Health Insurance Plans

pays for your hospital bills for diagnostics, surgery etc.

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10 Common Mistakes For Buying Health Insurance

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Health Insurance is an insurance Coverage that covers all the medical and surgical expenses of an Insured individual. When you are hospitalized, you need Health Insurance by your side so that your expenses are taken care of. There are different types of health insuranceavailable in the market. Depending on your plan, your expenses are either reimbursed or directly paid to health care provider. However, due to ignorance most of the people make some common mistakes while buying health insurance which often results in heavy unexpected expenses. Let’s look at these common mistakes:

1.Hiding medical Condition:

When you are buying health insurance, you need to reveal all your medical conditions- past and present. Failing to do so can result in insurance Claim getting rejected.

2.Not doing proper research:

There are many health insurance companies that make big promises. It is necessary to understand the plans properly before zeroing on one. Not all health insurance are same and so are the plans. A little bit of patience and research can help you save last minute setbacks.

3.Looking for premiums:

If premiums and deductibles are the only criteria for investing in health insurance, then you are in for a big shock. Along with premiums also comes other costs that are billed last minute and some are uncovered in your insurance plan. Different policies offer different benefits. In order to save big on premiums, don’t lose your money by choosing the wrong policy.

4.Ignoring fine print:

Before signing any insurance contract, many people forget to read the fine print. Sometimes main problem people face is not having enough coverage, or getting out of network coverage, which drains your pocket as you have to pay these expenses out of your pocket. Always ask your advisor about your benefits or read the fine print, before you sign anything.

5.Relying on the employer insurance:

Most of times, people rely on their employer. But not all employers give a complete health insurance. Sometimes the benefits provided are not really useful to you.

6.Not comparing policies:

Policies differ from each other in terms of benefits and coverage. Therefore, to avoid repenting later, compare 4 - 5 policies that come in the same plan about their coverage and network and the benefits they offer.

7.Buying insurance for tax purposes:

Instead of buying insurance as an investment, people look at it as a tool for tax saving at the end of the financial year. While benefits are good, but one must not neglect the benefits while investing in a health insurance which can be of great help for your family members in case of hospitalization.

8.Failing to understand the coverage:

The most common mistake, people make while buying health insurance – is to understand the coverage issues. It is a common knowledge that health insurance covers Hospitalization expenses, but there are other costs involved like prescription drugs which may or may not be covered. If your insurance does not cover prescription drugs, it is going to be an expensive affair, if you have to pay out of pocket.

9.Ignorant of your network coverage

Many people, in greed for more benefits, fail to check their network coverage health care providers. If your preferred physician or doctor does not feature in your insurance network, then be ready to shell out more cash from your pocket.

10.Insufficient coverage:

It may happen that, in order to save some money, you may opt out of some important coverages because you may seem healthy and don’t find it necessary to buy it. Health is uncertain and if calamity strikes, then you will be out of luck if you do not have the required coverage. It is important that you take enough insurance coverage to take care of all expenses in case of a serious health problem.

Now that you know about all the important aspects of buying a health insurance, make sure to apply these to select the best suited for your needs. Also, once you get copy of your insurance in hand, read it thoroughly to check if this is what you had opted for.