5 Health Insurance Myths Debunked

5/14/2024 (Permalink)

The world of health insurance is tricky and challenging to navigate. Many myths are surrounding it, but not all of them are true. If you are thinking of getting health insurance, you must have heard a few myths about it.

Don’t worry. Our guide will debunk the five most common myths that revolve around health insurance. Here is what they state.

Myth #1. Healthy And Young Individuals Don’t Need Health Insurance

Young individuals in their early or mid-20s are at the peak of their health. That is why they think they don't need to buy health insurance. However, you can get sick anytime at any age.

Many times we don’t even know we have an ailment until the symptoms slowly start showing. That is why it is important to take precautions and opt for a health insurance policy to cover your costs if the need arises.

Myth #2. Benefits Of Health Insurance Will Be Enjoyed From Day One

People think that as soon they purchase the policy, they will be able to reap the benefits. This couldn't be more further from the truth. Many policies have a one month waiting period where you can't claim within a month of the insurance policy.

Besides that, many policies will require you to wait a year or two before you make any claim if you have a pre-existing illness. That is why you need to buy health insurance so that all these waiting periods are over if you ever get sick.

Myth #3. Pre-Existing Conditions Don’t Need To Be Declared

When it comes to any insurance, honesty is the best policy. If you have a pre-existing condition, you will have to specify it on your application. If you don't specify and you need coverage, then your claim may be rejected.

That is because many insurance companies have waiting periods for these conditions, and they look at your medical records to look for undisclosed causes. So, being honest is the best course of action.

Myth #4. The Cheapest Policy Is The Best Policy

Just because a health insurance policy is cheap doesn't mean it's good.  Many low-cost policies only cover the basics. If you have an illness or a condition, then the cheapest policy may not cover it.

Premiums exist for a reason. It is because they cover advanced versions so that many health problems can be covered. So, you should get a policy you think is right for you even if it’s not cheap.

Myth #5. You Don’t Need A Separate Health Insurance Plan If You Are Covered Under A Corporate Health Plan

Just because your employer has provided you with a health insurance plan, it doesn’t mean you don’t need a separate one. However, you can’t entirely depend on your employer’s insurance plan.

If you lose your job, then your health insurance will also come to a halt. That is why it is always good to have a separate health insurance policy to cover all your medical costs and fill the gaps in your corporate health insurance policy.