Buying insurance is a critical decision as it involves your medical care and its expenses. One wrong move and you can be on the wrong side of the financial crisis along with the medical emergency you already are facing. Choosing the right insurance policy for yourself and your family is quite hard, but if you get the best insurer, everything will be easy for you. Hence, it is essential to be extremely careful and avoid mistakes while buying a health plan.
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Mistakes While Buying Health Plan
Despite best intentions, there are still some mistakes that are common to the whole insurance buying process. Let’s help you identify them to get the best health insurance plan for you and your family.
1. Cost of Buying Insurance
In other words, the premium amount. Most people are wrongly informed that you should choose a policy based on the premium you should pay for the selected coverage. The premium is the least important factor to be considered. It is important, but more crucial factors are the diseases being covered, how easy dealing with the insurance company is their claim settlement system and the likes! Paying a bit extra premium for the best health insurance is always going to be in your favor, especially in times of need.
2. Terms of Contract
When it comes to technicalities, we all run away from them, thereby avoiding reading the terms and conditions of the insurance policy. The accurate picture in those lines defines your contract with the insurance provider. There is a fine print out there that explains how, when, and under what circumstances you can use your health plan and how much coverage you’ll get. That’s what will decide whether you’ll get your claims approved or rejected. Hence, act smart and read the terms and conditions in detail to know your rights. Mostly, we avoid reading the company’s terms which is a big mistake while buying a health plan.
3. Comparing Insurance Products
Most people go for the advice and suggestions of friends, family, or acquaintances to buy insurance. Someone suggests a health insurance policy with a slight premium or significant benefits, and we believe the idea and immediately purchase the plan. This is another tricky situation we get affected by. Nothing can be more wrong than that, as everyone has different needs and requirements.
So it is ideal and advisable to go ahead and compare online various insurance plans available in the market; you get to choose the best health insurance plan for you and your family that also helps keep the premium to the lowest possible levels. Another benefit of comparing plans is that you can customize them as per your specific requirements.
4. Getting Insured More Than The Need
This is indeed another mistake we commit in trying to be over-cautious. Instead of selecting the best health plan, we tend to buy several plans hoping that something or the other will come in handy in the hour of need. Instead, the idea should be to purchase the plan that covers all your needs in the least possible premium amount so that the money you save can be used for other priorities. The actual savings can also come in handy for your medical expenses if the hospitalization bills exceed your coverage amount. Having cash in hand is a better option than getting over-insured and paying substantial monthly premiums that may sometimes not even come to your rescue.
5. Fitness Quotient
No matter how fit you’re, you never know when you might need medical care. It may not be due to any disease but could be purely an unfortunate case of an accident. Not buying a medical plan or purchasing a project with a minor amount of cover may be fatal.
We make some common mistakes either in ignorance or in a hurry to buy insurance. It is not a chore or just a task to be completed, but a careful decision that will affect your life in various ways. Ensure that your decision is wise and thought-through, not something taken in haste. Get yourself the best health insurance plan now! For time waits for none.
6. Lack of Research
Well, lack of research can damage you a lot, and without proper research, you can’t find an exact result. Adequate research means relying on facts & figures from several years’ performance and talking about research on health insurance policy then. It’s a huge task for anyone cause there are more than 2o insurance companies in India. Still, research is the basic process for finding any result, and if you want to avoid mistakes while buying a health plan, you have to do research, and every year’s IRDA report makes things easy for you.
Lack of research can lead you to the wrong side of insurance cause without knowledge; you can’t understand what insurance is and how it is beneficial for you. What’s the image of your insurance company if we talk about the claim settlement ratio of your insurer company.
7. Not Sharing Pre-Medical Report
It is a quote that “Nothing should be hidden from the Doctor and the Insurance company,” as it falls back you from the leading position to the back post. Before an insurance company insures you, they need clarification of certain things. Suppose we are talking about a health plan. In that case, the pre-medical report of current health condition is a must for the insurer company, and hiding these reports means giving an invitation of problems caused whenever the insurance company knows about your pre-medical information. If you have any pre-existing disease, they might reject your claim, and it’s worst cause you never want to spend money on insurance if you can’t get the coverage and proper treatment.
It would help if you avoid these mistakes while buying a health plan; otherwise, be prepared for the consequences.
8. Getting Insufficient Coverage
If you are ready to buy a health insurance policy, the first thing you need to understand is “coverage of the plan.” Coverage of health insurance is like ” an option of replacement”; we can customize our health insurance according to our needs, and this is one of the best services you will get with a health insurance policy. There are many plans, and every policy has its target audience; you have to choose the right health insurance policy as per your requirement. You will get the best coverage, and the “benefits of the plan” is an additional service for your plan.