Why your Health Insurance Never Works the way you want it to
Earlier, health insurance was exclusively meant for the elderly but hectic work schedules, a sedentary lifestyle, and rise in pollution have made each one of us prone to health problems. Moreover, inflating health care costs further press on the need for a health insurance policy.
Policies with lower premiums attract all of us, but the most economical insurance is not necessarily the most ideal one. When you buy a policy, you will surely want that it covers you for all the major health issues. Hence, when you purchase a health insurance policy, make sure to compare the best policies on offer and then screen them on the basis of the cover you need.
Common mistakes people make while buying a health insurance policy
- Following the herd- Do not buy the policy which your neighbor suggests you or everyone else is buying. Rather, go for the one which meets your individual or family health needs.
- Not comparing the available options- Make sure to compare the different market options as that lets you find the best policy as per your requirement.
- Buying health insurance policy just for availing the tax benefits- Do not buy health insurance just for saving on the taxes, but also consider the coverage that the policy provides.
- Not reading what’s on offer - Double check the inclusions and exclusions before buying the policy.
- Focusing only on the premiums- the General tendency is to look for policies with low premiums and end up with minimal coverage. Instead, take time to think about your health care needs first and then your budgetary constraints before zeroing down on a policy.
- Counting on your employer-provided health insurance policy- While it is always good to have a group mediclaim cover provided by your employer, it is, at best, an add-on cover. An individual health insurance policy is essential because if you leave your job or your company cuts down on the coverage, then you will be at a loss.
- Concealing your medical history- To avoid paying higher premiums, many people tend to hide some information from the insurer. Hiding your medical history only leads to claim rejection.
How to choose the right health insurance policy?
Just as the five fingers in a hand are not equal, similarly every person’s health insurance needs cannot be the same. It is human nature to go for the most popular option in the market without reading the fine print. On the contrary, you should scrutinize the policy terms and conditions properly before committing to buy it.
Points to consider when you buy health insurance policy:
- Get early protection- In the earlier years of life, you make no or fewer claims and earn the benefit of no-claims bonus.
- Never hide your medical history from the insurer- Plenty of options are available to choose from which will cover your pre-existing medical condition after a certain waiting period.
- Waiting periods- All policies have a waiting period for pre-existing ailments. It is always advisable to go for a policy that offers a minimum waiting period.
- Choose the right sum insured- It depends on the health care costs in the city you put up in.
- Claim loading- Do not buy a policy that has claim loading.
- Double-check the Inclusions and exclusions of the policy- Go through the medical conditions which the policy covers and the ones it does not.
- Cashless option- Make sure your policy offers the cashless facility.
- List of network hospitals- In order to know whether your preferred hospital is on the list or not, check the list of network hospitals.
- Copayment- It is the fixed percentage of the total medical expense which you have to bear in case of a claim.
Health insurance has become an indispensable need for each one of us. Avoid mistakes, and compare the different plans on offer so that you secure yourself from health-associated financial exigencies with the right cover.
**To understand exactly about the policy coverage, exclusions, etc read the Policy Wordings carefully.**