Common Health Insurance Mistakes

Most common health insurance mistakes even smart people make

Common Health Insurance Mistakes When it comes to buying health insurance plans.

Even smart people make several mistakes that result in the cancellation of claims or heavy medical expenses.

Common Health Insurance Mistakes

The devastation cause by Covid-19 pandemic since last year has led to growing awareness.

Demand for health insurance plans in India.

In the wake of rising medical expenses, health insurance plans have become a necessity in today’s times.

If you are cover under a health insurance plan.

You can protect yourself financially against lifestyle illnesses, hereditary diseases and even accidental injuries.

However, when it comes to buying health insurance plans.

Even smart people make several mistakes that result in the cancellation of claims or heavy medical expenses.

Here’s a look at some of the top health insurance mistakes made even by smart people:

Not having a family health insurance

According to Vivek Narain, Co-founder & Promoter, Sana Health Solutions.

The first common mistake even smart people make in health insurance is to not have a family health insurance at all, or have a low sum insured.

When they are young, they have the mistake belief that they are unlikely to be hospitalized for any serious illness.

They look at health insurance premium as an unnecessary expense.

Not as a mandatory saving towards hospitalization expenses in future.

Reliance on employer’s Group health insurance policy

Salaried people mostly only on their employer’s group health insurance, without realizing that they will be without cover while switching jobs.

In particular, they miss the fact that it will be much more difficult.

Expensive to get family health insurance after retirement when they will need it the most!

Not declaring pre-existing medical conditions, or tobacco habits

One of the most common mistakes that people make is to not fully declare pre-existing medical conditions.

Risky habits (such as tobacco or excessive alcohol consumption) at the time of applying for individual or family health insurance.

They feel that declaring these facts can lead to medical tests or higher premium or both.

If they keep quiet about it nobody would know.

However, they ignore the fact that insurers can deny claims or even cancel a policy if the insure is hospitalized.

The doctors detect a pre-existing medical condition or risky habit.

In fact, they must fully declare any medical conditions or habits even at the time of renewal.

In case they are seeking an increase in sum insured.

Blindly trusting insurance local insurance agents

Another common mistake people make while buying family health insurance.

Is to blindly trust the “friendly neighborhood agent” in the mistaken notion that they will get their claims approve when the need arises.

The fact is that many claims get decline or reduced due to conditions.

Sub-limits that are state in the details of the policy wording.

Which they often skip as too difficult to read and interpret.

Common Health Insurance Mistakes

Health insurance for tax benefits

Buying a health insurance plan only for the motive of saving tax always leads to an idea.

Having an inadequate insurance cover.

The premium you pay towards your health insurance is indeed tax-deductible under section 80D.

The sole purpose of a medical insurance plan should be to cover your expenses in case of an emergency and not tax benefits.

The health insurance benefits are unique and help you in several other ways.

Lying about the medical background

For fear of the insurance company rejecting their insurance application.

People tend to lie about their medical history by concealing relevant information.

Hiding information about existing medical conditions could lead to rejection of your claim.

The insurance company does its due diligence and background checks.

You should reveal all the information about your health history while buying a health plan.

Not comparing the best plans

How would you know what is best for you without looking at different alternatives?

Everyone has different needs and financial backgrounds.

Buying a health insurance policy only because it is the same scheme your friend or your relative has bought would be a grave mistake.

You should always purchase health insurance after assessing your future needs.

Comparing different policies with each other to know what plan would be a perfect fit for you.

Not adding “Riders”

To some extent, it could be true that you are healthy and don’t need to visit a doctor regularly.

However, what can be said about accidents and illnesses?

Riders provide you with extra insurance amount if you suffer from an accident or illness mention regarding the rider.

You should always consider adding a rider to your health insurance plan.

As you can never anticipate accidents and critical illnesses.

This would provide you with an extra amount apart from your insurance cover to pay the expensive medical bills of the hospital.

Young people do not need insurance

While it may be true that young people are healthier.

It is also true that buying online health insurance should be the primary priority of everyone, irrespective of the age.

As life is full of uncertain events, they do not choose between young and old.

You should consider buying a health insurance plan even if you are in your 20s or 30s.

Buying a health insurance policy online costs less, particularly for younger age groups.

Common Health Insurance Mistakes

Not reading the policy terms

People make a big mistake when they skip on reading the terms and conditions of the policy.

Find out something years later that negatively affects their whole financial plan.

You must read the fine print of the policy in detail to get a general idea of what you are buying.

How it will affect you in the future.

Buying an additional policy

People buy an additional health insurance policy to extend their coverage further.

In the long run, it is not cost-efficient and leads to small savings.

If you want to extend your protection, you should avail of the option of “Top-up,”

Which will allow you to prolong the coverage of your existing policy.

Not knowing about discounts

During the term of the health insurance coverage.

You may be entitle to specific discounts from the life insurance company.

Follow us on INSTAGRAM:

33 Instagram Marketing Statistics for 2018 | DrumUp Blog

Follow us on FACEBOOK:

33 thoughts on “Common Health Insurance Mistakes

  1. Excellent site. Lots of useful information here. I am sending it
    to several buddies ans additionally sharing in delicious.

    And certainly, thanks to your effort!

  2. you’re truly a good webmaster. The website loading velocity is amazing. It seems that you are doing any distinctive trick. Also, The contents are masterpiece. you’ve performed a wonderful task in this matter!

  3. Hey there! I’ve been reading your website for
    some time now and finally got the bravery to go ahead and give you a
    shout out from Porter Texas! Just wanted to tell you keep up the good job!

  4. I’ve been surfing online greater than three hours these days,
    but I by no means discovered any attention-grabbing
    article like yours. It is lovely price sufficient
    for me. Personally, if all website owners and bloggers
    made just right content material as you did, the web will probably be
    much more useful than ever before.

  5. I’ll right away snatch your rss feed as I can not in finding your e-mail subscription link or
    e-newsletter service. Do you have any? Please
    allow me know so that I may subscribe. Thanks.

  6. Have you ever thought about adding a little bit more than just your articles?

    I mean, what you say is valuable and all.
    But just imagine if you added some great photos or videos
    to give your posts more, “pop”! Your content is excellent but with images and video clips, this
    blog could definitely be one of the best in its niche. Fantastic blog!

  7. Hi there! This article could not be written much better!
    Reading through this post reminds me of my previous roommate!
    He constantly kept preaching about this. I’ll forward this information to him.
    Pretty sure he’s going to have a good read. Thank you for

  8. Great post. I was checking constantly this blog and I’m impressed!
    Extremely helpful information specifically the last part :
    ) I care for such information a lot. I was looking for this particular info for a long time.
    Thank you and good luck.

  9. I have been browsing online more than three hours today, yet
    I never found any interesting article like yours.
    It’s pretty worth enough for me. In my view, if all site owners and bloggers made good content as you did, the net will be much more
    useful than ever before.

  10. I’ve been browsing online more than 3 hours today, yet I never found
    any interesting article like yours. It’s pretty
    worth enough for me. In my view, if all web owners and
    bloggers made good content as you did, the internet will
    be much more useful than ever before.

  11. I have been surfing online greater than 3 hours as of late,
    yet I never found any fascinating article like
    yours. It is lovely worth sufficient for me. In my opinion, if all webmasters and bloggers made good content material as you did,
    the internet shall be much more helpful than ever

  12. It is the best time to make some plans for the future and it is
    time to be happy. I’ve read this post and if I could I want to suggest you few interesting
    things or advice. Perhaps you could write next articles referring to this article.

    I wish to read even more things about it!

Leave a Reply

Your email address will not be published. Required fields are marked *