Dos and Don’ts to Keep in Mind When Choosing Health Insurance

Due to the growing cost of healthcare facilities, accessibility can be an issue for many, especially in the case of critical health conditions. At such times, relying on hard-earned savings for medical treatment is not advisable. Instead, opting for medical insurance is a critical investment that provides financial protection and access to quality healthcare services. However, navigating through the complications related to the purchase of health insurance can be overwhelming. To ensure you make an informed decision when buying health insurance, it is essential to follow certain dos and avoid common pitfalls. In this article, we will explore the dos and don'ts to consider when purchasing health insurance.

The Dos of Buying Health Insurance

The following are the dos that you can help you at the time of purchasing your medical insurance.

Assessment of Your Requirements

Begin by evaluating your healthcare needs and those of your family members. Consider factors such as age, pre-existing conditions, anticipated medical expenses, and the desired level of coverage. This assessment will help you choose a health insurance plan that aligns with your specific requirements.

Conduct a Thorough Research

Explore different health insurance providers and their options. Compare health insurance plans on the basis of coverage, benefits, premiums, and network providers. Research online, seek recommendations, and consult with insurance brokers, if required, to gain a comprehensive understanding of the available options. Consider factors such as reputation, customer reviews, and the insurer’s claim settlement record.

Understanding the Policy Terminology

Health insurance policies can be filled with complex terminology. Take the time to familiarise yourself with key terms such as deductibles, co-pays, co-insurance, and network hospitals. Understanding these terms will help you make informed decisions and avoid an unpleasant surprise when raising an insurance claim. Claims are subject to terms and conditions set forth under Health insurance policy.*

Consider the Network Hospitals

Check the network of doctors, hospitals, clinics, and specialists associated with the health insurance plan you are considering. Ensure that your preferred healthcare providers are included in the network to have access to the services you require. Remember to review the network periodically as it may change over time.

Coverage for Pre-existing Conditions

If you have pre-existing medical conditions, carefully review how each health insurance plan offers coverage for these conditions. Some policies may have a waiting period for pre-existing conditions. Look for plans that provide adequate coverage for your specific health requirements.

The Don'ts of Buying Health Insurance

These are the don’ts which you must keep in mind before you buy medical insurance.

Don't Focus Solely on Price

While cost is an important factor, it should not be the sole determinant when purchasing health insurance. Cheaper plans may have limited coverage or high deductibles, which can result in substantial out-of-pocket expenses. Instead, look for a balance between affordability and comprehensive coverage.

Don't Overlook Policy Exclusions

Read the policy documents thoroughly to understand what is covered and what is excluded. Pay attention to specific exclusions, waiting periods, and limitations. This will prevent any surprises when you need to utilise your health insurance and ensure that your expectations match the policy's provisions. Claims are subject to terms and conditions set forth under health insurance policy.

Don't Neglect Essential Benefits

Each health insurance plan has a list of essential benefits that must be covered as per regulatory guidelines. Familiarise yourself with these essential benefits, which may include preventive care, maternity coverage, mental health services, prescription drugs, and emergency care. Ensure that the plan you choose includes these crucial benefits.

Don't Assume All Plans are the Same

Health insurance plans can vary significantly in terms of coverage, network hospitals, premiums, and customer service. For example, the benefits which are provided in critical health plans might not be necessarily provided in family health insurance plans. Avoid assuming that all plans are equal and conduct thorough research to find the one that best suits your needs.

Don't Delay the Purchase

Health emergencies can occur at any time, and it is crucial to have health insurance in place before such situations arise. Don't postpone purchasing health insurance, as waiting can leave you vulnerable to unforeseen medical expenses and limited coverage options. Take the assistance of the health insurance premium calculator to get a quote for the policy, and you can compare it with the prices of other insurers to make an informed decision. Also Read: 3 Reasons Why You Should Get Health Insurance in Today’s Changing Times

Conclusion

When buying health insurance, it is important to approach the process with diligence and awareness. Understanding your needs, doing thorough research, setting aside the necessary budget, and knowing insurance jargon are some of the efforts you should take before you choose a plan. After zeroing down on a specific plan, it is easier to buy it online. The process is simple, quick, and helps you save money. Similarly, you can renew health insurance online as well in just a few clicks. ##   * Standard T&C Apply ## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.