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Buying Health Insurance Policy

However, there are few things which can help to avoid making these mistakes while buying a health insurance policy.

  • Relying only on the group insurance provided by the employer

Many a times, professionals do notbuya separate health insurance policy as they are already covered under the corporate plan. But despite of being covered by a group insurance policy, there can be a time lag in between job switch or unwarranted situations like unemployment wherein he and his family can be uninsured.

  • Insuring your health too late

Buying a health insurance plan at an early age has its own sets of benefits. In the early ages, you will be less prone to diseases and there will be no pre-existing medical ailments, which will result in lower premiums. Availing a policy late in life might require medical check-ups and also, a rise in premium.

  • Co-payments and Deductibles

In co-payment, the policy holder accepts to pay a fixed percentage of the hospital bill from his pockets. In return, the insurance service provider takes lesser premium. Co-payment can be a compulsory clause in the senior citizen health insurance plan.

Deductibles are like co-payments, the only difference being is in deductibles, a fixed amount is specified in the policy document instead of a percentage.

Co-payment as well as deductibles is cost-sharing clause in health insurance policy. A person buying a health insurance should avoid such clauses.

  • Hiding Information regarding your health in the application form

Providing correct and accurate information regarding the policy holder’s and his family member’s health is vital to the insurance company. It provides a peace of mind to the person buying insurance and helps the insurance company to calculate the appropriate premium. While applying for a health insurance, avoid filling inaccurate or false information which might lead to confusion and non-entertainment of claims.

  • Comparison of policies on the basis of premium

Generally, people compare two products or services on the basis of price. But in case of health insurance, a low premium by the insurance service provider might mean exclusion of certain disease. Exclusion of diseases means there could be few ailments which you or family can be impacted due to family history or lifestyle. Such health policy might not serve the purpose for which you have bought them and in case of illness, you might end up paying the hospitalization expenses from your pockets.