Myths about health insurance

With a myriad of health insurance policies available for you to choose from, it is understandable if you’re confused and believe in certain misconceptions. Let’s bust some popular myths about health insurance.

1. All health insurance benefits are applicable from the very first day of the policy.

Although there are certain plans that do cover you entirely from Day 1, the majority of health insurance plans have certain waiting periods and exclusions. For instance, depending upon the plan you choose, pre-existing conditions can be covered with no waiting period at all or could have a waiting period for six months. It is essential to always be aware of what your insurance plan might not cover until the waiting period is completed.

2. If you’re young and healthy, health insurance is unnecessary.

The notion that you do not require health insurance while you don’t have any health problems is far from the truth. None of us know what the future has in store for us and having an insurance policy is the best way to safeguard yourself from exhausting your bank account if any health issues do arise. Another positive is that premiums are much lower when you are young and healthy. Premiums usually rise when you are older since you pose a higher risk of having medical conditions.

3. You can escape from declaring your existing medical conditions

Being completely transparent and honest is the best way to ensure that your health plan covers you according to your requirements. Insurance companies can acquire all your previous medical reports and have the right to reject your claim if you have been dishonest about any pre-existing conditions. You will end up not only wasting money but time as well. As the old saying goes, honesty is always the best policy.

4. You can get all your medical tests covered by your health insurance

A lot of medical tests such as checking your Vitamin D levels, screening for HIV or Hepatitis B and C are usually not covered under health insurance plans. Cosmetic procedures are also generally not covered. Rather than getting your claims declined, always check whether certain medical procedures or tests are covered under the insurance plan you have decided to go with.

5. You can save money by choosing a basic health plan

By choosing a basic health plan, you might end up spending more out of your pocket. A lot of people choose a basic health plan and eventually stack up unpaid medical bills and get into debt. When you do apply for a basic plan, you usually incur a cost of no value. Always choose a more comprehensive plan which would cover the costs of your medical procedures and in turn, would help you save some money in the long run.