Things to consider while buying health insurance

 The top priorities on your to-do list must be buying medical insurance. With the sky-rocketing medical and hospitalisation expenses, health insurance is the only thing that allows you to seek treatment in a decent hospital and at the hands of a good doctor. A good health policy covers everything right from medical reports to pre and post hospitalisation expenses to surgery expenses and more.

But if you buy the health insurance policy without adequate research, you might end up making some mistakes. Hence, here are some things to consider when buying one –

Opting for premiums over coverages

When you decide to buy a health plan, we compare the premiums offered by different insurers. That should not be the sole reason to buy one. Focus on the coverages you receive as well. If you go for a plan with inadequate coverages, it might get exhausted within a single use, and you may need to pay higher premiums while getting the add-ons. Hence, it is best to assess your healthcare needs, then do research, and select a plan that matches them.

Relying on health policies offered by companies

Most organisations offer group health plans that cover not only you but also your immediate family members. However, solely relying on them is not in your best interest. Remember, group health policies come with lower coverages, where the amount does not exceed beyond Rs. 2 lakh to Rs. 5 lakh, divided among all members covered in the plan. Moreover, your company might withdraw those benefits overnight.

If you get laid off, your insurance plan does not stand valid. If you do not have medical insurance while you are unemployed and need medical attention, you could end up spending your savings. So, despite the company insurance, do not entirely depend on it. Make sure to have a backup plan ready.

Avoiding exclusions

While the healthcare plans accessible today is comprehensive, they are not accurately all-inclusive. Specific ailments and diseases are excluded from the coverage scope. If you are unaware of them, you could in for a rude shock when the claims get rejected. Not being aware of the exclusions is not desirable when you buy health plans. Hence, read the insurance document thoroughly to understand the inclusions and exclusions. The insurer should not be responsible if you have not understood the exclusions.

Hiding your medical background

Those who suffer from pre-existing health issues make the mistake of hiding their background with the fear their insurance might get denied or need to pay higher premiums. If you have any pre-existing health conditions, be upfront and truthful about them before buying health insurance plans in India. Inform your insurer about your medical history. If you do not, your claims get rejected. You might also get blacklisted from getting any insurance in the future.