When you plan to start a family, people encourage you to put some funds aside to cheer you up on a gloomy day. The best gift you can provide your family and loved ones is securing their future financially and emotionally. A health insurance plan protects the health and wealth of your family.
An insurance plan also ensures that your family gets coverage of all the necessities. You can lead a healthy and stress-free life with a proper plan in place. But choosing the right plan is the crucial step.
When you buy a new policy or renew the old one, it is essential to assess the various aspects covered under the plan. People generally tend to miss out on some of the critical elements while purchasing or renewing a policy.
Common Mistakes To Avoid
Here is the list of all commonly made mistakes that you can avoid while purchasing health insurance plans:
1. Policy Coverage
The most important factor one needs to consider while purchasing a policy is its cover. The policy you are buying should be able to cover all your family’s needs. Additionally, you have to consider other factors like
- Waiting period
- Coverage extent
- Flexibility
2. Terms And Conditions
Health insurance plans have specific exclusions. Policies fine print has all the crucial information along with the limitations. There are chances for the commoner to misunderstand some terms and conditions, leading to undesirable consequences. Hence it is critical to go through the fine print. Moreover, most companies will provide a 15-day Window Period where all of your amounts will be refunded on cancellation of the policy.
So, it is crucial to go through terms and conditions and check if any clause doesn’t match your requirements. You will also get a good understanding of the waiting period from the fine print, which is generally two years after which the coverage can be claimed.
3. Medical History Declaration
While purchasing health insurance plans, it is mandatory to declare one’s medical history. Hiding any details will work against the policyholder at the time of the claim process. Generally, people tend to conceal the particulars often to reduce the premium. This will become a costly mistake as the insurer can reject their claims based on incorrect medical history.
Hence maintaining good faith with the insurance company plays a vital role. One should always provide correct information honestly along with the pre-existing medical conditions at the time of purchasing the policy.
4. Taking Sub-Limits Into Account
Most health insurance plans come with sub-limits. A sub-limit is a threshold insurance companies impose for the treatment of certain medical conditions. A policyholder must understand the limitations of sub-limits prior to the purchase. You can also choose from different types of covid 19 insurance policies available.
5. Research According To Your Requirements
Requirements change depending on their situation. Hence a General Health insurance plan will not fit all. One must thoroughly research all the available plans according to their need. You may need to extend the cover or the premium to fit the cover.
You have a chance of switching from one plant to the other during the renewal time. One can also avail benefits a tailor-made plan offers rather than the General Insurance policy. Hence you must weigh all the functional aspects starting from the premium period, coverage to the renewal period.
6. Additional Policies
People generally purchase additional health insurance plans along with their current one. An additional policy can help to increase the coverage you get on the policy. Sometimes it is not beneficial to have an additional policy and end up being an unnecessary expenditure.
Thus, one must choose a policy wisely that addresses all the needs. Purchasing multiple policies to expand the cover is a mistake that one can avoid by recharging thoroughly.
7. Misconceptions In The Young Generation
It is crucial to place financial security at place from the early stages of life. Unfortunately, the younger generation feels they do not need any policy below 45 years of age. Moreover, it is easier to obtain the best health insurance plan in India with a low premium at one’s younger age. Hence experts are frequently stressing the importance of ‘youngsters purchasing health insurance plans.
Now that you are aware of all the policy details, you can move ahead with purchasing the best health insurance plan in India, either online or offline. Buying an insurance policy online has several benefits: easy payment options, comparison facility, no middleman fee, etc. Purchasing a policy can also provide tax exemption to a certain extent. The crucial factors for any insurance policy are premium and tenure. Start early with an excellent term to ensure your family’s financial security with the best health insurance plan in India today!