• GSR Financial Services

Health Insurance Myths Debunked: What Hyderabad Families Need to Know

My Employer’s Insurance is Enough

Most corporate plans cover only ₹3–5 lakh, insufficient for serious illnesses (average heart surgery costs ₹5–10 lakh in Hyderabad). These policies also lapse if you change jobs. Always supplement with a personal ₹10+ lakh family floater—premiums start at ₹1,200/month for a 30-year-old.

Pre-Existing Diseases Aren’t Covered

IRDAI mandates insurers cover pre-existing conditions (like diabetes/hypertension) after a 2–4 year waiting period. Disclose all health details honestly to avoid claim rejection. Pro tip: Port existing policies to retain waiting period benefits when switching insurers.

Cashless Means No Out-of-Pocket Expenses

Even cashless claims exclude deductibles (₹5,000–20,000), non-network hospitals, and consumables (gloves, masks). Our data shows 25% of claims have partial out-of-pocket costs. Always maintain an emergency fund matching your policy’s deductible amount.

Young & Healthy People Don’t Need Insurance

Medical inflation rises 15% yearly—a ₹10 lakh cover today may cost ₹25 lakh in 10 years. Buying young locks in lower premiums (e.g., ₹8,000/year at age 25 vs. ₹22,000 at 45). Early enrollment also avoids rejection due to future health issues.

All Hospitals Honor Cashless Claims

Only network hospitals (check insurer’s website) offer cashless. In Hyderabad, 60% of claims at Apollo and Yashoda are cashless, but smaller clinics may require reimbursement. Always carry your policy number and insurer’s 24/7 helpline during emergencies.