Most Common Health Insurance Mistakes And How To Correct Them?

Purchasing a health insurance policy is a bit of a tedious task as it requires a lot of research and comparisons. You have to compare the policies of different companies and hunt down a plan that is best suitable to your needs and can pose to be useful at times of an emergency. To follow this process you have to have a clear idea of your expectations and requirements from a health insurance policy. 

A health insurance policy has several standard covers like pre and post-hospitalization expenses, daycare procedures, ambulance charges, and much more. You must check the inclusions and exclusions of your policy to avoid any hassles at the time of making a claim. Even after being peculiar while buying a health insurance policy, individuals often tend to make some common mistakes. Therefore, in this article, we shall list out those mistakes and come up with a solution to avoid them. 

Common Mistakes Related To Health Insurance And Ways To Correct Them 

Let us look at some of the common mistakes that policyholders commit while buying a health insurance policy and also go through the solutions to avoid such mistakes shortly: 

1. Concealing Pre-Existing Diseases

Sometimes people hide their pre-existing disorders from the insurer while buying a health insurance policy to avoid the rise in the number of premium payments. You should never hide any facts about your pre-existing ailments if you want to cover them under your existing policy. You can get the benefits of your purchased policy for the treatment of pre-existing conditions after a waiting period of around 2 years. But, hiding the diseases will only exclude it from making claims for its treatments. 

2. Choosing Insufficient Coverage

Many times people choose to go for a plan with less coverage to reduce the premium costs. This can limit your benefits and might not cover the ailments that you need to cover. If your requirements are not included in the policy then you will have to pay the hospital expenses for the treatment of the same from your own pocket which can stress your finances.   

3. Not Reading The T&Cs

You should not ignore the fine print in your health insurance policy which is otherwise referred to as the terms and conditions. This part of the policy includes the exceptions to your policy thus making it clear if any disease is liable for claim settlement or not. You should thoroughly go through the policy-related documents during the free-look period of your policy. 

4. Considering Only Tax Deduction Benefits

Under section 80D of the Income Tax Act, the policyholder is eligible for the benefit of a tax deduction on the premium payments. But, these benefits should not be the sole reason to buy a health insurance policy, as there are many people who buy policies to get rid of the taxes. This can not only provide you inadequate coverage but will also not pose to be of use during an emergency. 

5. Ignoring The Co-Pay Clause

Co-payment is a portion of the amount that the policyholder has to pay before claiming the health insurance policy. You should choose a policy with minimum co-payment. With the decrease in co-payment, the premium of the policy increases. Therefore, you should check the co-payment clause mentioned in your policy to select the portion according to your financial budget. 

6. Buying Additional Policies

To cover certain diseases or to get a particular benefit, policyholders often purchase another health insurance policy. This can not only double the rate of your premium but also might not cover your demands. Instead, it makes more sense, if you purchase a super top-up plan which specifically means to cover certain benefits at an affordable price. This will be an addition to your existing policy and the premium payment will be comparatively lower. 

Conclusion 

You must consider the above-mentioned mistakes and try not to commit them when buying a health insurance policy the next time. You must do an ample amount of research before choosing a certain health insurance policy for yourself or your family. 

Must Read: Common Mistakes People Commit While Purchasing a Health Insurance!

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Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.