New Year 2025: Avoid Health Insurance Mistakes

Published By: Livemint​

Published Date: 24-12-2024

The best New Year's resolution for 2025 to start fresh and strong is to invest in a reliable health insurance plan. This is the right opportunity to reassess your healthcare needs and review your existing plan.

Knowing your policy details, such as exclusions, deductibles, add-ons, etc., is crucial to ensuring your plan is the right fit for you. Knowing these details helps you make an informed decision and avoid some of the common mistakes highlighted by experts.

Rakesh Jain, CEO of Reliance General Insurance, offers valuable insights into avoiding buying health insurance that is insufficient for your needs. He suggests ensuring your plan includes hospitalisation, pre- and post-hospitalisation, and daycare procedure expenses. He also adds that having a strong network of hospitals is essential for hassle-free claim settlement.

Furthermore, he adds that being aware of the policy exclusions is crucial to avoid last-minute settlement troubles. He suggests that policyholders understand the coverage, check the claim settlement ratio and compare policies, but they should not compromise on coverage.

Among the common mistakes noted by Rakesh Jain, he advises sharing complete details of any pre-existing diseases. False or incomplete disclosure can result in claim denial and limited or delayed coverage.

He warns against missing the policy renewal deadline, as it can result in losing valuable earned benefits such as a no-claim bonus or waiting period completion. He also suggests that policy renewal is the best time to rethink coverage needs and ensure that the policy fits those needs.

Lastly, detailed research on the insurance provider should be conducted to verify their credibility, reliability and coverage details to avoid making common health insurance mistakes.