Avoid These Mistakes While Buying A Health Plan!

Buying insurance is a critical decision as it involves not only your medical care, but also the expenses associated with it. One wrong move and you can be on the wrong side of the financial crisis along with the medical emergency you already are facing. Hence, it is important to be extremely careful while buying your health insurance.

Despite best intentions, there are still some mistakes that are common to the whole insurance buying process. Let’s help you in identifying them so you can get the best health insurance plan for you and your family.

1. Cost of Buying Insurance

In other words the premium amount. Most people are wrongly informed that you should choose a policy based on the premium you’re supposed to pay for the selected coverage. In fact, the premium is the least important factors to be considered. It is important, but more crucial factors are what are the diseases being covered, how easy is the dealing with the insurance company, how are their claim settlement system and the likes! Paying a bit extra premium for the best health insurance is always going to be in your favour especially in times of need.

2. Terms of Contract

When it comes to technicalities, we all run away from them, thereby avoiding to read the terms and conditions of the insurance policy. The real picture is indeed written in those lines that define your contract with the insurance provider. There is fine print out there that defines how, when and under what circumstances you can use your health plan and how much coverage you’ll get. That’s what will decide whether you’ll get your claims approved or rejected. Hence, act smart and do read the terms and conditions in detail to know your rights.

3. Comparing Insurance Products

Most people go for the advice and suggestions of friends, family or acquaintances when it comes to buying insurance. Someone suggests a health insurance policy with small premium or significant benefits for them and we buy the idea and immediately purchase the plan. This is another tricky situation we get affected. Nothing can be more wrong than that, as everyone has a different set of needs and requirements.

So it is ideal and advisable to go ahead and compare online various insurance plans available in the market, you get to choose the best health insurance plan for you and your family that also helps to keep the premium to the lowest possible levels. Another benefit of comparing plans is that you can get them customized as per your specific requirements.

4. Getting Insured More Than The Need

This is indeed another mistake we commit in trying to be over cautious. Instead of selecting the best health plan, we tend to buy several plans in the hope that something or the other will come handy in the hour of need. Instead, the idea should be to purchase the plan that covers all your needs in the least possible premium amount so that the money you save can be used for other priorities. In fact, the same savings can also come handy for your medical expenses in case the hospitalization bills go overboard your coverage amount. Having cash in hand is a better option than to get over-insured and pay substantial monthly premiums that may sometimes not even come to your rescue.

5. Fitness Quotient

No matter how fit you’re, you never know when you might need medical care. It may not be due to any disease, but could be purely an unfortunate case of an accident. To not buy a medical plan or purchase a plan with very less amount of cover may be fatal.

These are some of the commonest mistakes we do either in ignorance or in a hurry to buy insurance. It is not a chore or just a task to be completed, but a careful decision that is going to affect your life in various ways. Ensure that your decision is a wise and thought through decision, not something taken in haste.

Get yourself the best health insurance plan, now! For time waits for none.

Harjot Singh Narula

Harjot Narula is founder and CEO of ComparePolicy.com, an IRDAI approved insurance web aggregator focussed on selling online insurance for companies. Harjot has more than a decade of experience in software development and has also spent 5 years in US working for the mortgage and risk management industry.

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