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.

 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 customize 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, Personal Accident cover, or AYUSH treatment 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.

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.