Finance

Common Oversights While Buying a Health Insurance Plan

Leading a healthy life has become essential today. This is not just to stay fit but also to protect you from spending on expensive medical bills as it becomes a little difficult to manage household expenses along with medical ones. Hence, it is only wise that you opt for an adequate health insurance policy. While selecting or renewing a medical plan, you might miss out on certain important aspects. What you don’t realize is that these mistakes might be troublesome later.

Let us see how to avoid making mistakes when you buy health insurance? Mentioned below are a few common mistakes you can avoid:

1. Not buying the policy according to your needs

The kind of coverage others require might not be useful to you. Many times, people don’t realize that insurance plans are flexible and can be customized according to your needs. Therefore, first take a note of your requirements and look for a health insurance policy that best suits your needs. Like this, you can raise claims for situations that are relevant. This will also reduce the chances of your claim getting rejected.

2. Being over or under insured

Most people avoid buying health insurance thinking that the premiums would be high. To save yourself from paying extra, you might end up buying an insufficient coverage which will be of no use. Don’t move your attention from the primary purpose of health insurance, i.e. to offer you with complete financial protection in case of a medical emergency. The purpose won’t be fulfilled if you are underinsured. Therefore, don’t compromise on your coverage be it health insurance plans for family members or an individual policies.

Also, avoid buying more coverage than you require as you will be spending extra money for no reason. Know what you need and research well before buying a policy.

3. Hiding your pre-existing medical conditions

It is vital that you share all your medical history (if any) before signing the policy. This is important while making claims because if you’re diagnosed with any pre-existing diseases, the chances of your claim getting approved will drop.

4. Not reading the policy document carefully

When purchasing a health insurance policy, it is vital to take a look at the ‘inclusions and exclusions’ part of the policy document. You must be aware of the coverage offered so that you don’t face problems while raising claims.

5. Not changing your insurance provider

People have a misconception that they cannot switch their insurance providers. Here’s where they are wrong. If another insurance company offers you a better deal then go for it. You might find much better coverage at cheaper rates.

Remember to never rush while buying insurance. The purpose of a health insurance policy is to offer you with financial protection, so don’t let that change by unnecessarily paying more money or less. Do your research well and understand your requirements. Choose the type of your plan accordingly as several options as family plans, health insurance for senior citizens, critical illness policies and more are offered now. In case of any queries, you can visit the insurance company’s website and go through the details yourself.

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