In these unpredictable times, having health insurance is a relief and a crucial investment. However, choosing the best health insurance plan is a difficult task. The many variables covered by the health insurance plan must be carefully considered and reviewed in order to prevent any errors from being made while purchasing or renewing one.
Many consumers choose the wrong health insurance policy. It is wise to be aware of these errors because they could later turn out to be detrimental. With that out of the way, the following are some of the most typical blunders to stay away from when purchasing health insurance.
- Not having enough coverage: It’s important to properly examine the costs of premiums for various health insurance policies. Sometimes people purchase inadequate health insurance coverage in an effort to reduce their premium costs. Although the price of the premium is an important consideration when choosing insurance, it is not the only one. You should be aware of the health insurance policy’s fundamental goal, which is to shield you from unneeded financial strain in the event of a medical emergency. Therefore, it is more important to purchase insurance that will sufficiently safeguard you and your family. You can use a health insurance premium calculator to calculate your premium cost.
- Withholding medical information: Your insurer must be informed of your medical background and present state of health in order to do this. It is crucial that you disclose any pre-existing conditions you may have to your insurance provider because keeping your medical history a secret could be detrimental when it comes time to settle a claim and result in your claim being denied because the condition was not previously covered by the policy. However, there is a chance that you could receive coverage for a reoccurring medical condition if you tell your insurer this information.
- Ignoring the exclusions: Despite the fact that the majority of health insurance plans offer complete coverage, some of them have exclusions that customers fail to take into account. Conditions that the insurance does not cover are known as exclusions. Many times, consumers just take into account the health insurance coverage provided by the policy and fail to read the policy’s exclusions. The likelihood of a claim being rejected and being disappointed when it is settled if it is for an excluded ailment/illness increases if you are not aware of the exclusions. Always review your health insurance plan’s exclusions so that you may submit an appropriate claim.
- Ignoring the additional benefits: While a comprehensive health insurance plan may cost a little more than a basic health insurance plan, the additional benefits it offers makes the small price increase worthwhile. Ignoring these extra perks, which could include ambulance fees, hospitalisation costs, cashless hospitalisation, etc., could reduce the scope of your health insurance coverage and overall protection. *
- Ignoring minor details: Even though the majority of individuals thoroughly comprehend and are familiar with the topics covered by the policy, they frequently ignore minor aspects relevant to the policy’s functionality. You can better prepare for the future or for any unlikely mishaps that might occur by paying attention to the functional details. The benefit of a free look period is still available to you, even if you forgot to examine these details. You have 15 days from the time you purchase the policy to carefully review every last aspect of your health insurance plan. You can terminate the plan within this time if you believe any clause to be troublesome, and the company will refund your money in accordance with its T&Cs. *
* Standard T&C Apply
** Currently, there are 2 tax regimes in India – new and old. To get the tax benefit you desire, choose the correct one after consulting an expert. You can opt for a regime change during the next financial year.
# Visit the official website of IRDAI for further details.
## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.