While checking various health care policies, we are spoilt for choice making it difficult for us to know which policy would be the best suitable. Should you go in for a policy which is the cheapest of them all with low premium or opt for more specialized policy covering any pre existing diseases? Let us take a look at various aspects of health insurance including a list of common mistakes to avoid while signing up for a health insurance plan.
Depending on Employers Group Policy:
I already have a group insurance from my current employer, why do I need health insurance? This is how most salaried individuals think. What a lot of people fail to understand is that the group insurance offered by their employers may not cover everyone in the family including spouse, children or parents. Usually most group health care insurance companies either cover parents or spouse and seldom both. It is therefore essential to always check the total amount of health cover, the nature of illness or disease covered and the family members being covered by the policy.
In case the group policy offered by the employer is not sufficient, make sure to get an independent health care policy for the family immediately. Having an independent health care policy also assures of a protective cover in case one decides to find another job and the transition period between two employers.
Don’t Forget to Compare Health Insurance Polices:
There are a large number of health insurance service providers active in the Indian insurance space today, Make sure to shortlist the best health insurance polices of each service provider and do an active comparison before finalizing the best policy. From premium to features and benefits compare each aspect of the health care policy in great detail to make sure your personalized requirements are being taken care of. A lot of people do not compare health insurance policies and usually opt for the one suggested by insurance advisors, friends and colleagues or one with the lowest premium. Selecting a right health care policy must be a top priority as opting for a wrong policy may not offered the desired protection in the long term.
Low Premium is not always the Best:
The golden rule for selecting a right healthcare policy is to understand that cheapest policy may not necessarily be the best. Indians always like to bargain for a product and the cheaper the price, the higher the sales. Make sure you stay away from low premium polices as they are likely to offer limitations in terms of diseases covered have a day wise cash limit and a high co payment policy. Low premium health care policies also have a very limited network of empanelled hospitals which may not appear to be a big problem but can turn out to be a genuine issue later on. Make sure to check the experiences of other policy holders, the claim experience as well as customer service history of the company before selecting any health insurance policy.
Do not opt for Low Sum Assured:
Sum assured is the amount of cover offered by the health care policy for one year. The premium is calculated according to the total sum assured. A large number of people make the mistake of opting for a lower sum assured in order to reduce their annual premium. Always make sure that the sum assured is adequate enough to cover any medical emergency or it defies the purpose of health insurance. Consider the rising medical costs in the country and inflation while reaching a final figure for the total sum assured.
Check for Pre Existing Disease Cover:
A large number of health insurance policies do not cover any pre existing diseases. If you are suffering from any pre existing diseases make sure to never hide your disease from the service provider and choose the most suitable policy. Some health insurance policies have a time period after which they allow pre existing disease cover. Others include cover for pre existing diseases may come with a higher premium but eventually turns out to be beneficial in the long run.
Reading Terms and Conditions Carefully:
Read the terms and conditions of the health care policy carefully before signing the dotted line. Make sure you are aware of the certain essential parameters including the sum assured, premium to be paid, the features associated with the policy, the types of disease covered, the network of empanelled hospitals etc before signing up. In case of any doubt make sure to ask the service provider or the policy advisor for complete clarification to avoid any dispute in the long run.