The DOs and DON'Ts While Buying Health Insurance
Following a healthy lifestyle is essential, but what’s equally essential is to be mindful of the fact that health issues usually come uninformed. As is obvious, the consequences of a health problem can leave you physically, emotionally and financially drained. While you cannot have control over everything in life, but you can stay prepared for things that you can control. This is where a health insurance plan comes into the frame. With a health plan that covers the many different ailments prevalent nowadays, you can secure the financial part of your health problem to ensure that you don’t end up breaking the bank.
If you are considering buying a health plan for self or family, there are certain things to check beforehand. So, let’s understand how to buy the best health insurance plan with insurance buying dos and don’ts.
Health Insurance buying - DOs
At the end of the day, it is your hard-earned money that you are pooling in to buy insurance, so why not try your best to get your hands on the best policy. Here are the DOs that you need to keep in mind when buying health insurance: -
- Understand your needs
Insurance isn’t something that is one size fits all! Hence, the first step in buying health insurance is to understand your needs. Your medical needs will depend upon your age, medical issues, etc. If you are looking to buy a health policy for your family, ensure to buy a policy that suffices with each member’s medical requirements.
- Due diligence
When buying health insurance, due diligence is an essential part of the buying process. You cannot just find a good policy and buy it without doing a bit of homework; research about the insurance plans, and compare the best plans based on coverage, benefits, premium, etc., to make a prudent choice.
- Find the best cover
Look for a health plan that offers comprehensive cover and secures you against a wide range of medical needs, including hospitalization, ambulatory services, critical illnesses that you may be at risk.
- Understand the policy terms and conditions
Buying a health plan without checking the terms and conditions?! That’s the worst mistake that you can make. Remember to understand all the policy terms and conditions, benefits and the clauses associated with it, to make the right choice.
- Look for additional cover
Remember that you can add riders to your health policy to make it even more exhaustive. So, check with your insurance provider to know the add-on covers on offer.
- Check whether the plan includes your preferred hospitals and doctors
Once you have a list of your health plans, compare them on different aspects including whether or not your preferred hospitals and doctors are included in the hospital network.
- Shop from a reputed provider
When buying health insurance online, you need to be sure that the provider is reliable, and has a respectable position as it will ultimately affect your claim settlements.
- Other things
There are certain important things that you need to check when buying health insurance, such as the exclusion of pre-existing condition(s), waiting period, life-long policy renewal, age limits (if you’re buying senior citizen health plan), documents required, cost of medical tests, etc.
Health Insurance buying - DON’Ts
Here are some don’ts to keep in mind when buying a health plan: -
- Don’t buy a plan without understanding it.
Never buy a plan only because someone told you that it is the best one or if you do not completely understand its terms and conditions.
- Don’t hide anything related to your medical history
You may feel that hiding a medical condition will help lower your health insurance premium, but when you will file for a claim for the same condition, there is a possibility that the claim is denied as you did not disclose the pre-existing condition before.
- Don’t delay policy renewal
Delaying policy renewals will ultimately put you at risk as your policy will no longer be of use, and you would have to start a new policy.
Despite being a necessary insurance product, health insurance is one of the most neglected insurances in India. You cannot plan and get sick as health problems are an undeniable part of our lives. Moreover, considering the spike in healthcare costs and the rising health issues in the present day, buying a health plan according to your needs, is a must.
**To understand exactly about the policy coverage, exclusions etc read the Policy Wordings carefully.**