The current situation of rising medical costs is here to stay. People can no longer ignore medical insurance (health insurance) and its benefits. Getting insured offers protection in exchange for regular premium payments, reducing your financial burden.
As it involves a considerable investment, the buyer wants to make no mistakes. Having proper guidance is thus important.
This article will support you in this endeavour by providing a list of do’s and don’ts that should be considered when purchasing a plan. Keep on reading to get all the relevant information.
What to do while buying medical insurance?
Before going through the below-mentioned points, assess your needs and budget restrictions to give a direction to the research process.
Disclose complete information
You must provide accurate and full information to your insurer. All details such as your age, previous insurer, medical history, and lifestyle habits must be disclosed. Any misrepresentation, especially with the intent to deceive, can lead to policy termination. It can make it challenging for other insurers to trust you and they can demand higher rates of premiums.
Read the terms and conditions carefully
It is crucial that you thoroughly read all policy documents. Pay special attention to clauses related to network hospitals, renewability, age restrictions, co-payment, deductibles, claim settlement process, premium rates, payment frequency, etc. You can take the help of an insurance broker if you experience difficulty in understanding any jargon used in the documents.
Select the right plan
Every medical insurance plans has unique characteristics. You must conduct a careful investigation into the details of all popular policies. Go through the companies’ official websites and user reviews. Then, compare the policies based on parameters like coverage, inclusion and exclusion criteria, cost, quality of network hospitals, etc. Select the plan that excels on the maximum number of parameters and strike the right balance between the insured amount and overall policy cost.
Buy insurance online
While you can obtain insurance via brokers, using online platforms should be preferred. These platforms eliminate the need for middlemen and hence you do not have to pay extra commission. Moreover, comparison becomes easier. You will end up saving costs as well as time.
What to avoid while buying medical insurance?
Take note of the following list of don’ts to get the best coverage from your medical insurance plans.
Don’t buy a policy without understanding it
Buying a policy without understanding its terms and conditions is a bad decision. It may create conflicts in the future between you and the insurer.
Don’t file a claim during the waiting period
Every policy has a waiting period during which claims cannot be filed for pre-existing diseases. Your claim will get rejected and you will have to bear the entire financial burden of hospitalisation on your own.
Don’t delay premium payments
Before buying insurance, use online premium calculators to estimate the premium of different policies and choose the one that fits within your budget. Once bought, pay all the premiums on time. Failing to do so can serve as a ground for claim rejection. You can also set up an auto-debit facility for prompt payment.
Don’t forget to renew your health insurance policy
Policies have a specific time limit beyond which they will have to be renewed to continue the benefits. Failing to renew will make your health insurance policy redundant, and you will have to buy a new plan, which can prove to be expensive.
Final word
While remembering the above do’s and don’ts seems like an arduous task, the benefits of getting a suitable plan far outweigh the challenges. Additionally, it is highly advisable to choose reputable companies like Niva Bupa, the best health insurance company, as they have greater experience working with a diverse set of clients. As a beginner, the research process might take time, but once you understand the basics and set up a system, the process becomes pretty seamless.
