5 Mistakes To Avoid When Buying Health Insurance
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.
When
you sign up for health insurance, you might feel tempted to skip the riders in
an effort to lower premium costs. However, this can prove to be a mistake.
These riders provide additional coverage that can come in handy should a
medical emergency strike. One of the most important riders to consider is
critical insurance. Do add this rider in case you don’t already have a specific
critical insurance plan.
When signing
up for health insurance, make sure to truthfully tell the insurance company the details
of any pre-existing diseases. If you hide this information, you could see your
claim getting rejected. Remember
that the insurance
provider conducts their own checks
into your medical records when
processing a claim. So, it is best to be upfront and honest.
4. Not covering
the whole family
Many people
incorrectly assume that health insurance
is required only by the elderly. The fact
is that illness can strike at any age. Even children, teenagers, and people in
their 20s or 30s may need sudden
hospitalization. For instance,
a teenager might suddenly fall ill with dengue
and require medical treatment that can see the bills soar high. So, when
purchasing health insurance, make sure to cover your whole family, irrespective
of their ages.
5. Focusing only
on premium price
The cost of the premium should never be the sole factor of consideration when choosing between health insurance plans. Instead do compare the exclusions, terms and conditions, and waiting period to see which health insurance provider really offers you the best product. You can also consider reading up customer reviews on the insurance provider. Finally, remember to check the ratio of claims settled. A higher ratio is always preferable.
Health insurance is the life
raft that will help you survive the stormy seas of sudden illness. So, taking
this insurance must be a well-thought out decision. Do remember to read the terms
and conditions of the policy before you end up purchasing. Spend some time
comparing health insurance plans and make the right choice for you and your
loved ones. Take care.
Read More : 5 Common Mistakes To Avoid When You Renew Your Health Insurance Policy
Comments
Post a Comment