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Typical Errors You May Make While Buying Health Insurance

Updated On Feb 11, 2021

When it comes to purchasing a health insurance , you may get confused, especially if you are  a first-time buyer

Being completely new to the health insurance world, you may tend to keep your medical needs on a backseat, mix up a lot of terms, miscalculate premium, and more. 

Even some people with an existing health insurance policy, ignore a couple of significant factors while making a second choice. 

Needless to say, choosing any health cover that comes at a low premium or the haste of reaching the decision, may end up you having an unfavorable health insurance experience. 

If you are about to invest in a health insurance plan, make sure you are not in the same boat as many. 

To ensure the same, it is advisable to keep an eye on the below mentioned health insurance errors made by other customers while buying health insurance. 

When buying a health insurance policy, do not:

  • Refrain from researching the health insurer - A good health insurance policy is nothing less than a boon. Still, it is important for you to check all about the health insurer offering that specific policy. Going through an insurer’s claim settlement ratio, incurred claim ratio, list of network hospitals, number of policies issues, and other aspects is advisable to be sure of the investment.  

  • Avoid policy comparison - You may have found the best policy that fits all your medical and financial concerns to a tee. Still, go ahead and perform a policy comparison so as to learn about other policies. Performing a comparison will help you make the perfect decision rather than a hasty one. Don’t forget, even a slight difference in features, benefits, premium cost, and other aspects can make a huge difference in the end. 

  • Ignore the need for a personal cover - What if you may be covered by your employer under group health insurance? Do not avoid taking a personal cover just because you think it would be a waste of money. Your personal health insurance cover will save you from medical expenses even if you quit your job. 

  • Consider only tax benefits - There’s no doubt that tax benefits are a crucial part of health insurance policies, however, it does not mean that buying health insurance just for the sake of saving tax is right. Solely considering tax benefits will lead you towards a wrong decision and purchasing a cover that may not prove to be worthy at the time of a medical emergency. 

  • Over insure yourself - Being carried away at the time of health insurance purchase is the worst you can do to yourself. There would be multiple treatment costs, bearing which would be possible for you. Likewise, there would be numerous costs, handling which won’t be feasible for you. It is advisable to expect less from your policy and only invest in for expenses, managing which would be a major issue for you. Remember, adding too much to your policy will only increase the premium cost, paying which could become an issue for you in the future.

  • Buy just the basic cover - You may have thought of saving premium on your health insurance policy. But, selecting the most basic cover just to save on premium would lead you to nowhere. It is advisable to invest in some add-on covers so as to increase the comprehensiveness of the policy. Choosing add-ons, specifically related to accidents and critical illnesses will earn you an extra amount apart from your basic insurance cover so that you are capable of paying expensive medical bills of the hospital, in case something critical happens. 

Learn the Importance of Add-on Covers with Health Insurance Plans

  • Opt for low sum insured amount - While a low sum insured amount may mean low premium to you, the fact is that choosing a low sum insured amount can lead you in serious trouble. You may be thinking of reducing your annual premium by choosing a low sum insured amount, but what would you do in case the low sum insured amount turns out to be insufficient of covering medical emergency? Don’t you think low sum insured amount would defy the whole purpose of health insurance at that time? 

  • Ignore the zone-based premium price - You may find many policies priced based on per city zones. Remember, in comparison to those living in tier-I cities, the premium will be less than for those living in tier-II and tier-III cities. It is advised to check the zone-based premium price, as many insurers restrict policy coverage if a policyholder moves from a lower zone to a tier-I city for advanced treatment. 

Also Read

Hidden Clauses in Fine Print of Health Insurance Policies

Typical Errors You May Make While Buying Health Insurance

At Last 

Always be serious about your health insurance policy purchase. 

There are many errors that people commit just because of ignorance or haste at the time of buying a health insurance policy. 

Make sure you are not one among them. 

If in need of any kind of help while making your health insurance selection, let us know about it at 7551-1969-89.

Our InsuranceDekho experts would be happy to offer help! 

Don’t forget to take a look at Tips to Avoid Common Health Insurance Purchase Mistake

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