31 January

Buying Health Insurance?? Avoid these 5 mistakes!

Category: Moter insurance

With the ever growing cost of living world over, health sector remains no stranger; in-fact health sector often ends up sucking all your savings once you fall ill. The cost of consultation, regular check-ups has only gone up ever since and with the advancements in medical care and introduction of sophisticated instruments these are bound to go up further. 

This is where insurance comes into play, to absorb the shock from financial free fall, your bank balances keep draining with you not able to work/earn. Worse is when these diseases leave you with certain disabilities, permanent or temporary. Not to exclude the costs of rehabilitation up till resumption of work by you.

However buying a health policy is often very difficult and confusing task for many, given the plethora of product range available with each insurer and the market being crowded by so many insurers. Given below are the 5 mistakes that policy buyers often make:

Inadequate Coverage:

The monthly/annual premium that one pays often plays a very important role while deciding the policy one wants to buy as one wants to pay as low as possible owing to which people often end up buying insufficient coverage. Cost of premium though an important factor, isn’t the only factor. Underinsurance can result in inadequate release of funds in your time of need, therefore draining your bank account alongside. This therefore can be just as harmful as no having no policy at all, if not more than that.

Narrow Sight

Comprehensive health plans are the policy of choice but people often opt for basic insurance in order to save a few bucks, failing to realize the benefits of having a personal accident rider and critical illness rider along with their basic health insurance plan. Such combination compliments and is much needed to make your insurance complete. In addition, choose a policy which offers added benefits like ambulance charges, domiciliary hospitalization, and cashless hospitalization.

Carelessness

Most people make sure to read about what’s included in the policy but often ignore what’s excluded, which is equally important to know. And you might have missed out on certain parts of policy while reading it, use the free look period (15 days) to do the deed and make sure that you have gone through the entire fine print. You may even cancel your plan according to the terms and conditions of the company. 

Sticking to just one insurer

When renewing your policy, always look out for what other insurers are providing and do not hesitate to change your insurer. You might be surprised by a better offer and a better plan from another insurer, so,  do not shy away from changing insurer. 

Hiding medical History

Never hide your medical history for a few bucks, you might save your few bucks now but fail to avail the benefits when needed. The policy document is a testament of trust, breaking it might render your policy null and void.