Avoid These Six Pitfalls While Buying Health Insurance

Can you afford to pay for the medical expenses out of your pocket? Do you agree that medical expenses are increasing at a very fast rate every year? As per HDFC ERGO, medical treatment costs are increasing at nearly 20% every year. This raises the need to increase the health cover to cope up with rising medical costs. Today, a large number of firms are providing various health insurances as per your needs. There are some apps now to compare heath insurances and list out the best schemes according to your budget criteria.

Here are some points to look in a health insurance investment:


  1. Focusing only on deductible and premium

While buying health insurance, people think that the deductible and premium hold utmost importance. There is usually a particular sum insured that you are promised on a particular premium and deductible. Therefore, always consider other important things too like exclusives, riders, term to get maximum benefits.


  1. Choose sum insured as per our lifestyle

It makes no sense if you choose the sum insured of your health insurance irrespective of your lifestyle. You should choose it only on the basis of what your needs are, what your medical conditions are and how much you earn. Also, how much you can spend on health insurance. A few people according to their medical conditions need more cover than a regular person with no past medical conditions.


  1. Not making sure of exclusions

More than benefits, you should be aware of exclusions the insurance cover comes with. Exclusions need more attention that they are given and all of their terms should be read and understood properly. Many health insurances do not cover Ayurveda and other related alternative treatment procedures, therefore always make sure to review such clauses.


  1. Not reviewing cover every year

Cover needs to be checked rapidly, after each renewal date. Check for special offers and see if you find a good deal or if you need to change or update anything. Just buying a health insurance does not end your work. Keep reviewing it over the time to align your insurance with your immediate needs.


  1. Failing to read fine print

Usually people avoid reading the terms & conditions of health insurance and also ignore asking questions regarding its benefits. Always look all and every important aspect of your insurance. Lack of awareness leads to confusions and unnecessary tension regarding terms & conditions.


  1. Non-disclosuregets into trouble

Not revealing our health conditions before applying or choosing a health insurance plan can be very dangerous later and can cost you a lot. Make sure you mention all injuries or heath conditions you already have, which also makes it easier for the insurer to provide you with the health insurance that you might require.


Secure yourself today to never worry about your medical expenses forever. Email us at insurance@plindia.com to understand the plans on offer and why they may benefit you in constructing the appropriate insurance covers at a competitive price.

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