Health Insurance Buying Guide : Common mistakes an insured makes while Buying Best Health Insurance Policy

Health is Wealth, but Best Health Insurance Policy is nothing short of Organised Wealth. Have a look at the Health Insurance Buying Guide so that you can make a Smarter Decision while going for it for yourself and fami

by FighterMan Updated: 09 May, 2021, 20:13 IST
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Everyone is experiencing lifestyle changes in everyday life. Health problems are inescapable, and it demands prudent planning for ever-escalating medical costs. An unexpected hospitalization may often result in substantial erosion of hard-earned life savings. During this critical environment, adequate Health Insurance is a savior. Therefore, we have got you the Health Insurance Buying Guide so that you don’t make the common mistakes an insured makes while Buying Best Health Insurance Policy.

Health Insurance Buying Guide

There are few things everyone must take care before buying a health insurance policy. Let’s have a look at some important points.

Pre-existing Medical History

People often hide medical history from the insurance company to bypass premium loading or waiting period. This hiding can cost you entire medical expenses in case of claim rejection on this very ground. Never try to play cleverer because an insurance company has many resources to find out the truth. This declaration will convert into covered perils because ordinarily, insurance companies include pre-existing diseases after 2 or 3 years. Then why risk a claim rejection so prefer honest declarations.

Cautiously choose between Individual and a Floater Policy

An individual health policy is for individuals. A floater policy refers to covering two or more persons in a single policy. A primarily insured person can take A floater policy and may include parents, spouse, and children in it. In floater policy, the entire sum assured is distributed jointly and severally among all the covered family members, and an individual policy covers only one person.

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A combination of Floater and Individual for Best Health Insurance Policy

The policy premium depends upon the sum assured, age, and medical condition of insured/s. If you plan to buy a floater policy and your family includes aged parents or anyone requiring frequent medical support. In that case, you must be cautious because you may end up exhausting the entire sum assured on a single person and left with no limit when someone else requires hospitalization in the same policy year. To avoid this risk, you may choose to buy a separate individual policy for a specific member and a floater for the remaining members. By this, you may equitably distribute the burden between floater and individual policies and reduce your effective cost of insurance. Thus makes it an important consideration for choosing the Best Health Insurance Policy.

Adequate Sum Assured

Before buying medical insurance, one must ascertain future medical expenses. If your health insurance is inadequate, your medical costs may exceed the sum assured and leave your pockets exposed to the uncovered risk. Each family has different demography. For example, a nuclear family of young couples and one child needs less than a seven-member family of the mid-aged couple with two children and old parents. Of course, it is never possible to flawlessly predict accurate medical expenses, but one can make a probable idea by looking at age, lifestyle, and existing health conditions.


Wider Coverage for Best Health Insurance Policy

Always ask your agent about policy coverage and make sure your policy covers your needs. Many times this overlook can expose to the uncovered risk. A standard policy covers standard risks and contains several exclusions. If your disease doesn’t fall into the standard cover or falls into exclusions, then having the policy is futile. Make sure Health Insurance takes care of all your needs with a wide range of add-on coverage. You can also choose to add an excluded peril if allowed with an additional premium. Therefore, your Best Health Insurance Policy is never away.

Also Read: Life Insurance Buying Guide : 10 Reasons Why You Must Buy a Life Insurance Now!

Terms & Conditions and Use of Free Look Period

Make it a habit of reading your entire insurance policy, or you may take the help of any authorized person in case you are unable to understand any specific condition. The insurance company gives you a 15 days free look period to understand your policy term conditions, and if you find any condition not suitable for your wants, you can choose to return the policy with a full premium refund.

Buy at a Younger Age for Best Health Insurance Policy

It is a common myth that at a younger age, there is no need to buy a health policy; it is for older people. But reality is quite the opposite. It is better to purchase health insurance at a young age because of higher acceptability, lower premium, and lesser limitations. Your policy may run without claim for 3-4 years at a young age, and it will give you advantages such as including pre-existing diseases, no claim bonus, no waiting for specific diseases. Thus, get the Best Health Insurance Policy as early as you can.

Top-up Policy

If you need additional coverage or an increase in sum assured, it is a general tendency to wait for the renewal of the policy, whereas you can choose a top-up policy with add-on coverage and increased sum assured over and above your existing policy. If it exhausted your current health insurance in the middle of the policy year, you could use a top-up policy. You can buy a top-up policy from any insurance company of your desire and can enjoy the variety in services of two different insurance companies. It is also cheaper than buying a regular policy.

This was the Health Insurance Buying Guide. Some of the popular policies today include Mukhyamantri Chiranjeevi Swasthya Bima Yojana, Chief Minister health insurance, Covid 19 insurance plan, and Aarogya Sanjeevni health insurance policy.

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