Mistakes To Be Avoided While Buying Health Insurance- MoneyMindz

By | 13/07/2018
Mistakes To Be Avoided While Buying Health Insurance- MoneyMindz

MoneyMindz – India’s First Free Online/On-call Financial Advisory Portal | Health Insurance

Emergencies often come without prior announcement, more so in the case of medical emergencies. With inflation, costs are rising day by day. Sometimes we purchase the wrong insurance due to someone’s advice without doing our own research. Let’s take a look at some mistakes to avoid when you buy health insurance.

  1. Trying to save tax by buying health insurance

Tax benefits are available with health insurance but don’t forget the main purpose of health insurance. A health insurance is to keep you protected and cover your medical costs in case of an emergency. Don’t end up buying incorrect policies.

  1. Not revealing the medical history

At no circumstances should you conceal your medical history. You may fear that your application might get rejected or you want to avoid paying a larger premium. But if you commit this mistake, your claim will be rejected at the time of need.

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  1. Delaying the purchase

It is imperative to buy health insurance at the earliest in today’s time. If you wait too long and get ill, then it will be futile as it might become too late.

  1. Relying upon employer health benefits

This will be futile because you won’t have medical insurance if you no longer continue the job. Also, the employer insurance will not cover all your family members.

  1. “One size fits all”

Your medical needs differ from your relatives’ needs or friends needs. Figure out a policy that works for you.

  1. Following the herd

X number of people bought the insurance and Y number of people recommends it. That doesn’t mean the policies suggested by them will work for you.

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  1. Avoiding the “Terms and Conditions”

When we forget to read the terms and conditions we are essentially putting ourselves into the danger zone by not knowing the fine print. Take your time and read the “boring mini lines”.

  1. Getting inadequate coverage

Often, to keep the premium low, we purchase policies that provide insufficient coverage. This is so wrong! You have to assess your healthcare needs and compare the coverage provided by insurers. Don’t blindly select just for the sake of it.

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