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A comprehensive Health Insurance Plan is one of the basic necessities to lead a healthy and worry-free life. Having said that, it is not a simple task to choose the correct health insurance policy for your needs. When buying or renewing a health insurance policy, it is essential to assess, and then re-assess the numerous aspects that are covered under the insurance plan. However, there is a tendency to miss out on some key-aspects when buying or renewing a health insurance policy.
Enumerated below is a list of common mistakes that can be avoided by policy buyers:
The premium often tends to manifest as the prime consideration when buying or renewing a health insurance policy. In an attempt to save a relatively small sum of money, sub-optimal coverage may sometimes be picked. While the price of the premium is certainly an important factor to consider, the extent of coverage, flexibility, portability, and waiting period should also play a vital role in the process of selecting the ideal health insurance.
There are several exclusions in a health insurance policy that a potential customer may not be aware of. The fine print may include details regarding the cancellation of no-claim bonus, room rent limit, pre and post-hospitalization costs, voiding of coverage under certain circumstances, and several other crucial features and their limitations. A misunderstanding of the terms and conditions can sometimes lead to undesirable consequences. For instance, certain illnesses such as cardiovascular diseases are not immediately covered by most policies. Although they are generally advertised as policies for patients with cardiovascular problems, the fine print will clearly state that a minimum waiting period of at least 2 years must be served before the coverage can come into effect.
Nearly every health insurance plan will allow insured individuals to go through the details of the policy with the option of a free look period. This period generally lasts for 15 days. What this implies is that after the policy is bought, there will be an additional 15 days for the insured party to scrutinize the fine print of the policy. If any condition or clause in the policy is unacceptable to the insured individual, the insurer will offer a full refund and cancellation of the policy. It is imperative that all policy buyers thoroughly utilize the free look period in order to check that the policy they bought is suitable for them.
It is important that one declares his/her medical history when they are buying a health insurance policy. Keeping any details hidden or undeclared can work against the insured party during the claim process. In pursuit of lower premiums, buyers often tend to conceal certain details of their previous medical history or any medical ailments that they have when purchasing a medical insurance policy. This can be a costly mistake, as the insurance company can instantly reject a claim if it becomes apparent that medical history was wrongly presented at the time of purchase.
Health insurance contracts are made in good faith, where the policy is granted solely based on the information provided by the buyer. The best way to avoid any of these issues is to be honest about pre-existing conditions and medical history while buying the policy.
Sub-limits are thresholds imposed by health insurers for particular medical treatments. For instance, if a sub-limit is placed on the room rent under the coverage for hospitalization, the policy will not cover any cost above the sub-limit regardless of the total insured sum. It is important to clearly understand the implications of all the sub-limits before purchasing an insurance policy.
The requirements of insured parties are certain to evolve with time. Coverage might need to be extended or the premium might have to be adjusted based on the shift in coverage needs. During the renewal stage, it is important for insured individuals to conduct extensive research on all the alternatives available. For instance, you might wish to switch from an individual plan to a family floater health insurance plan or vice-versa depending on your personal circumstances. You might also wish to avail benefits offered by a tailor-made plan rather than your current general health insurance policy. Weighing every aspect of different health insurance plans ranging from their waiting periods to premiums is essential during the renewal period.
A lot of people purchase an additional health insurance policy, apart from their current policy, so that they can increase the coverage. However, this is not always beneficial, and can, in fact, be an unjustifiable expenditure. It is important to select a good insurance policy that effectively addresses all the buyer’s needs in a comprehensive manner. Purchasing multiple policies solely for the purpose of coverage expansion is a common mistake that can be avoided by meticulous research at the time of purchase.
The cornerstones of financial security can be placed early by purchasing an insurance policy early in your life. Emergencies are not merely a function of age, thus necessitating people of all ages to buy insurance policies. A wide range of policies is available for buyers under the age of 45. These policies are easier to obtain and are unlikely to require high premium payments. Insurance experts frequently stress the importance of insurance policies for youngsters in their 20s and 30s.
^^Number of Cashless Healthcare Providers till 25th March 2022.
#Source: IBAI Claims Handbook for FY 19-20
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