“Get health insurance to save tax”

“Aren’t you already covered by your employer?”

Different people have different opinions on health insurance. And unless you are part of the minority of people that has insured their health adequately, it’s likely that you believe one or more of these myths!

Let’s try to examine the most popular health insurance myths that float around and that may deter you from securing your precious health as well as you should.

Myth #1

Health insurance is not for the young and healthy

It is actually quite the opposite. Health insurance plans are the cheapest when you are young and healthy. The premium rises with age as well as with pre-existing diseases. Another positive of purchasing a medical insurance plan while you are young is that you can spend the waiting periods while you are healthy. This can help you obtain complete health coverage sooner.

Myth #2

I should buy health insurance only to save tax

If you are rushing to buy health insurance as the tax season comes to a close, you are missing the point of health insurance. Viewing health insurance as a tax-saving investment may prevent you from doing adequate research and comparison, to find a plan that fits your needs. You may also settle for a plan with the minim premium required by you to save tax. Tax saving is incidental to buying health insurance and should not be the prime motivator behind buying health insurance.

Myth #3

My employer-provided health cover is enough

This is a very common misperception. There are several reasons why you should not solely rely on your group health plan. You would lose the coverage when you switch jobs or are unemployed. Also, getting a new health insurance plan at retirement can prove very expensive. You may even be declined a plan if you do not meet the maximum age limit.

Myth #4

I can avail policy benefits from the very first day

While that may be true for certain policies, like Apollo Munich’s Day2Day Care and Energy plan, in most cases, medical insurance policies entail certain waiting periods and temporary exclusions.

Initial waiting period-There is a waiting period of 30 days in most health insurance policies during which you will not be covered for medical expenses. Although, claims due to an accident are covered from the first day.

Pre-existing diseases-Your pre-existing diseases might be covered after a waiting period that could last anywhere between one to four years, depending on the insurer.

Exclusion for specific diseases- Certain diseases, such as cataract, hernia, osteoporosis and more are covered after a waiting period of one to two years.

Maternity plans- Maternity plans may have a waiting period ranging from 9 months to four years.

Hence, it is essential to get a health insurance plan early, so that you can obtain the plan’s benefits when you may need them the most.

Myth #5

I don’t really need to disclose all my ailments

No matter how hard anybody tries to convince you of this, refuse to be anything but honest while proposing a health insurance policy. This is because you have a fair chance of getting your ailments covered after the waiting period. If you do not declare your pre-existing conditions, however, it is likely that the underwriting team will be able to gauge your medical history at the time of a claim anyway. You would not only lose your claim but would also have wasted all that time and money in which you could have ridden over the waiting period with ease.

Plenty of other health insurance myths abound. The key is to make yourself aware of the need for health insurance, so that you can approach it the right way. Viewing health insurance as an unnecessary expense or as a mere tax saving investment may leave your health and finances unshielded, in the face of rising medical expenses.

This is a sponsored article by Apollo Munich Health Insurance. The Telegraph India editorial team played no role in creating this content.