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Debunking 12 Common Health Insurance Myths with Facts

"Kal ki Kal Sochenge" is one of the biggest myths when it comes to health insurance!

Many people believe they don’t need insurance if they’re young, healthy, or covered by their employer. Others assume that claims always get rejected or that buying a policy is too complicated.

These misconceptions prevent countless individuals from securing their future and lead to financial stress when medical emergencies strike. It’s time to separate fact from fiction! This article debunks the top 12 health insurance myths, helping you make informed decisions for a healthier, worry-free tomorrow. 🤗

Team Digit

Table of Content

What is Health Insurance Policy?
12 Common Myths About Health Insurance
Frequently Asked Questions

What is a Health Insurance Policy?

A type of insurance policy that covers the insured for medical and surgical expenses. The policyholder chooses a limit of coverage for which a premium is paid to the insurance company. At the time of claim, the policyholder will be reimbursed the expenses incurred for treatment due to illness or injury.

12 Common Myths About Health Insurance Policy

From the belief that "young people don’t need insurance" to the misconception that "all claims get rejected," myths prevent individuals from securing the right coverage.

These misconceptions can leave you vulnerable in times of need. Here are the 12 most common health insurance myths with their facts to help you make informed choices for a secure future.

#1. “Health Insurance is a Product for Old People”

Truth: Many believe that health insurance is only for old people. This is mainly because people attribute health insurance to critical illnesses only. However, this isn’t true as health insurance covers all kinds of medical emergencies, from accident-related hospitalizations to illnesses and even annual health check-ups.

Moreover, people often do not understand the benefits of buying health insurance early. For each claim-free year, the insured gets a bonus cumulatively added.

#2. “Health Insurance Policy Coverage Starts From Day One”

Truth: Individuals believe that they will be covered for all illnesses and treatments from the day of commencement of their health policy. But this is not the fact! 🤔

Many diseases have a waiting period of 1, 2, and 3 years. There are some listed diseases which are not covered under the policy. Broadly, no illness will be covered for the first 30 days of the policy.

#3. “A Group Health Insurance Policy is Sufficient to Provide Coverage”

Truth: The group health insurance policy offered by employers is understood to be sufficient by individuals. However, the actual limits of the cover are governed by the group claim ratio.

Also, it does not necessarily cover family members. The employees believe that the insurer will pay for all the losses and anything over and above will be taken care of by their employer.

Other than a Group Health Insurance policy, it is wise that one should buy a separate health insurance policy for themselves. It is because you are covered under the Group Policy till the time you continue with the company.

If you change the company, you may lose the benefits earned so far. But under an individual policy, all the benefits will continue if the policy is renewed well in time without a gap.

#4. “Pregnancy or Maternity Covers are not Offered under the Health Insurance Policy”

Truth: It is a common myth that insurers do not provide maternity cover at all. This is not true, as maternity cover can be purchased from any health insurer.

The fact is that maternity or pregnancy cover in health insurance comes with a waiting period of approximately 2-4 years. Hence, it would be great to opt in for the cover if you are planning to be a parent soon.

#5. “Non-Disclosure of Illness Will Help in Future”

Truth: People believe that non-disclosure of facts like pre-existing illness at the time of taking the policy will not be a good idea. They try to hide their details but end up losing extra money due to this thought. It is always better to disclose a clear state of health at the time of taking a policy.

As per the general regulation by IRDA, some diseases will have a waiting period. In any case, your pre-existing conditions will be diagnosed by a doctor. Hence, there is no point in hiding the details.

#6. “Online Purchase of Health Insurance is not Safe”

Truth: The sales of health insurance have grown gradually online. However, people think that online purchases may result in fraud.

This is not true as the insurers have started their online portals to purchase policies conveniently. People can compare and buy policies over the internet. It is quick and safe.

#7. “The Premium of the Policy is Same for Everyone”

Truth: People trust that the companies offering them a low-priced health product are authentic. They believe that everyone gets the same low premium, and they will be saving money for each claim-free year.

But the fact is that everybody has unique health insurance based on their choice and PED, and every policy comes with some restricted offerings.

One should always judge the product for the coverage needed and offered. A proper comparison of health insurance products will be of great help.

#8. “Old Health Insurance Policy Documents are of no Use”

Truth: People generally destroy old health insurance policy documents. They believe that, unlike other policies, health insurance is of no use. However, they should be aware that these old policies will prove that the insurance has been in existence for many years.

It is an important piece of information especially to be used by the TPA at the time of claim.

#9. “If you are Healthy, you Don't Need a Health Insurance Policy”

Truth: The best time to buy health insurance is while you're young and in your best health. If a policy is bought early in life and renewed regularly, the experience of filing a claim will be better.

Some diseases are not identified until symptoms appear. According to laws, these pre-existing conditions are only covered by health insurance policies that have been in effect for at least 36 months.

Because the policyholder remains covered at any point in their life, purchasing health insurance early is a wise choice. Additionally, health insurance serves as a buffer against unforeseen mishaps.

#10. “People Who Drink and Smoke are not Included in Health Insurance Policy”

Truth: Despite what many people think, people who smoke and drink can still get health insurance, which comes as a health insurance policy for smokers or drinkers. Insurance firms provide them with policies despite their elevated health risks.

