Common Health Insurance Mistakes
Buying health insurance has always been a tricky affair
, whether it is for people who would want protection for themselves and for their family, or for companies who would want coverage for their staffs. Health policy, though such an important aspect of professional and personal lives, comes with much scope for mistakes in health insurance. And one of the reasons is the inherent complexity resident in mediclaim, with so many options to choose from, and with coverage as well as pricing options making it tough to calculate the pros and cons associated with the different forms of insurance and choosing among the kinds of mediclaim.Here are the common health insurance mistakes that you would be better off avoiding.
All is not in the name: Sometimes, people tend to be too optimistic about their health policy because they find a name that they can trust. While brands do carry their own value and brands tend to be created with a lot of effort over time, the fact is that you need to do your research when it comes to mediclaim and the coverage that you would get out of your health insurance. Getting some background research done on the kind of services on offer and the coverage that you would get would make much difference to the value that you gain out of your health policy.
Price is a factor, but not the only one: All too often, the focus tends to be centered on sum assured and insurance premium that the very purpose of resorting to insurance coverages tends to take the back seat. While it is definitely an attractive proposition to go for health insurance that is cheap, it is important to consider the value that you derive out of mediclaim, not just the cost incurred.
What do your staffs need? Thats a question that you need to ask yourself before you get on with health insurance for your company. There are many choices to be made in terms of insurance premium, insurance claims, sum assured, and even portability these days, which makes it so much sensible for you to consult your employees before you go ahead with your plans for health insurance. When companies choose blanket plans for employees coverages, they make the mistake of assuming homogeneity for a diverse group of people.
Non-disclosure of facts: One of the other common health insurance mistakes is when people deliberately hold back information on pre-existing conditions, thinking that this would lead to lower insurance premium, or that disclosure could lead to loss of coverages. When you buy health policy, you need to know that insurance companies have the expertise to spot conditions that might have been pre-existing, and when they do, you may have to pay higher insurance premium, you may end up losing your right to insurance claims, or you may even lose your insurance coverages altogether. When you realize that this could have an impact on portability, you would not want to commit this health insurance mistake.
Choose your insurance provider wisely: All said and done, your ability to have your insurance claims honored and having your insurance coverages in place to give you peace of mind, very much depend on the company that you have bought your health policy from. If you have bought your mediclaim from a company that has not had sound financials, you may be in for trouble when it is time for insurance claims, or you may have to go about exploring portability. To save on all the effort, it would be worthwhile exploring and researching the financials and credentials of your insurance provider at the outset for complete peace of mind.
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