Five mistakes to avoid while buying health insurance
During these unprecedented times with COVD-19, our priorities and perception towards life have changed in many ways. People have realised the importance of health and taking care of it from the early days of life. The world we live in today is already full of uncertainties and prioritising our health has become one of our major tasks. We need to have a financial backup as medical costs are skyrocketing. Many have now understood the importance of having a health insurance policy, but people often fail to buy the right one that suits their requirements.
Here are a few suggestions that one should consider while purchasing a health insurance policy, which is now easily available online in a contactless manner.
Never ignore exclusions: Exclusions are situations that are at times not covered by your insurer. People often only go through the coverage offered by the insurer and do not pay attention to exclusions. Avoiding these exclusions will result in higher chances of rejection of claim and can cause trouble at the time of need. Therefore, rushing to buy a policy without going through the exclusion and terms of the policy is not advisable. One can get all the information from the insurer’s website and can make decisions wisely.
Medical history: Some people tend to hide their existing medical ailments or past medical history while purchasing the health insurance plan either due to the fear of the proposal being rejected by the insurance company or premiums getting higher. To avoid any unpleasant experience at the time of claim it is wise to disclose all the medical conditions and get the same recorded in the policy. People generally do not understand that their claim is bound to be rejected at a later stage due to fraudulent suppression of medical history. Insurance contracts are based on the utmost good faith, so one must be truthful and provide accurate information while buying a health insurance plan. Not being honest will not only lead to a monetary loss in terms of the premium paid but also lead to the rejection of the claim at a time when we need the money most. Also a non-disclosure history gets recorded at an industry level which might minimize the chances of getting any alternative insurance arrangements…Read more>>