Common Mistakes to Avoid While Purchasing a Health Insurance Policy

 Common Mistakes to Avoid While Purchasing a Health Insurance Policy

Health plays a very crucial role in one’s life, and so it shouldn’t be neglected. You would want a proper treatment if you fall sick, and need a financial backup for the same because of the rising medical costs. You can get this backup if you purchase health insurance.

People do know how useful a medical policy can be, but some may not know how to purchase the right one. You might tend to make mistakes while buying health insurance; here are tips on how you can avoid those mistakes.

  1. Non-disclosure of medical history

You buy medical insurance to secure your financial needs when you have any medical emergency. Therefore, your insurer must be well aware of your medical history as well as your current health status. If you try to hide it, you would probably not get medical coverage in case you fall ill due to a pre-existing medical issue. But, if you inform your insurer about it prior, you might get coverage for a recurring medical issue. Also, if you are secretive about your medical history, it can be a threat to future claim settlements.

  1. Not considering your needs

The most common mistake made by you is that you buy a standard policy instead of the one that suits your requirements. You can customize your health insurance policy according to your needs. Hence, it is essential that you take a note of your requirements first, and then look for a plan that will fulfil those needs.

  1. Lack of awareness of exclusions

Exclusions basically mean all the things that aren’t covered by your insurer. These are already mentioned on the policy, so you can decide for yourself if you wish to make a purchase or no. At times, people tend to ignore the exclusions bit and only focus on the coverage offered by the policy. Avoid making this mistake because then the chances of claim rejection increase. Every policy has varying coverage, such as critical illness insurance, which only covers a specific list of life-threatening diseases as specified by your insurer.

  1. Not reading the policy wordings

You will find a list of terms and conditions that must be read thoroughly as well as followed. You will find it difficult if you are not aware of the policy wordings of your insurance company. Take some time out of your busy schedules and understand what’s written in your policy document. However, if you happen to purchase health insurance online, then all the terms and conditions will be mentioned on the insurer’s website itself.

  1. Inadequate or more than the required coverage

Research is essential, no matter what your product is. If you do not follow this, then you might end up spending more or less amount of money than required. If you purchase more coverage than needed, then you will be spending on something you might never need. And if you buy less coverage, then there can be financial risks. Therefore always note your needs and research so that you can purchase adequate coverage. Buying an individual policy won’t help you cover multiple members unlike tailor-made insurance such as health insurance plans for family.

Don’t ever rush while buying a health insurance policy. Make sure to do your research and provide accurate information to your insurer. You can also buy a health insurance policy online by simply visiting the insurance company’s website.

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