Today, one of the most crucial things these days is to purchase a suitable and effective health insurance plan. We all know that health-related situations usually come announced in life, and no matter how well you are prepared, we can never guarantee a disease-free future, agree? And, along with this, the increasing health care costs, speak and explains why we shouldn’t take the health insurance policy too lightly. But, before that, we need to understand the different aspects of the medical insurance policy before buying because this is where people often make mistakes. If you purchase a health insurance plan either in a hurry or without understanding the basics of the medical plan, it may result in an unpleasant experience, especially at the time of a large amount of claim. Here, the article enlists some of the common mistakes that people make while buying health insurance plans-
Considering Premiums Only :
Undoubtedly, this is one of the most common mistakes people make while buying a health insurance policy. It’s a usual tendency among people to focus on the initial cost of the premium, rather than the coverage they would get when the need arises. Yes, we know that somehow it does help you to save a small amount in the initial months or years, but certainly, it leaves you wanting in regards to the better insurance coverage. Let’s say, for an instance, you purchased a health insurance plan with a deductible amount of INR 6,000/- and this deductible significantly reduced your premium. But, unfortunately, if you or one of your family members met with an accident and you get to know that the hospitalization bill amount equal to INR 15000/-, then? In such cases, you will have to pay INR 9000/- from your own pocket, before the insurer pays the remaining amount. Hence, it simply means that you have to pay a lot of money from your pocket for care before your policy kicks in. People get tempted to pick the cheapest policy, however; the lowest premium cost doesn’t necessarily translate into the lowest total cost of care.
Ignoring the Fine Print :
Well, it’s a good thing that people are always keen to know all the benefits they would get in their medical cover, but what about the list of exclusions? Today, health insurance plans have become comprehensive, but when it comes to coverage, it doesn’t acts as a universal plan. Most of the time people miss something from the list of exclusions while purchasing the health insurance plan, as you don’t tend to notice them. People fail to recognize the importance of those fine printed details and don’t give weight to read the policy documents carefully. And, the end result is claimed rejection, if it is for an excluded illness. The only remedy here is to always go through the list of exclusions of your medical insurance plan. It is advisable to clear all your doubts and ask questions to your insurer; otherwise, the things will become more complicated at the time of medical exigency, ending up costing you more money.
Not Disclosing Your Previous Medical History :
Many of us tend to hide our existing medical ailments when buying health insurance plan fearing that either the premiums would go high or the proposal would be rejected. Well, most of the financial gurus advise- not to hide your current or previous medical history, as non-disclosure can lead to rejection of your insurance claim at the time of medical exigency. The annual health insurance contracts are based on the utmost faith, and the policy is issued on the basis of information you provide. So, we would advise you to always be truthful when buying the health insurance plans for you or for your family. And, always remember that concealing facts from your health insurance provider is classified as a fraud.
Hence, avoid the above mentioned common mistakes while buying health insurance plans, so that you get better coverage benefits and settle the claims when they incur. Hope this information has been helpful!