions which may require instant care. This is when the cover for day care procedures is included.
It is always important to go over the policy documents thoroughly to understand the fine prints so as to prevent yourself from being swayed by rumors and uninformed health insurance myths. We have experts at CIC ready to help you out with fact finding and helping you make the best decisions for all your health insurance needs.
