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Dos and Don’ts When Buying Health Insurance

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In life, you can never predict when an illness can strike. This is the reason why you need to be prepared. A health insurance plan comes in very handy and provides financial coverage in case of medical emergencies for you or your family members. However, to ensure that your health insurance provides the coverage it is meant to, it is important to buy the right policy.

Here are a few dos and don’ts to follow when buying healthinsurance  coverage:

Dos

Do List out Your Requirements

Are you planning to buy insurance for yourself or looking to include family members in the insurance too? Do you have a corporate insurance? Do you want to include your parents too? All these factors define the kind of insurance plan you should buy. You can also personalize the insurance with add-on coverage.

Do Compare Plans

Nowadays, a wide range of insurance plans is available in the market, each with its set of unique features. It is important to compare different insurance plans to ensure that you are buying the one providing the best value of money for your requirements.

Do Calculate Premium

Consider all the factors that affect your health insurance plans such as the age of the applicant, lifestyle, existing disease, lifestyle choices, etc. Use an online premium calculator to get a basic idea about the premium you need to pay for the coverage you are seeking.

Do Furbish Complete Details

An application form is an important document based on which an insurance company will accept/reject your application. Therefore it is important to fill the application form duly and with complete details. Attach health check-up certificate and other important documents to get through the process at a fast pace.

Do Check for List of Network Hospitals

This is way more important than you can imagine. In case of emergencies, most people visit the nearest hospital. Therefore, it is important to check how many of the nearest hospitals are covered by the health insurance company.

DON’Ts

Don’t Lie

Many people assume that lying about any pre-existing disease can help them get coverage. However, that is not true. Writing false information in health insurance form can land you in trouble and the company might also reject your claim leaving you in huge losses.

Don’t Just Opt for the First Insurance You Come Across

Every company has distinct features and therefore it is important to research about all the insurance companies and their offerings before finalizing one company. An ideal company is the one with a good track record of after-sales and claim settlement service.

Don’t Ignore the Inclusions and Exclusions

A lot of people ignore these very important parameters. Knowing what is excluded from the policy coverage is as important as knowing what is included, if not more.

Don’t Hesitate in Clarifying Any Doubts You Have

If you have doubts regarding any terms and conditions of the policy, don’t just assume things. Instead, get in touch with the insurance company via calls or emails and clarify any doubts you have.

Don’t be Afraid of Rejection

An insurer may reject your health insurance application if certain details are not filled correctly or if you (or your family members) have a pre-existing disease they do not cater to. However, there is nothing to worry about. If your application is rejected, you can reapply after making changes as advised by the agent or the insurance company.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.