Health insurance has become an essential thing in today's era. Our fast-paced lifestyle can lead to many health problems, lack of exercise leading to a sedentary lifestyle and poor nutrition. Apart from boosting physical health, it is also important to be financially prepared to fight this issue.
The article below discusses what you should and should not do while buying a health insurance plan.
Do's of Health Insurance
Below mentioned are the things that you should do while buying a health insurance plan:
- Understand Requirements
- Due Diligence
- Compare Health Insurance
- Buy Health Insurance Online
- Read the Policy Document Carefully
1. Understand Requirements
People used to buy health insurance without fully understanding what they needed or didn't need. If you buy a health insurance policy without determining your needs, you risk being under or over-insured. In both situations, you will have to face a financial crunch. Hence, buy a medical insurance plan that meets your needs. For instance, if you are single and don't have any dependents, buy an individual health insurance plan, a senior citizen health plan for your retired parents, and a family floater plan if you are married and have kids.
2. Due Diligence
Buying a health insurance policy is like buying any good from a store. While buying a medical insurance policy, you can do the same research as you do when buying a television by comparing different models and features. Finding the most suitable health plan will be easier if you do some research on the types and coverage benefits of the policy.
3. Buy Health Insurance Online
People often call their insurance agent to buy an insurance policy and rarely try to buy health insurance online. However, remember that times are changing, and health insurance companies are choosing a customer-centric strategy. Now you do not need to use an insurance agent to buy health insurance as the process has become effortless.
4. Compare Health Insurance
You can compare various health insurance plans side by side while purchasing health insurance online, which is undoubtedly one of the best benefits of buying health insurance online. You can compare health insurance policies by visiting the website of any health insurance provider or aggregator and using the health plan comparison tool and making an informed decision.
5. Read the Policy Document Carefully
The most important step in buying any type of insurance is to read the policy document. You must know the coverage, exclusions and conditions mentioned in the policy document. Additionally, if you have any questions regarding the policy's wording, you can contact our RenewBuy POSP advisor, and they will be happy to assist you.
Don'ts of Health Insurance
Below mentioned are the things that you should avoid doing while buying a health insurance plan:
- Don't Hide your Health Status
- Never avoid buying extra add-on covers when required
- Don't Delay Renewing Your Health Insurance Plan
- Don't Buy Unless You Understand the Plan
1. Don't Hide your Health Status
Health insurance provides financial protection to the policyholder in case of medical emergencies. If you lie about your health and submit it for an issue that is not covered by the health policy, your claim will be rejected. Never misrepresent or conceal your health status from the health insurance company while purchasing the health insurance policy.
2. Never avoid buying extra add-on cover when required
You must have comprehensive coverage with a health insurance policy in case of unforeseen medical emergencies. To accomplish this, you must ensure that you have purchased an additional add-on cover. Consider buying additional add-on cover if you feel your current health insurance policy is insufficient.
3. Don't Delay Renewing Your Health Insurance Plan
Generally, a health insurance policy lasts for one year before renewal is required. Remember that you cannot submit a claim if your coverage has lapsed. Hence, renew your health insurance coverage on time to maintain your financial safety net.
4. Only Buy If You Understand the Plan
If you fully comprehend the benefits of a health insurance plan, do not purchase it. It might not provide the necessary coverage, leaving you with inadequate coverage, which is equivalent to not having any health insurance.
Some Other Important Health Insurance Pages
- Importance of Health Insurance
- Health Insurance Industry Trends in India
- Mahatma Jyotiba Phule Jan Arogya Yojana
- HDFC Ergo Health Insurance
- Star Health Insurance Covered Disease List
- Best Health Insurance Companies in India
Conclusion
Since so many options are available today, you must be well-informed to ensure that you buy the right health policy for you and your family. Health insurance is a significant investment these days and making the right decisions and securing your future and well-being with the best health insurance plan is possible only when you know the dos and don'ts.