Five Common Mistakes to Avoid while Buying a Health Insurance Plan

Five Common Mistakes to Avoid while Buying a Health Insurance Plan

Health insurance helps you cover your costs against hospitalization, medicines, doctor fees, medical tests, and post-hospitalization care. Paying out of hand every time for hospitalization would burn a big hole in your pockets. So, buying health insurance online is essential for every individual. However, you must exercise more prudence while purchasing a health insurance plan, or you may have to pay a high price when it does not help you. It’s always better to do your research and be clear about requirements before buying a health insurance plan. In this post, we shall discuss the common mistakes people make while buying a health insurance policy.

  • Underinsuring

A health insurance plan provides you with financial stability during medical emergencies which may require colossal hospitalization expenses. With the busy schedule and high-pressure work environment today, most of us are prone to illness. So, it is vital to have a large cover to prevent financial strain during hospitalization. Though the premium that you pay towards health insurance is eligible for a tax deduction, people need to understand that the benefits of health insurance plans go beyond that. So, consider your medical history and make a well-informed choice while buying health insurance coverage. 

  • Hiding Medical History

If you are suffering from any pre-existing ailments, you must declare it while buying a health insurance plan. Hiding your medical condition and lifestyle could lead to rejection of medical claims. Most insurance companies offer pre-existing disease cover after a certain waiting period. So, it is wise to declare it at the time of purchasing the health insurance plan.

  • Not reading the policy documents carefully

Not reading the policy documents is a common mistake that even educated people do quite often. It is a mistake that you must avoid at all costs. A health insurance plan has many important terms and conditions; one must read and understand it fully before buying a plan. Get to know about the inclusions, exclusions, and types of illnesses covered in the policy by thoroughly reading the terms and conditions documents. Most importantly, never ignore exclusions. Exclusions are medical situations that are not covered by your health insurance policy. Not having an idea about exclusions will lead to a higher chance of rejection of your claims. 

  • Network Hospitals

Most insurance policies offer cashless claim facilities with their network hospitals. A network hospital is where the insurance company has a tie-up. The policyholder can seek treatment just by displaying their card during admission. The policyholder need not pay for the treatment as the insurance provider settles the bills directly with the hospital. Therefore, before buying a medical insurance plan, a person has to check if all the major hospitals around your area are included in the list of network hospitals. 

  • Not opting for Add-ons

Most people tend to buy just basic health insurance without assessing the needs of the family. It is essential to consider emergencies like accidents and critical illness because you would need a lump sum to take care of treatment cost for it. So, instead of buying health insurance just for the heck of it, consider opting for riders like critical illness cover and accident cover. It could act as a saviour during emergencies. 

Conclusion

Making mistakes is common but now that you know how they can be life-threatening, be careful not to make these mistakes. If you have not bought your health insurance policy you and your family, it’s never too late. Visit FinCover, compare health insurance plans from different insurance companies and choose the one that meets your requirement.

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