Murphy’s Law originally applied to businesses. “Anything that can go wrong will go wrong” can also be applied to healthcare. You never know when a medical emergency will come up and bite you.
This is the primary reason why we buy health insurance.
However, signing up for health insurance is not as easy as it seems. In fact, several myths confuse consumers as to what they are getting with health insurance. Let’s put the myths to rest by reviewing 10 health insurance myths that should be debunked.
Myth #1: The Young and Healthy Do Not Need Health Insurance
This myth is all about feeling invincible at a young age. Well, the feeling of invincibility does not prevent Murphy’s Law from sending you to the hospital for emergency care. Health insurance is affordable for young people, which means they should get coverage for peace of mind.
Myth #2: My Policy Covers Preexisting Conditions on Day One
Myth number two is a prime example of late-night infomercials leading consumers astray. Most health insurance plans include a 30-day waiting period for any health issue that is not caused by an accident. For preexisting medical conditions, the waiting period can run between two and four years.
Myth #3: I Do Not Have to Disclose Every Preexisting Condition
This myth is flat-out wrong and it can force an insurance company to deny you coverage. You should be honest by explaining every preexisting medical condition. If you disclose your preexisting medical conditions, chances are good that you will receive coverage after the waiting period expires.
Myth #4: I Do Not Need a Personal Policy Because I have a Company Policy
Smart employers provide comprehensive health insurance coverage for their employees because it acts as an effective retention tool. However, just because your employer covers you does not mean you should not purchase personal health insurance coverage. Your company policy covers you only for the time you are employed, which means a personal policy fills in any time gaps in coverage.
Myth #5: 24 Hours of Hospitalization to File a Claim
Although this myth used to be true, advances in healthcare techniques have made the 24-hour minimum hospitalization stay irrelevant. More than 100 types of treatments take just a few hours to unfold. The short-term treatments are called daycare treatments, which most insurers cover with their health insurance policies.
Myth #6: I Am Out of Luck If My Policy Expires
Insurers expect policyholders to renew policies before they expire. However, a growing number of carriers offer a 30-day extension for the renewal of a health insurance policy. A vast majority of insurance companies send policyholders reminders before a policy expires, but you should know that you probably have 30 days to renew after your policy expires.
Myth #7: Smokers Cannot Get Coverage
Many smokers do not even try to sign up for health insurance because they believe companies will deny their applications. Health insurance coverage is all about assigning risk, as is the case with preexisting conditions. The same health insurance companies assign a risk factor to smokers that generate higher monthly premiums.
Myth #8: I Want Several Network Hospitals
Yes, the more the merrier can be a good idea for the number of network hospitals, but remember that insurance companies drop and add hospitals to their networks at the beginning of every year. A network hospital that you used last year might not be on the network list this year. Therefore, do not choose a health insurance company solely based on the number of network hospitals listed in a policy.
Myth #9: It is Impossible to Get Maternity Coverage
Another true statement about health insurance a few years ago, but some insurance companies have added maternity coverage to certain types of policies.
The possible conditions placed on a policyholder include the following:
- Coverage for just the first pregnancy
- Coverage for up to two deliveries
- A waiting period of a certain number of years
Read the entire policy to determine whether an insurance company includes maternity coverage in one or more of its policies.
Myth #10: Health insurance Covers All Hospital Bills
In principle, this should be true. However, most insurance companies do not cover what is called “consumable” healthcare expenses like bandages, thermometers, and face masks. Some insurers define a limit as to how much they cover in hospital expenses, especially when it comes to the cost of a room.
It Pays to Review Your Options: Talk with a Health Insurance Broker Today
Although most health insurance policies are not as restrictive as they used to be, you still have to read the entire policy to determine whether you will get the coverage that you need. Pay special attention to the fine print, as that is where some companies tuck in restrictions.
The best way to get a plan that works for you is to speak with a broker. Brokers work for you to give you the right information about your options and understand the nuances of each plan available to you. How can you work with a broker? Look no further than our free service, Insurance Broker Hub.
Our free service gives you access to an independent network of national brokers who have the experience and expertise to design a plan around your needs and budget. Ready to get started? Simply request a no obligation health insurance quote here