Mistakes You Should Avoid While Buying Mediclaim Policy
Updated On Jun 11, 2021
Table of Contents
A mediclaim is a health insurance policy that covers your hospitalization charges and other costs incurred during the treatment. It is important to buy a mediclaim at the right age so that you can get quality treatment in the future, without paying a large sum of money from your pocket. It can, therefore, be considered the backbone of your healthy life.
With numerous plans and policies available, it is possible to consider and reconsider your plans to get the most appropriate one for yourself. Various factors like your present budget, pre-existing ailments, and family members must affect the choice of your health insurance plan.
Common Mistakes To Avoid While Buying A Mediclaim Policy
To avail maximum benefits of the medical insurance policy you must choose the right health insurance policy. Let us look at some of the mistakes that you should avoid while purchasing a mediclaim policy:
Insufficient CoverageWith the increase in the amount of premium, the cost of claim coverage increases. Often, in order to save some money people end up buying the policies with low premiums, resulting in them getting less claim amount, which in most cases is insufficient to cover the costs involved in the hospitalization and treatment. Therefore, make sure that you buy a policy whose claim amount can suffice your need at the end.
Explore Beyond Basic CoverAlong with the basic cover of the insurance plan, some extra riders and add-ons are available in the market. But, policyholders usually do not give up the idea of the basic insurance plan as it saves them some amount of money. It is always possible to have a critical illness rider or personal accident rider as it covers extra costs in different situations which a basic plan might fail to cover.
Not Sharing Medical HistoryAny medical history or genetic illness should be concealed from the insurer at the time of purchasing the mediclaim. If the medical history is not declared then, at the time of an emergency, your health insurance plan will fail to cover the expenses with regard to that illness.
Not Considering Other InsurersPolicyholders usually hesitate in switching their insurers while renewing the health insurance policies. You must always look at the different plans and covers offered by the other companies as it gives you a plethora of options to choose from.
Overlooking ExclusionsWhile buying a health insurance cover, you must read all the documents carefully, including the small prints in the corner of the page. You must not overlook the exclusions made in the policy cover as it is vital. You can always avail a free look period at the time of buying the health insurance coverage and go through the terms and conditions properly.
Not Buying Personal MediclaimCompanies offer their salaried employee an insurance cover of the predefined claim amount. Most of the time, people rely on such insurance covers and do not buy one of their own. The insurance covers purchased by the company for their employee are fixed and are unrelated to the medical history of the employee. Therefore, at the time of the claim settlement, the employee must not get enough to incur the costs of treatment.
Tool for Saving TaxAs we know that premiums paid in insurance policies reduce the taxable income under the Income Tax Act. Therefore, many individuals purchase health insurance policies to save themselves from the tax in lieu of their future health security. Health insurance policies of this kind are not beneficial and even a penny invested in them does not bear the fruit.
Buying a mediclaim is for one’s own benefit. It has numerous benefits and is very prominent among individuals these days. Any kind of mistake in the case of buying medical health insurance can result in your loss. In order to avoid such a condition, keep in mind the above points.
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.