Do’s and Don’ts while buying Health Insurance Plans

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Nowadays buying health insurance plans is a necessity. While buying any health insurance plan, there are numerous things that you need to keep in mind. Illness can come anytime, and can empty all your savings and can cause you financial loss due to high hospitalization expenses. So, health insurance is not an option but a necessity.

However, health insurance, like any other form of insurance, includes an installment of standard premiums, which become an extra cost in one’s spending limit. Considering that health insurance doesn’t come cheap, it is better to be aware of all the terms and conditions while purchasing a health insurance policy. 

Here are a set of dos and don’ts that one can keep in mind at the time of buying a health plan, be it for self or for family members. The list can be a little exhausting but it will surely help you while buying a health insurance plan.

Do’s

#1 Always do a research

Always do a market research in order to get the best policy plan. There are various policy plans available in the market, and you need to choose among different policies according to your requirements. Market research has proved to be great while choosing a policy plan.

#2 List your requirements before applying for health insurance

Always understand your requirements before buying your health policy plan. Health insurance plans can be customized as per individual plans. You can buy health insurance for yourself or for your family members like spouse, parents or children.

Health insurance plans can be personalized with the help of Add-ons which are additional coverage options that you need to purchase separately.

#3 Find your best cover

Always choose the policy plan that protects you against a wide range of medical needs, including hospitalization, ambulatory services, and critical illnesses that you may be at risk for. Always read your policy carefully and check for all terms and conditions and know exactly what is covered under it. Also, check for Exclusions of what are not covered in your policy. So before subscribing to any health insurance policy, go through the policy thoroughly in order to avoid any issues at a later time.

#4 Check for waiting period

Before buying any kind of health policy always check for a waiting period for those diseases and ailments categorized as pre-existing diseases. Every insurance policy document has a list of such diseases and ailments which one must go through so that no problem comes at time of claim.

#5 Check for Hospitals Network of your insurance company

Hospitalization is one of the major components of any health insurance policy. Thus, it is important that you can avail medical treatment at any nearest hospital. Check if your health insurance company has a large network of hospitals through which you can receive cashless treatment. It is advisable to take a look at the list of network hospitals before buying a medical insurance in India.

#6 Check For Sub limits

A sub-limit is an extra limit in an insurance policy’s coverage of certain losses. A sub-limit is a very crucial feature in your health insurance. These are fixed value for a particular treatment or illness. Many health insurance providers place two kinds of sub-limits on the insured  one is on the hospital room rent and other is the sum assured for specific diseases. Some of the health insurance companies provide you an option to not opt for sub-limits. Depending on your budget, you can opt for either of the two but remember that an insurance plan with no sub-limits has a higher premium. 

Don’ts

#1 Don’t hide the facts

You should not hide the presence of any pre-existing ailment from your agent. This could lead to trouble at the time of claim settlement if it is found that a previous disease about which the buyer has not made any disclosure has led to a covered disease for which the buyer is claiming insurance. Also let your agent know about your Smoking and drinking habits.

In such scenarios, health insurance companies do not accept the insurance claim made by the buyer. Therefore, one is advised not to conceal any information from the insurance agent or the company. 

#2 Don’t give any kind of false information

Do not share any false information with your insurance provider in order to save any kind of money on premiums. The premium to be paid for a health insurance policy depends on a number of factors such as age, gender, pre-existing diseases etc. Sharing wrong information could not only lead to rejection of the insurance claim but also cancellation of the policy.

#3 Don’t be shy in asking questions

Health insurance is very crucial for your finances, so you should not feel shy in asking any question related to your policy to your insurance provider. It is very important to clarify doubts or queries with the insurance agent or the company before buying insurance than to be sorry afterwards.

#4 Don’t delay policy renewal 

Do not delay your policy renewal or your policy coverage might no longer be of any use. Medical emergencies can come any time which can lead you in huge financial losses. If only by paying a small premium you can secure yourself from such losses it is the best thing. So it is always advised to not postpone buying or renewing your health policy.

A health insurance policy brings you a handful of things for your medical emergencies. Keeping in mind of your future expenses and losses  it is important that you plan ahead. Regular exercise and healthy food are the keys to good health. For backup – there is always health insurance.

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