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Do's and Don'ts of Buying a Health Insurance Policy

do's and don'ts while buying health insurance policy

In these uncertain times, and with the rising cost of healthcare, having health insurance can serve as a financial safeguard in case of unexpected medical emergencies. This means that it is risky to not have a health insurance cover at all. But at the same time, there are some things that people need to keep in mind while buying health insurance.

So, let’s take a closer look at some important things to do as well as some common mistakes to avoid when you buy health insurance.

Team Digit

What to Do Before Buying a Health Insurance?

Here are some things you need to do to choose the right health insurance:

1. Do Research Different Policies

Comparing different health insurance plans will help give you an idea of what is available out there in terms of coverages and premiums. These days it is easy to compare health insurance plans online, and it will help you get the best plan that’s suited for you and to make a more informed buying decision.

2. Do Opt for the Right Coverage

Always check what is covered and not covered in the health insurance policy by reading through the terms and conditions. Then you can choose the policy that gives you the coverage that suits your healthcare requirements at the right premium. This includes essentials like critical illnesses, pre- and post-hospitalization expenses, annual health checkups and more.

3. Do Pick the Right Sum Insured

You must choose the right plan and sum insured so that you have an adequate amount for all your medical needs. Some factors to keep in mind are your age, your health conditions, and the number of people you’re covering in your health insurance policy.

4. Do Remember to Choose Add-Ons

If you are financially able to do so, always try to customise your health insurance plan, with different add-ons for better coverage. This is because a standard health insurance plan does not cover certain situations. So pick add-on covers that might be helpful for you & your family, such as a Maternity cover, Critical Illness cover, or Personal Accident cover.

5. Do Check the Available Network Hospitals

These days, having cashless health insurance is very important. This hassle-free process means that during claims, you don’t have to pay from your pocket* and wait for reimbursements to process weeks later. So, ensure that the insurer has the benefit of cashless claims and check the insurance provider’s network of hospitals where you can avail cashless claims.

*Apart from any co-payments or deductibles.

6. Read Customer Reviews

Reading reviews from the company’s customers before making a purchase decision can offer valuable advice about the insurance company, its claims process, and the services offered. This can help you decide whether the insurance policy is worth purchasing or not.

What to Avoid While Buying Health Insurance?

There are also some things you should try to avoid doing when it comes to buying health insurance.

1. Don’t Choose a Low Premium Without Checking

Don’t just choose a low health insurance premium for the sake of it. Often a low premium also means restricted insurance coverage, or a lower sum insured amount, which can result in you losing money at the time of health insurance claims. So, ensure the premium includes the coverage and SI you need at a reasonable rate.

2. Don’t Opt Only for a Basic Cover

If you just buy health insurance for the sake of having it, or just to qualify for tax benefits, you’ll miss out on the benefits of more comprehensive health insurance. This will include things like ambulance charges, no hospital room rent limit, and will also provide financial security during difficult times.

3. Don’t Rely Solely on Employee Schemes

While many salaried employees get covered by an employee health policy from their employers, these kinds of policies might not provide adequate coverage. And, if you happen to quit your job or retire, you will suddenly not have any cover at all. Thus, it is important to invest in an additional health insurance policy for better coverage and financial security regardless of employment status.

4. Don’t Overlook Sub-Limits & Co-Payments

Many people overlook parts of their health insurance policy that seem complex, such as the sub-limits clause or co-payments. Go through your policy document and review the sub-limit clauses it has, and check if the company has a mandatory clause for co-payment, or it offers voluntary co-payment.

A sub-limit is a pre-determined cap that is placed on parts of your claim amount (like ambulance charges, hospital room rent) by the insurer. On the other hand, a co-payment is a percentage of the claim amount that you will have to pay at the time of a claim.

5. Don’t Hide Any Information

Don’t hide any critical information or medical history from your insurance company. This can end up causing your insurance claims to be denied due to undisclosed pre-existing conditions, or hidden medical information. Your health insurance policy will work best when there is transparency on all fronts.

6. Don’t Wait Too Long

It’s important that you buy your health insurance early in life. This way, you will have more reasonable premiums, get cumulative bonuses for claim-free years, and you’ll be able to complete waiting periods while you’re still healthy. Additionally, since diseases or accidents can affect young people too, having health insurance will ensure you don’t eat up your early savings.

Health insurance is an essential investment these days, and since there are so many options available today, you need to be well informed to ensure that you’re buying the right policy for you and your family. Once you know what to do and what to avoid, you will be able to make a good choice and secure your future and wellbeing with the right health insurance.

Frequently asked questions

All

How can I avoid mistakes and choose the right health insurance policy?

These days it’s easy to compare health insurance plans online. Just ensure that the plan has the right sum insured and coverage that you need, as well as an easy claims process, and an affordable premium.

What happens if I don’t have health insurance?

While there is no penalty for not having insurance, not having one will mean that you end up paying massive medical costs out of your own pocket, or not getting the best treatment. But, with this coverage, you ensure you get your required treatments done on time.

What are the benefits of having a health insurance plan?

When you have a health insurance plan, you will not only have financial security, but you will also cover yourself and your family for hospitalization expenses, accidents, illnesses, mental health issues. You will be able to get the best medical care without worrying about the expenses and get tax benefits under Section 80D.

How to choose the right sum insured for your health insurance?

Opt for a sum insured based on the following factors:

Age and Life Stage – When you get older, or you get married or are about to have a child, you may need a higher sum insured.
Dependents – If you plan to insure many members of the family under a single policy, it will require a higher sum insured.
Health Conditions – If you suffer from any health conditions or have a history of hereditary disease in the family you should consider a higher sum insured.
Lifestyle – If you live a more stressful or fast-paced lifestyle, or you enjoy extreme sports and other activities, you may be at a higher risk of falling ill and need to cover yourself better.

Can I buy health and life insurance together, or is one enough?

Yes, you can, and should buy both. Health insurance pays hospital bills, while life insurance gives your family money if you pass away. They serve two different purposes and don’t overlap. Having both ensures you are covered whether you fall sick or something worse happens unexpectedly.

Is it better to buy life insurance with critical illness benefit or get a separate health insurance plan?

Term insurance plans with critical illness cover offer lump sum if you're diagnosed with major illnesses. But they don't cover hospital bills or multiple illnesses. Health insurance is more flexible for treatment costs. Ideally, buy both term insurance with critical illness for backup, and health insurance for ongoing treatments.

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Go Digit General Insurance Limited | Corporate Office Address: Atlantis, 95, 4th B Cross Road, Koramangala Industrial Layout, 5th Block, Bengaluru 560095 | Registered Office Address: 1 to 6 floors, Ananta One (AR One), Pride Hotel Lane, Narveer Tanaji Wadi, Shivaji Nagar, Pune-411005, Maharashtra | Trade logo of Go Digit General Insurance Ltd. displayed above belongs to Go Digit lnfoworks Services Private Limited and is provided and used by Go Digit General Insurance Ltd. under license.