Top Mistakes to Avoid When Choosing Health Insurance

Good health is one of the biggest assets of every human being. It contributes significantly to your overall quality of life, allowing you to be more productive. However, there can be instances when your health is not at its best, despite all your efforts, and there can be a need for medical attention. This is something that will not only affect you physically but also put some additional financial burden on you. In today’s time, where medical costs are on a constant rise, the importance of a comprehensive health insurance plan cannot be overstated. It can safeguard you against any unforeseen medical emergencies without letting your financial stability get affected.

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Mistakes To Avoid While Choosing An Insurance Policy

Mistakes To Avoid While Choosing An Insurance Policy

Currently, there are a number of providers offering a wide range of health insurance plans for the family and individuals. With so many options available, it can get a little difficult to choose the right health insurance policy. For your convenience, here are a few mistakes that you should avoid:

Lack of Research

One of the most common mistakes that many individuals make is buying a health insurance policy in a hurry. Like every other purchase, this decision also requires a good amount of research considering multiple factors such as the type of policy, insurer reputation, annual premium, etc. To pick the right insurance provider, it is best to check things like claim settlement ratio, hospital network, customer reviews, etc. Once you pick an insurer, the next step is to develop a thorough understanding of the policy and the benefits it comes with. This way, you can make an informed decision.

Not Assessing Your Needs

There are different types of health insurance plans available in the market that cater to the diverse needs of individuals. Since every individual and family has different requirements and financial liabilities, one insurance policy cannot suit everyone. The one you choose should provide enough financial support in your times of need. So, always take some time to understand your probable medical expenditures in the coming future and then find a suitable policy.

Insufficient Policy Coverage

The coverage you get on your health insurance plan depends on a variety of factors, such as your age, medical history, etc. Apart from these things, the annual premium you pay is also a key determinant of your average. Choosing a policy with high coverage often results in a higher premium, which is why many people opt for low-coverage policies. But it is important that you choose a policy coverage according to your needs. This may seem a little costlier at first but can benefit you in a situation where medical expenses are too high.

Hiding Details about Medical History

When you get a health insurance plan, the provider asks you a few questions to get an idea about your medical history. Providing false or incomplete information can lead to some major issues in your claim process. So, it is recommended that you answer all the questions correctly and avoid any kind of confusion.

Not Enquiring about the Waiting Period

Every policy has a waiting period for any pre-existing conditions. You can get a claim for any medical expenses related to those conditions only once that period is over. This waiting period can vary from one insurance provider to another. It is best to ask your provider about the same and compare a few options so that you can opt for the policy that offers the minimum waiting time.

Overlooking the Sub-limit Clause

Many insurance policies have a sub-limit for specific conditions such as cataract, knee replacement, pregnancy, etc. This means you can’t claim an expense beyond a certain amount. While choosing a policy, always check any such sub-limits to avoid any inconvenience at the time of claim settlement.

Not Paying Attention to Renewal Clauses

The renewal clause is also an important thing to be taken into consideration when choosing a health insurance plan. Some insurance providers do not allow you to renew your policy beyond a certain age (70 years in most cases). While there are some insurance companies that give the option for lifetime renewal. Since most individuals are in the maximum need of an insurance policy in old age, it is always best to go for one with a lifetime renewal.

By now you must have understood what are the things you need to pay attention to while choosing an insurance policy. If you’ve also been making Google searches like ‘best health insurance provider in India’, this is where your search ends. Muthoot Finance offers a wide range of health insurance plans that you can explore and pick one that suits you the best. For more information, you can also visit your nearest Muthoot Finance branch.