As we are humans and we make mistakes due to lack of knowledge on health insurance plan. But health insurance plan engage various technical details and demands to understand. Most of times we feel that you have understood concept to make right choice while buying health insurance but there is simple errors take place. Identifying those key errors takes to land best health insurance plan.
Do you know what these common errors are that people commit while buying health insurance plan? No? Let’s discuss here.
Medical or Health insurance that covers insured healthcare expenses as well as surgery. You can pay fees in two ways like you can pays hospital or clinic cost first and later it can be pay back to insured person. In most cases insurance company pays medical facility directly.
With rising cost of healthcare services a common man cannot pay from personal savings or funds. So it is wise decision to invest in health insurance to save you from pressure and stress. Avoid common health insurance mistakes that people make in first step to make sure that you are well covered. Here is how you can overcome them some of most common health insurance mistakes are listed below.
Focused only on premium amount and deductible
Most people do mistake of choosing policy with low monthly cost and high deductible. Such policies attract several customers. However, if policy covers only portion of bills during emergencies times then policyholder will have to spend amount from his pockets.
While choosing plan you will have to think your ability to cover during an emergency. If it is not possible you can choose policy with low deductible.
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Buying what friend or colleague suggest
When it comes to health insurance your needs will vary from others even if you have same medical conditions. Before you decide on policy check if it fulfils your medical needs or not. You need to compare it with other plans in same bracket or different amounts.
Health insurance for tax benefits
Buying a health insurance plan only for reason of saving tax you will have too little insurance cover. It is true that premium you pay on your health insurance is tax deductible under section 80D but sole aim of buying health insurance policy is to save you from medical emergencies and cover your health needs.
This medical insurance plan must cover your expenses in case of an emergency and not tax benefits. If you focus only on tax that does not meet your needs and that give you insufficient coverage.
Hiding health defects while buying policy
Some customers provide false information or hide pre-existing conditions on their health in application form. People do this to save themselves from paying high premiums or they fear rejection of their claims.
Before approving insurance companies will check medical records serious. Even you miss it doctor will understand that condition is common while buying insurance. This will lead to sudden rise in health insurance coverage and you may even lose your safety. So you need to reveal all your medical conditions in application form and choose policy accordingly.
Fine print and Co-pay
Co-pay means that you have to pay to hospital from your pocket and they are not uniform. But some products encourage co-payment in non-network hospitals. So do not jump to buy policy that charge you high premium just because to avoid any co-pay. Also calculate percentage of increase in premium for co-pay amount and choose wisely.
Ignoring fine print will throw some shocking while claiming. You read through it to understand, limits and caps. Health insurance will save you medical expenses and cost of insurance varies according to plan. It is difficult that one can easily become over insured or under insured. You must first analyze your needs and risk factors linked with product. Then you choose product only after in-depth research.