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.
