Avoid Making These Mistakes While Buying a Health Insurance Plan
With the cost of living outstretching the sky, a medical health insurance is no less the chief support of a healthy life. Besides, selecting a right health insurance policy is not an easy task as it seems to be. Buying an insurance policy and buying the right insurance policy are two different terminologies altogether. One of the biggest mistakes that policy seekers do while looking out for health insurance plans is that they pick the plan that costs the least. There are many such mistakes that could be avoided at the first step itself. Below mentioned are a few common mistakes that policy seekers can steer clear of while choosing a health insurance plan and enjoy a happy claim experience.
Not sharing efficient medical history or pre-existing health conditions
Many people deliberately conceal information about crucial medical issues or pre-existing diseases while buying an insurance policy in order to avoid paying a higher premium. Non-disclosure of pre-existing medical history can lead to the rejection of claims at the time of need.
Hesitating to switch to another insurer
It has been observed that policyholders usually hang back to switch from their present insurer to another insurer during the time of renewal.
Swapping from one insurer to another ensures that the policyholder is availed of the perks of better coverage benefits at a price better than your present plan.
Always make a note that you make some extra efforts to find out what other health insurers are providing under your health insurance plans. Compare with the various quotes available online and find the best insurer that provides the finest services at optimum cost and fulfils your requirements at the same time.
Not going through the fine print
Most people skip the process of going through the fine prints considering it as the tedious perusal. However, this section carries the most important and crucial information about the limits on the room rent, pre and post hospitalisation expenses, duration of the waiting period for initial and pre-existing diseases.
If you avoid such significant step there are chances of heavy shocks during the claim settlement.
Not considering zone-based rates
There are various health insurance companies that price their policies as per the city zones. If you are a residence of a metro city or tier I city, the health insurance premium outgoes relatively high as compared to those living in the Tier – II & III cities.
Most of the insurers offer this kind of zone-based pricing which implies that you need to pay higher premiums for in a bigger city while lesser premiums for a health cover in the smaller city.
Looking only for Tax Benefits
The main intention of the policy seeker while buying the health insurance policy should be to cover health and be prepared for medical emergencies. Simply buying a health insurance plan to save taxes is not correct as it might end up getting some inadequate coverage.
Assuming that millennial don’t need Insurance
Irrespective of individual age’s, it is always a wise decision to invest in health insurance plans as soon as possible. One of the best reasons of getting the insurance earlier in life is that the premiums are significantly lower as compared to others and one can easily get the policy considering the fact that young people are usually healthy.
Relying completely on the Employer’s cover
The most common mistake that employer usually does is that they do not buy a policy because they are covered by their employer’s group health plan. If you leave the company, ultimately you will lose the employer-provided health cover too. And there might be chances that your new employer would not offer a health plan and you will end up with no protection till the time you buy a new one unless you have sufficient medical buffer. However, there is an option of porting your company’s cover while leaving the job but it might not be always available. Also, the employer may suddenly decide to cut down the benefits which can defeat the actual motive of having insurance. So, it is highly recommended to prefer going with an independent medical cover preferably a family floater plan which is adequate for the family’s needs as well.
Conclusively, while buying a health insurance plan committing any of the above-mentioned mistakes could have reverse effects and become more of a financial burden rather than a security. Avoid making such mistakes and pick the right insurance plan to protect you and your family.