Avoid These Common Mistakes While Buying a Health Insurance Plan
Health insurance is one of the investments every individual should look forward to. It not only safeguards you during the medical contingencies but also helps you to live a stress-free life. Medical expenses are on the rise due to the advancements in treatmentsand modernmedical facilities. The only problem is they are not affordable to everyone.
The family health insurance covers your whole family during medical emergencies. If something as critical as insurance goes wrong, you might have to face financial problems that leads to mental stress. So, therefore, it becomes essential to select the rightinsurance provider. Moreover, consider your family need and choose the coverage accordingly. There are times when an investor might pick the wrong family health insurance policy for his entire family due to insufficient knowledge. Here is the list of five common mistakes many people make while choosing the right health insurance.
- Terms and conditions
Reading the terms and conditions mentioned in your policy might be boring. But, make sure you do it. There is a reason they are mentioned in addition to all other information as a different section. You might come across specific terms and conditions you might not understand. There can also be terms that you might not be aware of. Make sure you find someone who can explain you the terms correctly. You can also use the Internet for understanding these conditions. Do not finalize the policy without understanding everything. The most common clauses to look for are waiting period, sub-limit clauses, exclusions, specific treatment clauses, and co-payment clauses.
- Lowest premium
Premium is an important factor before finalizing the health cover. Premium is directly dependent on the extent of the coverage. Do not be lured into purchasing a policy because of low premiums. In case a company provides low premiums, run a background on the insurer. Irrespective of the premium cost, focus on getting an excellent coverage option. An ideal health plan will offer a comprehensive coverage at an affordable rate.
Do not finalize the health insurance planwithout researching well. Just because the selected plan suits your requirements, does not mean you immediately sign up for it. Check out for the network hospitals and if the preferred hospital is available in the list. You don’t want to panic at the last moment when you don’t find the hospital next to your neighbourhood. Check the claim settlement ratio. The claim settlement ratio helps you determine the number of times that any insurance company has settled the claims. It must always be high. Because, higher the claim settlement ration, more is the number of claims settled.
- Withholding medical information
Health insurances are designed to help you in times of dire need. Therefore, if there are certain illnesses, make sure you mention them when asked. Perform all the tests requested by the insurer before buying the policy. You must also know that if any of the medical conditions are found out after the application is accepted, the insurance company has all the right to reject your insurance claim. Therefore, be as transparent as you can with your health insurance company.
- Insufficient cover
You have to objectively determine the medical costs in case of emergency and select the cover amount accordingly. Anything less than that will lead to compromises on the last moment.Consider your medical history before choosing the sum assured.
