Despite maintaining a healthy lifestyle, we each do face the possibility of unprecedented events like accidents, disabilities, and life-threatening illnesses. The COVID-19 pandemic, which has left the entire world paralyzed, is probably the best example of how life can take a sudden setback. While we may not have the power to control such unforeseen events, we can at least cover ourselves with a comprehensive health insurance policy and stay financially strong.
Health insurance acts as a safety umbrella and provides financial protection against rising medical costs during emergency needs. It is like a financial backup helping you meet your medical needs without spending a penny from your savings.
If you are considering buying a health insurance policy, there are some do’s and don’ts to be followed to ensure you make the right decision.
Health Insurance buying: DOs
- Do focus on your needs
A health insurance policy does not hold the same importance for all of us; the needs may vary from person to person. For example, an individual health insurance plan offers the maximum financial benefits when the policyholder meets with an accident, but the same policy plan offers the least benefits when you are looking for coverage for your entire family. So if you want your whole family to be insured, having a family health insurance plan is highly beneficial. Plus, several factors like your age, medical issues, financial earnings, and so on would play a crucial role in determining the policy you opt for. Hence, is it always advised to know what your needs are and then accordingly choose the best plan that covers what you require.
- Do compare plans
One of the easiest ways to buy the best health insurance policy is to do thorough research and compare all available plans. While researching and comparing, do look for some of the key factors like coverage, benefits, premium, etc., to make a smart choice. Thanks to modern technology,, you have plenty of online insurance comparison tools and calculators that are easy to use and can provide you with results instantly.
- Do go for a comprehensive plan
This is perhaps the most important thing to consider when buying a health insurance plan. Not all insurance policies cover major critical illnesses and their hospitalization expenses. A comprehensive health insurance plan provides coverage against all your medical costs including pre, post, and during hospitalization expenses along with surgical costs and ambulance services.
- Do read terms and conditions
It is quite boring to read a long list of terms and conditions. However, ignoring them could be your biggest mistake. So, reading and understanding the clauses associated with your health insurance policy is a must to avoid any kind of tussle during the claimsprocess.
- Do check the list of network hospitals
We all wish to get quality treatment for ourselves and our family members during medical emergencies. An insurance company offers cashless treatment and other benefits only if you are being admitted or getting treated in one of their network hospitals. Not all insurance providers have tie-ups with the best medical centers. So, do check the list of network hospitals before buying an insurance policy.
- Do buy from a top-rated insurer
The Indian insurance sector is flooded with many insurance providers. Not all have the same reputation in the market. Hence, to ensure the smooth running of your policy and hassle-free claim settlements, you must always choose a plan from the most reputed and branded insurance providers.
Health Insurance buying: DON’TS
- Don’t hesitate in finding the answers
Online technologies have made the entire policy buying process an easy task for today’smillennial. But, sometimes even the internet fails to give us convincing answers to our questions. So, if you have certain doubts regarding your insurance plan never just rely on the answers from your friends and family. Take your own time and do thorough research before buying a plan.
- Don’t hide your medical history
Most health insurance providers ask for your medical history before offering you a policy. If you do not disclose the correct details regarding your previous medical conditions, your claim is more likely to get rejected. Hence it is always better to disclose all the necessary information clearly to avoid any confusion in the future.
- Don’t delay in paying your premiums
In order to ensure the smooth running of your policy and hassle-free claim settlement, make sure to pay your premiums on time. If for some reason you are unable to pay your premiums for a specific period, inform your insurance provider in advance.
- Don’t forget to renew your policy
Delaying policy renewals can eventually lead to the closure of policy tenure and you would not be eligible to claim any benefits. Hence, maintain the habit of renewing your policy on time and keep your policy in force to reap maximum benefits in the future.
Buying a health insurance policy is equally important as purchasing home insurance or car insurance policies. Checking things beforehand will surely help you buy the best insurance plan that offers maximum coverage and benefits.