In the mid of high cost of living, something like a medical health insurance plan is no less than a backbone of healthy life. However, selecting a right health insurance policy is not an easy task. Today, at the time of buying or renewing a health insurance policy it is very important to consider and re-consider various aspects covered under the plan. Yet, most of us often tend to ignore some very important aspects at the time of buying or renewing health insurance policy.
This ignorant behavior leads to some very common mistakes while choosing a medical health insurance plan. By taking care of these aspects one is sure to get a right health insurance plan for individual and/or family.
Read on to know about some common mistakes that one can avoid while choosing a medical health insurance plan in India:
1) Getting insufficient coverage
The cost of premium, that one pays towards his/her health insurance plan in India, plays a vital role in deciding which policy to buy. Thus, in order to save some extra pennies, one often ends up with insufficient insurance coverage. While the cost of premium is an important factor to choose your health insurance plan, it should not be the only factor. A health insurance’s basic purpose is to protect you from falling into financial contingency like situation at the time of medical emergency. However, if you are underinsured, your policy may fail to fulfill its very sole purpose, in your hour of need. In the hour odd a medical emergency, an insufficient insurance coverage is no less harmful than having no health insurance at all. Therefore, ensure that your health insurance policy covers you adequately.
2) Not looking beyond basic cover
One would often find experts recommending to choose a comprehensive health insurance plan over a basic coverage. However, individuals seem to be unwilling to give up the idea of basic coverage because they are keener on saving the extra few pennies. They fail to realize the benefits of having a personal accident rider and critical illness rider along with their basic health insurance plan. Such a combination of insurance coverage makes your health insurance cover complete. In addition, choose a policy which offers added benefits like ambulance charges, domiciliary hospitalization, and cashless hospitalization.
3) Overlooking the small print
While most individuals make sure to know about the things covered in the policy, they do not pay heed to exclusions mentioned in a medical health insurance plan. Knowing the coverages of a policy is definitely vital, however, understanding the exclusions is equally important.
There can be chances that at the time of buying your health insurance policy you may have missed out to go through the complete fine print. Even in such a case you can avail the benefit of a free look period. Almost every health insurance policy has an option of free look period of 15 days. This means that, after buying the policy, you have a time of 15 days in your hand to go through each and every detail of your health insurance plan. If during this period you find any clause as problematic, you can cancel the plan and the company shall pay you back your money as per its T&Cs. Utilize this period to understand what you've bought.
4) Not re-considering a different Insurer
It has been often observed that individuals are hesitant in changing their insurance provider. At the time of renewing your health insurance policy, make an effort to find out about what benefits other insurance providers are offering under their health plans. You may be surprised to find better coverage benefits at better price than your present plan. You should not shy away from changing your health insurance provider, if you are getting a better offer.
5) Not sharing medical history
Any important detail with respect to your medical history should not be kept concealed or undeclared at the time of buying a
health insurance plan. Keeping such information concealed shall act against you at the time of claim settlement.