Seven Mistakes People Make When Shopping for Health Insurance
Having health insurance is an absolute necessity. More so, with the busy lifestyles, high-stress levels, high cost of living, and worsening environmental conditions, the trips to the doctor or even a hospital are increasing. Hence, the need of the hour is to protect ourselves and our family members from the rising medical costs.
For this, we cannot overlook even the basic aspects of the insurance plan that we shop for ourselves and our family members. To prevent you from making mistakes, we have come up with a list of some of the prevalent mistakes people make when shopping for health insurance.
Let us get started and address these mistakes one by one.
Shopping for an insufficient coverage
‘One of the most prevalent mistakes that people make when shopping for health insurance is skimping on the coverage sum,’ comments Robert, who reviewed the best fish finders for TBFM. People have a habit of lowering the premium cost. It will provide you with only limited coverage. Think yourself; is your low coverage adequate to cater to your medical expenses?
So, what’s the solution? Please understand that the medical costs are hugely unaffordable in today’s time, and more so for the common person. The health insurance plans are designed to shield you against the growing medical cost.
Thus, you need to consider the number of members you aspire to cover under your plan and the present medical expenses when you decide on the sum insured. If affordability seems like an issue, shop for a top-up plan. It can help you supplement your cover and bring in better coverage.
Not getting the personal health insurance cover
As a working individual, you are entitled to many benefits from your employer, and one such prevalent benefit is health insurance. However, as it is a group health cover, its coverage is not enough to cater to your whole family.
Also, what will happen when you quit your job? The coverage is also terminated. Hence, it is ideal for shopping for an individual health insurance policy that stays with you, regardless of your employment status or the job you may be in.
Today, diseases, such as cancer and heart diseases, are continually surging. Irregular working hours, a sedentary lifestyle, and unhealthy food choices make us susceptible to critical illnesses. Having a fixed health insurance plan helps us cover the high cost of the treatment.
Not looking beyond the basic
‘Experts will never recommend a basic health insurance plan. As much as possible, look for a comprehensive health insurance plan,’ advises June, who the best one piece toilets reviewed for MyPlumbersChoice.
At times, individuals do not like the idea of spending more money and going beyond the basics. However, amidst all this, what they do is fail to acknowledge the benefits of having a critical illness rider and personal accident rider, in addition to the basic health insurance plan. Having comprehensive insurance coverage is pre-require to complete health insurance.
Further, you must pick a policy that provides you benefits, such as cashless hospitalization, domiciliary hospitalization, and ambulance charges.
Lying about your medical history
‘Many a time, we are afraid that the insurance company may reject our application. Consequently, people tend to lie about their medical history and hide their health status. You must understand that hiding critical information about your existing medical condition can result in the rejection of the claim. Before giving you the money, the company exercises due diligence and does a thorough background check.
Hence, always be true about your health condition when shopping for a health plan,’ advises Jacob, who works with Razorhood, a website full of helpful shaving tips, such as the benefits of using coconut oil as aftershave.
Tax saving tool
There are so many people around the world who look at health insurance as a means to save tax. Of course, it is undeniable that the premium contributed towards the health insurance policy adds to a reduction in the taxable income, but this should not be your shopping parameter for health insurance.
If you are unidirectional and see health insurance as a tax-saving measure, you will end up shopping for an inadequate policy with insufficient coverage.
Ignoring the small print
Usually, individuals make it a point to know about everything covered in the policy. However, they do not pay adequate attention to the exclusions listed in their health insurance policy. Before getting an insurance plan, it is quintessential to understand the exclusions and the inclusions thoroughly. It will help you determine whether particular insurance is for you or not,’ comments David, an educator who offers CDR report writing services.
At times, when shopping for a health insurance plan, you may miss out or overlook the entire fine print. Even in this case, you can avail of the benefit of a free look period. Every health insurance policy has an option of a free look period of fifteen days. It implies that after you have bought the policy, you still have a period of fifteen days with you to analyse every detail of your health insurance plan. Suppose you find a particular clause problematic during this period.
In that case, you can immediately cancel that plan, and according to their stated terms and conditions, they will refund the money back to you. So, always use this time to understand what your policy offers.
Initiating the policy bought by your relative or friend
Do you wear the same clothes as your friends or relatives? No, right? Then why should the two of you have the same insurance plan? Each of us has different health needs.
Thus, it would help if you shopped for the plans that cater to your individual needs and not the needs of your relatives or family members. To pick the right plan, you need to compare some plans before shopping for them. Several online platforms allow easy comparison, enabling you to find a plan that best caters to your needs.
You can even have your plan tailored to meet your individual healthcare needs.