5 Dos and Don’ts of Buying Health Insurance

A health insurance plan is of financial help if you or your family needs medical attention. These plans are of various types. To buy the most suitable plan you need to look around and we will help you do that.

Here are a few Dos and Don’t of buying Health Insurance:

Do’s

List your requirements before applying for health insurance

Health insurance plans can be customized as per individual requirements. Health insurance can be purchased for yourself or for your family members. Health insurance group plans could be bought for your employees as well if you run a business. Health insurance plans can be personalized with the help of Add-ons which are additional coverage options that you need to purchase separately.

Compare various health insurance policies

A wide range of plans is available in the market nowadays with similar coverages yet different costs. Comparing plans which are of a similar type can be helpful at the time of purchase. This comparison can be done online. Once you make a comparison and select the product, you can confidently buy a health insurance policy.

Calculate Premium

Find the factors affecting your health insurance premium and use them to calculate the possible cost of the policy. The cost can be calculated with the help of an online health insurance premium calculator. Some of these factors are:

  • Age of the applicant
  • Tobacco consumption
  • Location of residence
  • Health status
  • Type of health insurance plan

Fill the Application Form Duly and With Complete Details

An application for buying medical insurance in India is the first formal communication you will have with your insurance company. It is said, “The first impression is the best impression!” Making a good first impression is necessary. So, fill the application form duly and with complete details. It will help your insurer to gauge your requirements and underwrite the most helpful health insurance plan.

Check for Hospitals in Insurer’s Network

Hospitalization is one of the major components of any health insurance policy. Thus, it is important that you can avail medical treatment at any nearest hospital. Check if your health insurance company has a large network of hospitals through which you can receive cashless treatment. It is advisable to take a look at the list of network hospitals before buying a medical insurance in India.

Don’ts

Don’t Disclose False Information

Being truthful while disclosing information to your insurer will be the most helpful while buying health insurance. Disclosing false information could land you in trouble, at the same time it can leave you under or over insured. Being underinsured would mean that you cannot claim for the coverage you require and being over insured means that you are paying more for coverage you don’t require.

Don’t Forget to Research the Insurance Company

Buying only a suitable health insurance plan does not suffice, it is also important you buy this plan from a good insurance company. An ideal insurance company will assist in buying the plan, resolving your queries in an efficient manner and providing good after-sales service as well.

Don’t Skip Reading the Inclusions and Exclusions

Understanding what is covered and what is not covered by your health insurance policy beforehand will help you at the time of claim. Also going through the terms and conditions and the “Policy wordings” will give you an idea of whether you can file a claim for a specific situation or not.

Don’t Refrain from Getting Your Doubts Clarified

It is possible that you have a few queries or concerns regarding your health insurance plan. If so, do not hesitate to get in touch with your insurer via calls or emails to get your queries resolved. Remember that contacting an insurer directly will be more helpful as compared to asking around to get your doubts clarified.

Don’t be Afraid of Rejection

Yes, an insurer can reject your health insurance application or a claim you filed. In both cases, get to know the reason which led to the rejection. If your application is rejected, you can reapply after correcting the concerned areas.

If you simply follow the above the Dos and Don’ts you can buy your ideal health insurance plan in no time. Regular exercise and healthy food are the keys to good health. For backup – there is always health insurance.

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