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Buying health insurance is one of the most important financial decisions, but many people make mistakes that lead to unnecessary expenses or rejected claims. Mis-selling, hidden clauses, and inadequate coverage are common issues buyers face. Here’s how you can make a smarter decision and avoid costly mistakes when purchasing a health insurance policy.
It’s tempting to choose a policy with a low premium, but such plans often come with limitations. They may not cover important aspects like room rent, certain treatments, or post-hospitalization expenses.
Many buyers avoid disclosing pre-existing health conditions like diabetes or high cholesterol, thinking it will raise premiums. However, hiding medical history can lead to claim rejection later.
A policy is only as good as the insurer’s ability to honor claims. A high claim settlement ratio indicates the company’s reliability in paying out claims.
Agents might simplify details for you, but relying entirely on them can be risky. Insurance clauses often include terms like waiting periods, exclusions, and sub-limits that can catch you off guard later.
Medical inflation is rising rapidly, and treatments are becoming more expensive. A low sum insured might not cover your hospital bills, forcing you to pay from your pocket.
Cashless claim facilities ease the financial burden during emergencies, as you don’t have to pay upfront for treatments.
Many policies include sub-limits for expenses like room rent or co-payment clauses requiring you to bear a percentage of the claim amount.
Standard policies may not include benefits like critical illness coverage, maternity benefits, or OPD (out-patient department) expenses.
Single-year policies are standard, but multi-year plans can offer additional discounts and benefits.
For families, a floater plan is economical as it covers multiple members under one sum insured. However, for older members, individual policies might be a better choice.
Most policies have a waiting period before covering pre-existing conditions or specific illnesses like hernia or cataract.
Some insurers offer coverage for preventive health check-ups or wellness programs. These benefits encourage regular monitoring and early detection of illnesses.
If you’re dissatisfied with your existing insurer’s services, you can switch to a better provider while retaining your benefits like waiting periods.
Many insurers now offer mobile apps for policy management, claim tracking, and health monitoring.
Buying health insurance is a long-term commitment, and the right choice can save you from financial stress during medical emergencies. By keeping these tips in mind and researching thoroughly, you can choose a policy that offers true value and peace of mind.
