5 HEALTH INSURANCE MYTHS THAT YOU SHOULD BE AWARE OF
5 HEALTH INSURANCE MYTHS THAT YOU SHOULD BE AWARE OF
With the rising cost of healthcare in our country, health insurance is an essential investment in ensuring our family’s critical
healthcare needs. Healthcare costs in India are increasing at a distressing
rate. Based on some estimates, the annual healthcare inflation is the range of
15 – 25%. In the absence of health insurance, a serious illness in your family
can cause financial distress or leave big hole in your hard earned savings, at
a time when you least expect it. However, health insurance as a financial
product is still widely misunderstood due to the general lack of awareness
about health insurance in India. In this article, we will try to address some
myths with regards to health insurance plans.
Myth 1: If you are covered under your company’s group health
insurance scheme, you do not need to buy additional Mediclaim.
Reality: You should check what kind of benefits your employer’s group
insurance policy offers. Check what is the total amount and nature of illnesses
that your company’s group insurance covers. Does the policy cover your spouse,
children, parents and other dependents? If your company’s group insurance is
not adequate for your needs, then you should buy additional health insurance to
protect your family’s healthcare needs. You should also consider buying
additional healthcare as a security for your family’s health protection, in
case your employer suddenly decides to cut down the benefits or if you leave
your current employer for better job prospects.
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