We all are constantly bombarded by advertisements, suggestions and advices from everyone around us to buy health insurance. We are always told about the various benefits it offers, how life will become easier and how we should buy a policy ASAP! This is where we tend to get emotional and commit some mistakes that prove costly for us. Instead of taking a well thought out decision, we let emotions rule and in a hurry to buy an insurance product, we forget to do some basic checks to be sure that we are doing the right thing. Buying insurance is not wrong, but how to buy it and what factors to consider while buying it need to be delved into properly.
We would like to share some of the common mistakes that you need to avoid to enjoy maximum benefits out of a health insurance policy:
1) Focusing On Premium
This is the most common mistake made whereby we only focus on the premium we have to pay for the insurance cover. Do remember that a health insurance policy is more than the coverage amount. It also provides various other benefits like cashless medical care, coverage of per-existing diseases and such benefits. The policy has to be studied in detail rather than just focusing on monetary outgo on its purchase.
2) Terms And Conditions
Yes, they are tricky and quite technical and a bit lengthy too. However, they are for our own benefit and come real handy in times of dispute. In fact there will be no dispute if we have read these details and know beforehand how and where to use the policy. Also, the insurance provider can’t take you for a ride if you clearly know the terms and conditions and have been following them to the T! Most of these terms are mentioned in simple language, but if you have any confusion, you can always ask the company’s representative to explain them to you for better understanding. Bottom line is getting a clarity and grip on the terms and conditions of your deal to be in control of your situation for which you will be paying your hard earned money.
Ideally, we tend to follow a herd mentality where we buy the same products that our friends or family buy and recommend us too. Without trying to understand the details, we just go ahead and buy a policy only to realise later that the particular insurance product doesn’t meet our requirements or don’t offer as many benefits as we deserve to get at the premium we are paying. Therefore, comparing various insurance products in detail and the selecting the one that meets the requirement is the ideal thing to do! Go online, find out about various products on offer, and go through their terms and conditions along with premium amounts and the coverage offers. Only once you’re convinced about a particular product and its features, buy it!
Yes, this is also a folly most of us commit! This means, we try to play extra-safe and keep on buying various insurance policies or keep increasing the insurance cover on a regular basis. While it is important to be safe than sorry, it also doesn’t make sense to over-invest because then you end up paying very high monthly premiums. This way you’re not left with enough funds or cash in hand when you actually require it. Also, many a times we spend on buying policies that may not be actually beneficial for us and in the process are unable to buy the ones that can really help us in the hour of need. So buy carefully and within limits so that you are left with a sound financial position to invest only in justified insurance policies.
5) Good Health
This is again a lie we keep telling ourselves that we are in the prime of our health so why should we bother buying good health coverage. Better save that money and spend elsewhere or rather not spend on health coverage at all! The fact is life is unpredictable and one never knows what future holds. A health scare can happen anytime, anywhere or an accident or an injury can suddenly derail all the life plans without any warning! For such contingencies, it is important to have good life coverage and live a stress-free life.
Health insurance is a must given high medical costs and rising instances of diseases and accidents. But it should not be rushed into just for the sake of it. Instead, a careful consideration should be exercised while taking such an important decision. There are various ways of finding about insurance products and their details; it is recommended that you spend sufficient time doing the research so that you don’t commit any mistakes. After all it is a matter of your health!
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