With high costs of healthcare, buying medical insurance has become mandatory. However, knowing how much coverage you need and which health insurance plan to choose is not an easy task. Most people would opt for an insurance plan just because it costs the least. This is done without taking into consideration the coverage that plan offers. However, this can be a mistake that can cost you a lot at the time of claims.
In this article, we list some of the most common mistakes that people make while buying health insurance and how to avoid them.
How to Avoid Making Mistakes while Buying Health Insurance
- Buying health insurance for tax saving benefits
One of the biggest mistakes people make is by buying health insurance at the end of the financial year to save taxes. While tax benefits are quite attractive, they should not be the sole reason for buying health insurance. You need to look at the coverage offered and the other details in the policy before buying.
- Focusing only on the premium
Many people shopping for health insurance concentrate solely on premiums and deductibles. However, to save some extra pennies, people often end up buying a policy that provides insufficient coverage. This, of course, does not mean that you have to buy the costliest policy. While buying health insurance, take out some time to figure out your health care needs, compare the plans, research the coverage and find a plan that suits your needs as well as budget.
Not all health insurance policies are the same. These include individual health insurance plans, accident policies and critical illness policies. The benefits offered by the policies are different which is why it is vital to read the benefits of the plan in detail
- Concealing the medical history
There are many cases where health insurance claims are rejected because the insured has not disclosed the entire medical history due to the fear of paying higher premiums. Any important detail regarding the medical history should not be concealed or undeclared at the time of taking the policy. This will ensure that the concealed information does not act against you at the time of claims.
- Not reading the fine print
While looking at the things covered in the policy, it is important to check the fine print. Like the coverage, it is also important to check the exclusions in the policy. Check the diseases and the health conditions that are not covered in the policy to avoid a rude shock while making claims.
- Relying completely on the employer-provided health insurance
There are many companies that offer health insurance plans for their employees. While this is a great employee benefit, relying completing on the group health cover have its own set of disadvantages. You might decide to leave the company or the employer might decide to cut down the benefits.
Buying health insurance is an important decision. It is important to make the right choices and avoid any mistakes while buying the policy.
To shield against the rising medical costs, buy Bajaj Allianz health insurance policy