Common Health Insurance Mistakes and Corrections
Purchasing health insurance is something that requires due diligence as one must take a call on coverage, premiums, add-ons, and other important aspects before buying. Because of this, there’s a possibility of committing certain health insurance mistakes that can prove costly at the time of reimbursement and claim settlement.
Mistake 1: Not declaring pre-existing medical conditions
How to correct it?
This is one of the most common mistakes that many people make on applications for health insurance. They do not declare pre-existing medical conditions. They also hope to get reimbursement for getting these very conditions treated. Prevent such a thing from happening, health plans by health insurance companies have waiting periods of up to 180 days. Furthermore, many people have a misunderstanding that if they declare a disease, it will no longer be eligible for claim settlement. Individuals must know that pre-existing medical conditions are covered after a 48-month time period.
Mistake 2: Choosing insufficient coverage only to lower the premium
How to correct it?
This is a very serious mistake that people make when buying or renewing a health insurance plan. When you choose insufficient coverage for yourself, the whole purpose of buying insurance is defeated. If a condition is not covered in your plan and if you were to get hospitalized for it in the future, your claim might get rejected by the insurance company, forcing you to spend a huge amount of money from your own pocket for the hospitalization and treatment. To prevent such a thing from happening, you need to opt for a health insurance plan that covers risks that are most likely to occur. After you discuss your history of illnesses with your doctor, let him/her help you determine the diseases you may require coverage for in order to select the best health or medical insurance policy for yourself.
Mistake 3: Getting over-insured
How to correct it?
Many individuals are of the thought that they should go for plans that offer very wide coverage in order to cover themselves from every potential risk. There will be many diseases in the coverage that occur very rarely and the chances of you contracting such diseases are almost zilch. In such a case, it is recommended that you read the policy documents thoroughly and select a plan that suits your requirements from the various medical or health insurance plans on offer.
Mistake 4: Not reading the fine print carefully
How to correct it?
Not reading the terms and conditions is another miss on the buyer’s part because this section has important information such as the waiting periods for pre-existing and initial diseases, room rent limit, post- and pre-hospitalization expenses, and exclusions. So, make it a point to read the fine print carefully before you choose the best health insurance plan for yourself.
Care Health Insurance provides health insurance plans for family, corporate employees, individual customers, and various other medical insurance plans that you can consider while searching for medical insurance plans online.
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Disclaimer: All plan features, benefits, coverage, and claims underwriting are subject to policy terms and conditions. Kindly refer to the brochure, sales prospectus, and policy documents carefully.
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