What are Health Insurance Myths: Separating Fact from Fiction

A lot of people are hesitant to get health insurance for a number of factors. They think it may be too costly, that it’s not for them, or they can delay it for a later time in their lives. Today we’ll be listing down the top myths surrounding health insurance and sharing with you why you should get health insurance as early as you are able to!

1. I don’t need health insurance if I’m young

You may have heard, or even believe, that health insurance is only for old people. This is mainly because people associate health insurance with critical illnesses like stroke or heart attacks. But health insurance covers more than just critical illnesses. Health insurance can protect you from accident-related hospitalizations and unexpected illnesses.

Another reason to invest in health insurance while you’re young is that health insurance premiums go up in price as you age. This is because as you age, your body deteriorates, so you are more likely to require health insurance, making it more costly for the insurance provider to actually cover you. When you get health insurance at the height of your health, you’ll be paying for a lower premium while getting the full coverage already.

2. You have to wait before you get coverage

There is some truth to this one. Certain policies have what is called a waiting period before you can use your coverage, but this is not true for all health insurance plans. For instance, InLife’s Prime Secure provides you with coverage from day 1, so you can rest easy knowing you and your loved ones are protected right away.

3. Health insurance does not cover mental health

Sadly, there is still this stigma against mental health, but we are getting better as a society. More and more insurance companies realized the growing need to cover mental health illnesses and have adapted their insurance plans accordingly.

4. Hiding certain medical facts will help you

Some people think that not disclosing certain medical histories, such as pre-existing conditions or habits (e.g., smoking) is better because it will lower the premium they will have to pay. This is actually a very bad idea because people who end up doing this will have to pay a lot of money in the end. When you get diagnosed by your doctor or go through certain examinations, details such as your pre-existing conditions will come to light, anyway. So there really is no point in hiding them.

5. The cheapest premium is the best

While the cheapest premium can save you money at first, it will cost you more down the line. Cheaper premiums will have basic offerings and may not cover many of the important features you may need such as treatments and hospital care. The kinds of illnesses and accidents it covers may also be very limited, so you won’t end up getting your money’s worth.

6. Health insurance is only for catastrophic situations

Many people believe that health insurance is only necessary for major, life-threatening illnesses or accidents. However, health insurance also covers preventive care and routine check-ups to help maintain your overall health. It can also cover minor emergencies such as sprains, broken bones, and infections. Having health insurance can provide peace of mind and ensure that you can take care of your health in all situations.

7. It’s too expensive

One of the biggest misconceptions about health insurance is that it is unaffordable. While it may seem like a big expense, not having health insurance can be even more costly in the long run. With the rising costs of healthcare, being uninsured can result in high medical bills that can add up quickly. By investing in health insurance, you are protecting yourself and your finances from potential huge expenses in the future.

8. You only need health insurance if you’re sick

Another common myth is that health insurance is only necessary when you are already sick. However, having coverage before any medical emergencies or illnesses arise can actually save you a lot of money. With routine check-ups and preventive care covered, having health insurance can help you maintain your health and catch potential issues early on, preventing them from becoming more serious and expensive in the future.

Now that we’ve weeded out fact from fiction, we hope we’ve convinced you about the importance of health insurance. Should you have any more questions or need further clarifications about certain aspects of our insurance in the Philippines, simply talk to one of our Financial Advisors. They will be more than happy to assist you!