Health
Insurance: Myths & Facts
All of us know very well about the importance of health insurance. Today,
everyone realize the benefit and need of having health insurance. For sales
points of view it is very easy product which can be offer to the clients by the
non life insurer. I have also written many blogs about it. Yesterday, I came
across very useful information in the news paper which I want to share with all
of you. A very well known insurer called ICICI Lombard has conducted the survey
about health insurance. According to this survey that people have many misconceptions
about health insurance which we will be discuss in today’s blog.
Myth1:
52%
people believe that health insurance policies settle the claim only in case of hospitalization.
Reality:
9
out of 22 non life insurance companies offer OPD benefits, including dental
treatment, diagnostic test expenses, vaccinations, hearing aid, eye check up,
spectacles and preventive health care services.
Myth2:
27%
people said I don’t need health insurance if I am fit.
Reality:
Many
illnesses like dengue, malaria, food poising and critical illness can happen in
healthy people due to hectic life style and pollution. Health insurance also
covers injuries due to accident or violence.
Myth3:
29%
people said that they have group health cover. So they don’t need a separate
health insurance policy.
Reality:
Due
to increasing medical cost day by day, group cover may not be enough in case of
medical treatment. In case of job loss, you will need the cover. The group
health insurance policies have some defined limits and constraint.
Myth4:
49%
people was not sure in survey whether they can get health cover or not as they
smoke or consume alcohol.
Reality:
Insurance
companies offer health insurance to these types of people. In these cases
loading increase the premium can be higher due to high risky habits.
Myth5:
26%
people do not intend to cover their family as they think that only earning
member need the health insurance cover.
Reality:
Unlike
life insurance, health insurance should cover the entire family including
children and parents of the customer.
Myth6:
Pre-
existing diseases will be covered after waiting period so no need to declare in
the proposal form.
Reality:
As
per IRDA guidelines, any ailment not declared by a customer is considered an
un-disclosed pre existing disease and it leads to claim rejection.
If you want more information
regarding investment or you need investment services, feel free to ask us. We
also conduct the seminar on investment and financial planning. If you are
interested for seminar in your city just drop the mail.
Warm regards,
Arvind Trivedi
Certified Financial Planner
