“I don’t need health coverage because I’m young.” These are the words of every other youngster these days. In fact, people think that they cannot have health problems at a young age, which is all wrong! They need to be clear about there is no harm in paying heed to medical insurance offered by various insurance companies. As one cannot overlook one’s health and factors affecting it, there should be awareness about health hazards and their remedies.
I bet you cannot deny the fact that inadequate knowledge or even lack of knowledge turns out to be hazardous in the long term. Therefore, one should better pay enough heed to various health hazards and their corresponding consequences. In the meantime, one should not be confused with the myths that surround the benefits of health insurance in India. Below are a few of such myths that need to be busted:
Typically, such diseases are covered after a waiting period of 2 to 4 years. If one already has adequate health coverage, then no waiting period applies whatsoever.
Generally, group insurance covers are not sufficient because there is a fixed sum assured for all the members. When one member makes a claim, the sum assured is reduced not just for that person but for every other member too. Therefore, a stand-alone medical insurance is recommended to everyone irrespective of whether or not group coverage is in place.
Now, you cannot just go for one with the lowest premium without looking at the degree of coverage it offers. Just have a look at the coverage and other features like network hospitals co-payment, sub-limits etc.
The Verdict The premium payable for a health insurance plan is subject to the degree of coverage availed and age of insured. The same goes for a senior citizen health insurance policy. Besides, the premium payable is also very high for a similar cover when you are 60 or above.
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