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Most Common health insurance mistakes and how to correct them?

Right from deciding on coverage to comparing premiums across companies, buying health insurance can be a pretty overwhelming process. As a consequence, people tend to make many health insurance mistakes that could cost them dearly during the time of claim settlement and reimbursement. Let us take a quick look at the most common health insurance mistakes and how best to avoid or correct them.

Mistake: Inadequate research on the insurance company.

Correction: People fail to realize that factors like claim settlement record and the company’s financial history need to be looked into while zoning in on the right insurance company for your health insurance needs. Also, check with insurance agents and online forums to crosscheck the credibility of the insurance company.

Mistake: Failing to declare pre-existing medical conditions at the time of purchase.

Correction: This is a common mistake on health insurance applications. Some people fail to declare pre-existing medical conditions hoping that the insurance companies won’t notice and that they can get reimbursement for the treatment of these conditions. To deter this health insurance policies come with waiting periods of up to 180 days. Also, it is a common misconception that diseases once declared are not eligible for claim settlement. Pre-existing medical conditions will be covered after a period of 48 months.

Mistake: Over-insuring yourself.

Correction:  In a zeal to protect themselves from all possible risks, people end up shelling inordinate sums of money as premium for very wide coverage plans. A lot of the diseases under the coverage are extremely rare and you may never contract them in your lifetime. So, it becomes important to go over the policy documents carefully and thoroughly to choose a plan that best suits your need.

Mistake: Getting insufficient coverage because it is cheaper.

Correction: This is a very grave health insurance mistake. Low premiums mean little to no coverage. The whole point of insurance is defeated if you opt for a very meager coverage. This leaves you vulnerable during the time of claim settlement since the insurance company will end up rejecting your claim because the condition that got you hospitalized would not have been covered under the policy. This means that you have to shell shocking amounts of money from your own wallet for treatment and hospitalization. Save yourself all this trouble and get an insurance plan that covers most probable and highly likely risks. You can consult your physician about your history of illness to best determine what diseases need to be covered.

Reading policy documents carefully and making informed decisions on your health insurance policy are the best ways to avoid these common mistakes. It is best to avoid these mistakes at the time of purchase, so that you don’t lose your peace of mind during claim settlement. Do not hesitate to contact the health insurance experts at HDFC ERGO for all your doubts and clarification.


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