Misconceptions About Health Insurance

Misconception #1: Health Insurance is Expensive and a Waste of Money

“Health insurance is expensive, it’s a waste of money, and it doesn’t save money for the future.” – these are some common misconceptions people have about health insurance. However, health care costs such as medical bills, hospital stays, and other related expenses are rising day by day. This is where health insurance can play an important role, it helps manage those rising costs and serves as a financial safety net when unexpected health problems occur.

Misconception #2: I’m Young and Healthy, I Don’t Need Insurance

Most people think that insurance is such a waste if they don’t get a severe illness. Vulnerable young people also believe that health insurance is useless if they are healthy and confident in their health. However, if you happen to face severe illness or have an accident while being uninsured, you may experience a significant financial burden.

Health insurance helps protect you and your loved ones from the financial impact that can come with unexpected health issues. It allows you to manage medical expenses with peace of mind, so you can focus on getting proper treatment and recovery without the added stress of money concerns. That’s why it’s wise to consider getting health insurance while you’re still young and in good health.

Misconception #3: Insurance is Complicated and Hard to Access

Some people may worry that accessing their insurance benefits will involve too much paperwork, long waiting times, or difficulties receiving support during a health emergency. However, Prudential Myanmar offers a simple and convenient process for policyholders to claim their insurance benefits. Additionally, patients and their families can have peace of mind when visiting Prudential Myanmar’s partner hospitals and clinics, as they won’t need to pay for treatment costs in advance.

Misconception #4: Health Insurance is Not Worth It for Employees

Some organizations mistakenly believe that providing employees with health insurance is an unnecessary expense and that this limited protection may not be effective for their employees. However, buying health insurance is not only a benefit for employees but also a long-term investment. A healthy and happy workplace helps improve overall performance. It can also serve as a source of motivation, encouraging employees to perform better. If an employee becomes ill, the company’s health insurance allows them to receive medical care without worrying about financial stress, so they can recover and return to contributing to the company’s success. This approach not only supports employees and their families but also helps to strengthen the employer-employee relationship.

References

This article is inspired by the video “Myth Busting Health Insurance,” featuring a discussion between Ma Laura Cho, Former Chief Human Resources Officer of Prudential Myanmar, and Dr. Thurein Hlaing Win, an author, speaker, and a doctor with extensive experience in the healthcare industry. To learn more about common misconceptions about health insurance, the benefits it offers to individuals and their families, and why companies should provide health insurance to their employees, click here to watch the full video.