5 Dos and Don’ts of Buying Health Insurance

With the skyrocketing costs of medical treatment and hospitalization in case of an emergency, it has become imperative for people to buy health insurance. For otherwise, all your life savings can drain out in no time once you get hospitalized for treatment of an illness. Therefore to protect your savings and to get the much needed relief in case of medical emergencies you should buy health insurance both for yourself and your family members, but you would do well to acquire proper knowledge about the kinds of policies that are available as well as the do’s and don’ts associated with health insurance.

 

DO’s

1.   Chalk out your exact requirements and then go on to compile all the documents that will be needed to purchase the policy.You can find out the list of documents required from the website of any insurance provider.

·      Do your research online and compare health insurance policies being offered by different companies. You can always add or subtract certain provisions as per your requirements.

·      With the help of online tools, you can also calculate the premium that you would need to pay for the policy that you have shortlisted. You will notice that premium depends, apart from the sum assured, also on factors such as your age, habits like smoking or drinking, current health condition and pre-existing diseases.

·      Now you should duly complete the application form by preferring all the details honestly, or else you will risk your claim being rejected whenever you raise it in the future.

·      You would also do well to make a note of all the hospitals affiliated to your insurance provider, and especially if you can claim cashless treatment in those hospitals.

 

DON’Ts

 

·      Don’t overlook doing your homework properly, regarding the reputation of the insurance company and its claims settlement ratio. Also check out whether they provide good after-sales service.

·      One cardinal rule to remember when buying an insurance policy is not to proffer wrong or misleading information. You would do so at your own peril for your claim later on will be liable to be rejected.

·      Do not overlook the fine print. Read the terms and conditions, which usually contain the inclusions and exclusions, or else you may be in for a rude shock at the time of raising a claim when you find out that the thing for which you are raising a claim is excluded from the purview of your health insurance policy.

·      While buying a policy if you have any queries, don’t resort to asking agents or friends, who may have half-baked knowledge, but contact or email the insurance company directly to gain clarity.

·      Do not think that a rejection of your application for a health policy is the be-all and end-all. First find out the reason from the company, and try to rectify the errors, if any, or if the reason is something intrinsic to your health, rest assured that some other insurance company will still provide you the insurance cover you need, albeit at a higher premium.

 

Keep the above points in your mind and you will find that buying a health insurance policy is much easier than you thought.