With health insurance companies providing various policies, buying the right health insurance plan for yourself and your loved ones can be a tedious task. As a result, you may tend to make some mistakes when buying health insurance. Such mistakes can cost you dearly at the time of claim settlements. Hence, to make the process of buying health insurance easier for you, we have listed down some of the common health insurance buying mistakes and how you can correct or avoid making these when picking the plan of your choice.
Common Health Insurance Mistakes and How to Avoid Them
Sr. No. |
Health Insurance Mistakes |
Ways to Avoid these Mistakes |
1 |
Insufficient research on the insurance provider |
With the emerging technology, you can find all the important details on health insurance, online. You must study the insurance provider’s claim settlement ratio and process and financial history before buying a health insurance policy. |
2 |
Concealing pre-existing medical conditions to get a lower premium |
You must always disclose the details about your pre-existing diseases if you want your insurance policy to cover them. Your insurer may provide coverage for these pre-existing conditions after a certain waiting period in health insurance. |
3 |
Buying insufficient health insurance coverage |
Most of us may opt for a health insurance plan with lower coverage as the premium for such policies is not very expensive. However, such policies may not cover your requirements and thus, limit your benefits, leading to out-of-pocket expenses during hospitalisation. |
4 |
Not reading the terms and conditions |
Never ignore the terms and conditions mentioned in your health insurance policy. These include details like room rent capping, deductible in health insurance, inclusions, exclusions, etc., which are important during health insurance claim settlement ratio. |
5 |
Ignoring the co-payment clause |
Co-payment is a portion of the claim amount that you (the policyholder) will have to pay while claiming the health insurance policy. You must opt for a policy that has a low co-payment. However, a decrease in co-payment leads to an increase in the health insurance premium. Hence, you must check the copay clause in your health insurance policy and buy one as per your budget. |
In Conclusion
Now that you know about some of the most common health insurance mistakes, make sure that you avoid them when you are buying a health insurance plan for yourself and your loved ones. Reading the fine print of your policy document and making an informed decision while purchasing your policy are the easiest ways to avoid these health insurance mistakes. And if you are looking at purchasing a health insurance plan, take a look at the health insurance plans available on Bajaj Markets, which come with various add-on covers, easy claim settlements, and many other benefits.
Health Insurance Plans Available at Bajaj Markets
Health Insurance Plans |
Premiums Starting At |
Bajaj Allianz Health Guard |
₹3,200 |
Bajaj Allianz Extra Care |
₹2,487 |
Aditya Birla Activ Assure Diamond Plan |
₹3,294 |
FAQs
What factors should I keep in mind before buying health insurance?
You should look at the following factors before buying a health insurance plan:
Inclusions and exclusions of the policy.
Coverage amount- based on your age, medical history, etc.
Disclose all your pre-existing diseases and conditions.
Buy add-on covers that are necessary for your needs.
How can I increase my health insurance coverage?
An easy way to increase the coverage of your health insurance plan is by purchasing a health insurance top-up. Another way to boost your health insurance coverage is to purchase an all-inclusive family floater health insurance policy instead of buying individual plans for each member. With family floater plans, you can get greater coverage for various medical needs.
Purchasing comprehensive family health insurance can be more advantageous than buying individual health insurance since one can obtain greater medical coverage for various medical needs.
What factors should be considered while comparing health insurance plans online?
Some of the factors to consider while comparing health insurance plans online are:
Premium amount
Coverage amount
Inclusions and exclusions
Reviews
Claim settlement ratio
Do I need health insurance if I am young and fit?
Yes, you do. With the increasing lifestyle diseases and rising medical costs, getting health insurance is a wise choice, irrespective of your age.
Can I buy health insurance online on Bajaj Markets?
Yes, you can visit the Bajaj Markets website or download our insurance app to purchase health insurance online.
