Our modern day lives are too entwined in work and career to give us the leisure of good health and peace of mind. With our never-ending pursuit of professional success, our health often takes a back seat. By the time, middle age comes by, health issues often surface up. From lifestyle diseases like diabetes to stress-related ones like high blood pressure, the troubles tend to abound at this stage. Treating these diseases is not easy. Given the sky-rocketing expense of medical care, even a small procedure can be prohibitively costly. Little wonder that health insurance policies are considered to be a critical part of financial planning these days.
Nonetheless, over the time there have been some misconceptions and untruths that have become associated with health insurance. Let’s debunk some of them.
Health insurance is only for the unhealthy
One of the common responses of people is that they don’t need to scout for health insurance companies because they are quite healthy. It is a myth that unhealthy people should be the only ones investing in health insurance. On the contrary, health insurance policies are best bought when the person is young and healthy. This way the premiums will be lower and in the case of any emergency, the policy can come in handy. Buying health insurance early also ensures that you serve through the waiting periods for pre-existing and temporarily excluded diseases while you are still in good health.
Only hospitalisation is covered by a health insurance policy
Typically, people believe that to avail the benefits of health insurance, one has to be admitted to a hospital for at least a day. But that is a thing of the past. These days, many health insurance providers, such as Apollo Munich, have started providing coverage for day care procedures that can be performed in a few hours at a hospital. owing to technological advancement.
Price is the deciding factor
It is quite common to believe that a cheap policy is equivalent to the best policy (at least for the pocket). Typically, people while buying health insurance, seldom look beyond the premium. But when it comes to purchasing health insurance, it is wrong to seek a plan with the lowest premium. Low-cost/basic plans have restricted offerings, with essential features excluded.
Buying online is unsafe
Another popular misconception about health insurance is that it unsafe to purchase a policy online. People are scared of hacking and phishing while purchasing online. Rather, buying online can be much easier and cheaper. As no agents are involved, there can be regular savings through online purchase. With online calculators available, you can easily find the premiums for different policies and make the right decision with a few mouse clicks.
Tax Saving and Health Insurance
With the financial year coming to a close, there is a flurry of activity to ensure that we use our tax exemptions to the full limit. And while health insurance does provide tax benefits that should not be one’s primary objective while buying health insurance. Better buy insurance for its main purpose and that is to insure your health against all eventualities. Always remember health can never be a compromise and thus, the cover should not be dictated solely by the objective of tax benefit. Do assess the cover required and the plan best suited for you. Tax benefits under Sec 80D should be considered incidental at best.
In the end, health insurance is a safety net that affords you the best healthcare, when you need it. So invest wisely and stay healthy.