Health is one of the essential assets of your life. If you do not maintain your health, the things you want to achieve may take a backseat. While you never know when you will experience health issues, getting back up for quality healthcare and treatment is crucial. With inflation in healthcare, it has become challenging to avail of quality treatment.
This is when the role of a health insurance policy comes to play.
You may feel you are healthy enough to skip out on a health insurance policy. However, keeping in mind the uncertainties of life, you must have a financial backup for medical contingencies in the form of medical insurance.
Also, it would help if you are prudent while choosing a health insurance policy to ensure maximum protection.
Here are a few mistakes you must avoid while buying a health plan:
1. Not Disclosing Your Medical History
A health insurance policy secures your financial needs at the time of a medical crisis. For this, your insurer must know your health history and current medical status. If you hide your medical history, you might not receive the required coverage in case of a medical emergency.
Not disclosing your current medical status can also create obstacles during claim settlement in the future. Things that you might feel are insignificant can be of great importance. For instance, smoking might be a driving factor for other medical conditions like lung disease.
So, you should disclose your medical history to your insurer at the time of buying the policy to get adequate coverage.
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2. Not Choosing Adequate Coverage
The most common mistake that people make while buying a health insurance policy is stinting on the coverage amount. They choose to pay less as the premium, because of which they get limited coverage. Since health plans protect you against medical costs, choosing the adequate sum insured is essential.
Also, take into consideration the number of members to be covered under the policy and the current medical expenses when selecting the sum insured.
3. Ignoring Exclusions
Health plans have become comprehensive. Still, you won’t get exclusive benefits by choosing the basic plan. Specific instances are excluded from the scope of coverage of basic policies.
You might not know about these exclusions, but they can lead to rejection of your health insurance policy claim. Along with knowing the terms of your policy and its benefits, understand what it does not cover.
4. Purchasing Insurance to Save Tax
A health insurance policy lets you save tax under Section 80D of the Income Tax Act. However, buying insurance just to save tax is not a good idea. You must look for adequate coverage and choose the right kind of policy.
The purpose of purchasing a health insurance policy should be to get a cover when there is a medical emergency. Tax rebate is a secondary benefit. So, your decision to buy a health plan should not be based on it.
At the time of buying a health insurance policy, you might end up ignoring some crucial elements, which can lead to some prevalent mistakes while choosing a medical health insurance plan. It is imperative to consider various aspects covered under the terms of policy while buying one.
Reputable insurers such as TATA AIG, offer comprehensive health insurance plans that provide:
- Cashless treatment
- In-patient treatment
- Global cover
- Day-care procedures
- AYUSH benefits
- Domiciliary treatment
Be sure to allocate an ample amount of your time for research and don’t make haste while buying a health insurance policy.
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