Buying a suitable health insurance plan is as easy as you think. You need to understand the different aspects of the policy before you invest in it. However, this is where most of you fail. You buy a health insurance plan either in a hurry or without understanding the plan completely. As a result, at the time of a claim, you find unpleasant surprises waiting for you.
Making mistakes is common while buying Health Insurance, but if you research a little more, you can buy the best health insurance plan. So, here are general health insurance mistakes that we all make and its corrections which will help you avoid getting into unwanted situation at the time making claims –
Common Health Insurance Mistakes that we all make and its Corrections are listed below :
The most common health insurance mistake is skimping on the coverage amount. You tend to lower your premium costs as a result of which the coverage gets limited. Would the low coverage be sufficient in meeting your medical expenses?
The remedy – Medical expenses have become unaffordable. Since the health plan is designed to protect you against such medical costs, invest in an optimal sum insured. Take into consideration the number of members covered under your plan and the current medical expenses when selecting the sum insured. If affordability is an issue, buy a top-up plan for supplementing your cover but ensure a high coverage.
Overlooking the sub-limits
When you buy a health plan you seldom spare a look at the limits and sub-limits applicable on the coverage features. Consequently, when you are presented with the medical bills in excess of the sub-limits you face a financial strain. You should have been careful about your plan’s limitations, shouldn’t you?
The remedy – Always find out which coverage benefits have limits and sub-limits associated with them. The most common one is room rent sub-limit under inpatient hospitalisation coverage. This sub-limit has an effect on the total admissible hospitalisation claim. So, check these sub-limits before buying the plan. If possible, try and buy a plan which has higher coverage limits or no sub-limits.
Excluding noticing exclusions
Health plans have become comprehensive but they are not universal in terms of coverage. There are some instances which are excluded from the scope of coverage of the plan. Most of you are unaware of these exclusions as you don’t tend to notice them. The result – rejection of your claim if it is for an exclusion.
The remedy – Always go through the exclusions of your health insurance plan. This would give you a clear picture of what is covered and what is not covered under the plan so that you can make a claim accordingly.
Not disclosing your medical history
Many of you hide your medical details when buying a health plan fearing that either the plan would be rejected or the premiums would be high. This is a big mistake that people generally make because, during a claim, if the insurer finds out that you hid your medical history when buying the plan and the claim is due to an existing illness, the claim would be rejected.
The remedy – Insurance contracts are the contracts of utmost good faith where the policy is issued based on the information you provide. So, always be truthful when buying the health plan. An adverse medical history might raise your premium but at least your claims would be honoured as the insurance company would know the risk when issuing the policy.
Imitating your friend’s and relative’s health insurance choice
Do you wear the same clothes that your friends and relatives wear? Then why buy the same insurance plan which your friends and relatives have. Your needs are different from others, aren’t they? The plan should, therefore, suit your needs and not the needs of your friends and relatives.
The remedy – Compare health insurance plans before you buy them. The online platform allows easy comparison where you can find the different health plans suiting your requirements, their coverage features and their respective premiums. Buy a plan only after comparing and ensure that the plan fulfils your healthcare needs.
Making mistakes due to lack of knowledge is justified but now that you have been warned, so be careful. Avoid these above mentioned common health insurance mistakes so that your health insurance policy provides you the best coverage benefits and pays the claims when they incur.