Health insurance: Do you have it yet?
According to World Health Organization (WHO) 2013 reports, India's total per capita expenditure on health facilities is $215 or approximately INR 13,000. This indicates that health expenditure contributes for almost 4% of India's GDP.
The increasing delusions revolving around health insurance policies and insurance providers make most people reluctant to opt for an insurance cover. Here's a list of the most common notions that prevent people from taking a health insurance policy:
Myth 1 :Health insurance is for people suffering from health issues.
Even with an outstanding health record, human life is tremendously unpredictable; anyone can contract an illness or require hospitalization at any time. A health insurance cover helps to safeguard your finances in case of such emergencies. With the rising quality and cost of health services, an additional monetary help will prove essential.
Myth 2 :Group health insurance taken up by my employer is adequate.
Imagine a situation where there are many people vying for a single pot of money. Similar is a group health insurance cover. Also, the group cover involves certain clauses and defined limits, which do not cater to the individual health needs of your family. Due to the rising health issues, group covers are rapidly exhausted causing much difficulty for employees in need.
Myth 3 :Health insurance is riddled with hassles.
Health insurance is a beneficial mechanism that pools resources through regular premiums and apportions money to those who require medical treatment. Stringent claim acceptance policies and thorough investigations are a part of the claim process to ensure there are no malpractices. Policy applicants are thus always advised to share and declare legitimate details to avoid claim rejections. Completely filled policies with genuine data and authentic proofs to support the claims are rarely disapproved.
Myth 4 :Health insurance is for people suffering from health issues.
With the digital revolution, the insurance industry has also shifted from never-ending paperwork to online documentation. You can now read the product wordings and know its features and benefits at a single click, facilitating complete transparency. Several insurers provide cashless facilities to policyholders by networking with Third Party Administrator (TPA) desks at reputed health institutions. The introduction of mobile applications helps in policy purchase and renewal on the go.
Myth 5 :Only earning members of the family need to be covered.
In olden days, it was believed that solely the breadwinners contribute to a family. However, over time, every member has come to play equally important roles. The health and happiness of a family depends on all its members. A claims survey report reveals that two out of three claims pertain to dependent family members.
Myth 6 :People who consume alcohol and smoke do not get health insurance.
The truth is that insurance companies charge a slightly higher premium to individuals who have such habits. However, policies are not denied on this account.
Myth 7 :Health insurance provider cannot be changed.
What if you're not happy with your insurer? No worries - Health Insurance Portability is easily possible. You can continue to avail benefits for pre-existing diseases, waiting period and other time-bound facilities after portability. However, a 45-day window needs to be ensured before porting, along with good past records of premium payments, insurance coverage without breaks, etc. Break away from these myths and delusions and buy a comprehensive health cover to safeguard your most invaluable asset - health.
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