Buying a health insurance policy has become a necessity in today’s time. Our fast-paced living, lack of exercise due to a sedentary lifestyle, and poor nutrition can lead to a number of health issues. To combat this problem, along with improving physical health it is also necessary to be prepared financially.
In this article, we will discuss the things that you should and should not do while buying a financial cover in the form of health insurance in case of medical emergencies. Read on to know more:
- Do’s of Health Insurance
- Don’ts of Health Insurance
Do’s of Health Insurance
Understand your requirements:
Many times, people buy a health insurance cover without actually knowing what they might or might not need. Buying a policy without knowing your requirements will either leave you under-insured or over insured. Both the situations will burn a hole in your pocket. Thus, buy a medical insurance policy that is suitable for your requirements. For example, buy individual health insurance if you do not have any dependants, go for a senior citizen plan for your retired parents, or buy a family floater plan if you have a spouse and children.
Buying a health insurance plan is like making a purchase for a product available in the market. Just like you would take a look at many models and the features while buying a television, you can do your research while buying a mediclaim policy. Researching about the types and features of the plan or the insurance company, that is offering the policy, will help you find the best-suited plan.
Buy Health Insurance Online:
People have a tendency to call their insurance agent for buying almost any type of policy, they hardly make an effort to go online and buy health insurance. But remember that times are changing, insurers are opting for a customer-centric approach. The process of buying health insurance has become so easy that you can do it all by yourself without depending on an insurance agent.
Compare medical insurance:
This is probably one of the best features of buying health insurance online, you can compare different health insurance plans side by side. You don’t have to do this manually. To compare health insurance policies, simply visit the website of any health insurance company or an aggregator and compare plans with the help of a simple comparison tool.
Read the Policy Document:
The most important aspect of buying any kind of insurance is to read through the policy document. Agreed, a policy document is full of terms and conditions written in a technical language, but you need to be aware of the coverage, exclusions and also the conditions written in it. And if you don’t understand any part of the text, you can simply get in touch with your insurer, the customer care executives will be more than happy to help you.
Don’ts of Health Insurance
Don’t hide the status of your health:
When you buy a health insurance plan, your insurer provides a financial cover in case of a medical emergency. If you hide the status of your health and make a claim for a situation that is not covered in the policy, your claim will get rejected. Never give false information or hide the status of your health while buying the policy.
Don’t avoid buying extra cover when required:
With a health insurance policy, you should get an all-round coverage if a medical emergency strikes. To achieve this, you need to be sure that you purchase adequate cover. If you feel that your existing policy is not sufficient enough you should consider buying extra coverage. For example, a mediclaim policy provided by your employer may not be sufficient, in this case, strengthen the cover by opting for a separate health insurance coverage.
Don’t delay renewing your medical insurance policy:
The duration of a health insurance policy is usually one year, beyond which you need to renew the policy. Remember that, you cannot file a claim if your policy has expired. Thus, to keep your financial safety net intact, renew your health insurance policy on time.
Don’t buy unless you understand the plan:
Last but definitely not the least – do not buy a health insurance plan if you do not understand what it offers. It may not cover your requirements and leave you underinsured. This is as good as not buying health insurance at all. Always seek help when in doubt.
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