Smokers and drinkers must, however, pay higher premiums and submit to lengthy pre-policy examinations to acquire insurance coverage due to the increased risk. 😮

#11. “Any Network Hospital is found only in Metropolitan Cities”

Truth: The hospital networks provided by health insurance providers are not restricted to large cities, despite what many people think. The vast networks of the majority of insurance companies extend into the nation's smaller cities and towns.

At network hospitals, you can benefit from cashless services. Covered services can still be reimbursed to non-network hospitals.

#12. “If you do not Renew the Policy on Time, You will Lose all your Benefits”

Truth: Policyholders have 15–30 days after the health insurance plan expires to renew it without incurring penalties. This is known as the Grace Period. This enables individuals to bypass waiting periods and obtain benefits like coverage for pre-existing diseases.

At Digit, we provide a grace period of 15 days if you pay your premium monthly and 30 days if you pay your premium quarterly or yearly. 🙂

It's crucial to remember that the renewed policy will not cover any medical care taken between the policy's expiration date and renewal date.

Secure Your Future, Not Just Your Beliefs!

Health insurance isn’t just a policy; it’s a safety net that protects you from unexpected medical expenses. Believing in myths can leave you unprepared when you need coverage the most.

Whether it's thinking you're too young, relying solely on employer coverage, or fearing claim rejections, such misconceptions can cost you your peace of mind. The key is to stay informed, choose the right plan, and prioritize your health before it's too late!

Take charge today because the best time to invest in health insurance is always NOW! ✅

FAQs about Health Insurance Myths

All

Do health insurance policies only cover hospitalisation expenses?

No, hospital stays are not the only things covered by health insurance. Many policies also cover diagnostic tests, pre- and post-hospitalization costs, childcare operations, outpatient consultations, and even wellness perks like preventative health check-ups.

Is it true that health insurance claims get rejected easily?

No, not every claim is rejected. The main reasons claims are denied are incomplete documentation, unreported pre-existing conditions, or treatment that is not covered by insurance. Rejection risks can be decreased by being aware of policy conditions and submitting claims on time.

Should I only buy health insurance if I am ill?

No, even if you're healthy, you still need health insurance. It ensures peace of mind and protects savings by offering financial protection against unforeseen medical crises, accidents, or serious illnesses.

Is buying a health insurance policy risky when done online?

Purchasing health insurance online is safe as long as it is done through reliable websites or straight from the provider. It provides cost savings, improved comparisons, and ease. To prevent fraud, make sure the website is safe, read the terms, and confirm the insurer's credentials.

Is purchasing health insurance a wise decision?

As a result of today's lifestyle choices, people of all ages are susceptible to illnesses like diabetes and heart issues. Furthermore, medical inflation and the rising expenses of medical care remain a worry. Health insurance protects your health and helps you stay financially stable. Therefore, purchasing health insurance in India is vitally important for everyone.

Is the coverage provided by workplace health insurance sufficient?

There are numerous advantages to group health insurance. However, they frequently provide limited coverage and may not cover your dependent family members' medical costs.

Additionally, group health policies typically expire when you leave your job. Therefore, even if you have employee health insurance, purchasing family health insurance is usually a good idea.

At what age is it appropriate to purchase health insurance?

It is best to buy health insurance at a young age because you will be less likely to experience health problems early in life and your rates will be significantly lower. Therefore, it is advised that you get health insurance as soon as you reach 18.

Does health insurance in India have an upper age limit?

According to the most recent rules issued by the insurance regulator, there is no upper limit on the amount of money that can be spent on health insurance in India. However, one can purchase it when they are 18+ and up to 65 years.

What is the ideal level of health insurance coverage?

The ideal level of coverage for health insurance can vary from person to person. When determining the quantity of coverage, you must consider your lifestyle, number of dependents, medical history, and other factors. The health insurance policy you purchase should be able to supply enough coverage during medical crises.

Is it better to always choose a low deductible?

No, having a low deductible isn't always the best choice. A higher deductible is frequently a more economical choice if you have a sizable cash reserve that can cover the cost of an unforeseen repair.

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Disclaimer

For policies with a risk commencement date on or after October 1, 2024, all servicing activities, including without limitation claims processing and grievance redressal, shall be in compliance with the provisions of the IRDAI (Insurance Products) Regulations, 2024 dated March 20, 2024 and IRDAI (Protection of Policyholders’ Interests, Operations and Allied Matters of Insurers) Regulations, 2024 dated March 22, 2024 read with relevant Master Circulars.

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Go Digit General Insurance Limited | Corporate Office Address: Atlantis, 95, 4th B Cross Road, Koramangala Industrial Layout, 5th Block, Bengaluru 560095 | Registered Office Address: 1 to 6 floors, Ananta One (AR One), Pride Hotel Lane, Narveer Tanaji Wadi, Shivaji Nagar, Pune-411005, Maharashtra | Trade logo of Go Digit General Insurance Ltd. displayed above belongs to Go Digit lnfoworks Services Private Limited and is provided and used by Go Digit General Insurance Ltd. under license.