Four Common Mistakes to Avoid When Buying Health Insurance

Health care is getting more and more expensive by the day. A simple procedure like an appendectomy can end up costing you thousands of rupees. Medical tests, scans and procedures are technologically advanced but at the same time very expensive. There are public health care facilities available in our country, but they are never adequate. This is why we all need a health insurance plan.

Health insurance plans give you financial aid in case of an unexpected illness in the family. During this time you and your family do not need to worry about medical expenses if you have a solid health insurance policy in place. You can rely on the insurance company to endure your expenses if you or a family member needs a medical treatment or procedure.

But getting a health insurance plan is a tedious process. It requires a lot of research, analysis and financial planning and advise to get the right kind of health insurance to ensure financial security in times of medical emergencies. A lot can go wrong with your health insurance policy if you don’t know it in and out. Here are some common mistakes that you need to avoid in order to make sure you have a fool proof Health Insurance Policy in place.

1.      Not sharing complete medical history: When you buy health insurance in India, you need to declare all your health problems beforehand. Insurers even have policyholders take a complete health check-up before they buy their policies. Withholding information about your health can cause your health insurance plan to become void if you any health issue arises in the wait period.

2.      Relying on your companies health cover: Most companies provide a health insurance policy to every employee. People usually make do with these policies, overlooking the fact they provide insufficient cover for most medical procedures.    

3.      Not reading the fine print: Every Health Insurance Plan comes with lot of terms and conditions. These include hospitals that are covered, diseases and ailments that are covered, procedures that are not covered etc. Not being thoroughly well prepped with these can lead you to buy a policy that is useless in times of need.

4.      Comparing premiums instead of plans: A low premium plan may means that you need to remove less from your monthly package, but they also mean that they cover less than a policy with a higher monthly premium. Investing in such a plan can render useless, if it does not cover your expenses when you’re in need.