Health insurance plays an integral part in covering you against soaring medical expenses. Apart from achieving your financial goals, these plans provide the peace of mind by ensuring that your loved ones do not suffer financially during an unforeseen medical emergency. But instead of taking a well thought out decision, sometimes you let your emotions rule. In a hurry to buy health insurance product, you make mistakes that you regret later.
You buy health insurance to get respite from medical expenses, and if it is not the best fit for you, your whole financial future could be severely jeopardised. Many health insurance buyers in the past have admitted to making such mistakes, either due to the technical nature of the plan or lack of know-how. So, here are the six common regrets of health insurance buyers that you can learn from:
- Not comparing different health insurance plans
Everyone has different needs, personal as well as financial. So, without knowing different health insurance options available, how would you know which plan best suits you? Buying health insurance only because your friend or relative suggested it is a big mistake.
Health insurance plans must be bought only after comparing different policies provided by best health insurance companies in India (in addition to assessing your future needs). By doing so, you will have a fair idea of which health plan would take care of your needs and be a perfect fit for you.
- Not getting an adequate health cover
Many people have regretted buying health insurance plans just based on their decision of saving a few hundred rupees (they purchased health plans that were light in their pocket). But the cover provided by such plans was found to be inadequate for paying the hospital and medical bills and created a financial burden on such families.
It is therefore advisable that you buy a best Mediclaim policy that comprehensively covers all your future healthcare needs.
- Buying health insurance only for tax benefits
Purchasing health insurance only with the motive of saving tax always leads to having an inadequate insurance cover.
Yes, it’s true that the premium paid towards your health insurance is tax deductible under section 80D of Income Tax Act, 1961, but the purpose of your health insurance should be to cover your expenses in case of a medical emergency and not just tax benefits.
- Lying about the medical history
People tend to lie about their medical background and conceal relevant information, fearing that the insurance company will reject their insurance application.
But the fact is that hiding information about existing medical conditions can lead to claim rejection if the insurance company finds the truth.
- Not adding “Riders” to the health insurance plan
Many individuals think that they have done the needful by buying health insurance. But they often fail to understand the seriousness of accidents and illnesses while purchasing this insurance. Health insurance plans come with riders which provide extra insurance amount if you suffer from an accident or critical illness (as mentioned in the policy document).
You can never anticipate the occurrence of accidents and critical illnesses; therefore, you must consider adding a rider to your health insurance plan. These riders provide you with an extra amount in addition to your insurance cover and help relieve the stress of paying the expensive medical bills.
- Not reading the policy terms
Health insurance buyers have known to make the mistake of skipping important terms and conditions of the policy. After finding things years later, it negatively affected their whole financial plan.
Insurance document is a fine print, so read it carefully. If you are stuck somewhere, take help of the insurance company and clear your doubts. Read the health insurance policy in detail to get an idea of- ‘what plan you are buying and how it will affect your future’.
Conclusion:
Considering the rising medical costs and instances of diseases and accidents, health insurance is a must buy for everyone. But the decision to obtain one should not be rushed into, just for the sake of it.
Instead, a careful approach should be exercised to find the best Mediclaim policy available. It is recommended that you spend sufficient time comparing health insurance plans from different insurers (so that you don’t commit the same mistakes). After all, your health is your real wealth!
