5 Mistakes To Avoid When Buying Health Insurance

 Critical Illness insurance is a policy that pays you a lump sum if you are diagnosed with certain pre-listed critical diseases. Illnesses such as cancer, heart attack, end stage renal disease, complete blindness, and multiple sclerosis generally fall under the purview of critical illness coverage. The critical illness insurance payout can be used for any expenses as deemed fit by the policyholder. This means that they could use the funds to pay household bills, buy the groceries and even keep domestic help. Do bear in mind that patients with critical illnesses often cannot go to work due to their failing health and constant need for medical treatment . Thus, critical illness insurance is truly a lifesaver.  While we can see how utterly essential critical illness coverage is, it is also important to note that the policy has certain limitations. To that effect, here are 7 situations that are generally excluded from critical illness insurance plans.   1. Surgeries du...

 A health insurance policy is essential coverage that pays for your medical treatment. With the rising costs of health care facilities around the world, health insurance is now a necessity and no longer an option. Afterall, it doesn’t really make sense to exhaust your savings when medical bills can run into several lakhs of rupees.  Now, while taking health coverage is important, it is equally essential that the policy you buy is a genuine one. With so many types of fraud happening out there, one really needs to be careful these days. To that effect, here are 5 tips to follow to ensure that your health insurance policy is genuine. 1. Call up the provider If you come across a health insurance policy online that sounds too good to be true, chances are it’s just that. Now, this is not to say that good insurance companies do not offer great deals – sure they do! However, rates that seem way below market average for twice the amount of coverage can be a flashing red warning. One ...

  Health insurance is one of the most important financial products you will ever purchase. It will safeguard your hard-earned money in the event of an unexpected illness. While it is important to buy health insurance, it is also imperative that you choose between health insurance plans wisely. To help you out, here are 5 common mistakes to avoid when you buy health insurance. 1.     Forgetting to discuss sub-limits Many health insurance plans place sub-limits on certain claims. For instance, if the sub-limit on your room is 5% of a Rs. 3 lakh health policy, then you can claim a maximum of Rs. 15,000 as room rent. Anything in excess of that will come from your own pocket. Bear this in mind when buying health insurance. Try to look for a plan that will have higher margins for expenses.     2.     Skipping the riders When you sign up for health insurance, you might feel tempted to skip the riders in an effort to...