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Posted by Royal Sundaram on 28 Sep 2020
Life sans health insurance is possible, but definitely not advisable. At a time when medication and hospital charges have been steadily growing, the need to insure yourself and your family in order to be safe in times of a health emergency is imperative.
As a result, people are increasingly opting for health insurance policies with the hope that they will successfully be able to minimise the risk that sudden health-related contingencies involve. However, choosing health insurance is a task that needs to be done diligently after taking into consideration every benefit and probable points of contention.
It is also very important to avoid some common mistakes that many people end up making while availing a health insurance policy. Let us discuss some of these common errors that you should avoid while looking for the perfect health insurance policy cover.
Not considering diseases which are excluded from the health insurance policy
While purchasing a health insurance policy, one of the most common mistakes that people make is not going through the list of diseases which are excluded from the policy. At times this also happens because of non-disclosures by the insurance company.
However, renowned companies such as Royal Sundaram, have been providing health insurance services for several years and have specific diseases which are excluded from the policy. The person buying the policy is intimated of these details at the very beginning.
For example, if a person intends to buy the Lifeline Classic, one of the most popular and flagship health insurance plans offered by Royal Sundaram, he/she just needs to read the terms and conditions to know the diseases which are excluded from the policy. A little diligence before purchasing a health insurance policy and the patience to read through all terms and conditions goes a long way towards making your future safe and secure.
Hiding pre-existing diseases from insurance company
It is very normal to suffer from a pre-existing medical condition at the time of availing an insurance policy. But many people purposely try to hide their medical history from the insurance company because of the apprehension that their claims might get rejected or they may have to a pay higher premium amount.
Try to avoid making this mistake, so you do not suffer in the long run. When an insurance company gets to know that a customer had hidden facts about their previous medical history, the chances are that all your future claims will get rejected.
It is recommended that you be honest to the insurance company at the time of availing the policy. This will help to build trust between the two parties. There are also companies such as Royal Sundaram, that put immense emphasis on customer satisfaction and after knowing full facts about your medical history, can actually suggest ways to solve the issue. Therefore, one should avoid providing wrong information or non-disclosure of pre-existing illnesses at the time of purchasing the policy.
Not paying attention to limits and sub-limits on hospitalisation & medicine bill charges
Limits and sub-limits are integral parts of every insurance policy, and it is important that before purchasing a health insurance policy, the customer reads and understands every small detail about them. These limits vary for every policy and if overlooked, can later have a significant impact after the policy is purchased and availed by the customer.
At times, there are limits and sub-limits on inpatient hospitalisation and medicine bill charges. If a patient is under the impression that the health insurance company will pay all the expenses for hospitalisation and later comes to know that there is a limit set by his policy, it can disrupt his/her calculations.
It is because of this reason that every person purchasing a policy should take due care to read all the limits and sub-limits in the policy.
Availing insurance of a lower value
This is perhaps the most common folly made by people looking to purchase a health insurance policy. Every person’s medical history is different, and the chances of medical contingencies rising in the future also vary for each individual.
At times many people misunderstand their actual needs and instead, end up buying a policy with a lesser value than what is appropriate for them and their family. As a result, when health emergencies arise and they need to take the policy benefits, the value paid by the insurance company is not sufficient to meet their requirements.
It is true that by purchasing a cheaper policy, one may end up saving money in the short term, but it doesn’t help in the long run. Therefore, every person should carefully purchase a health insurance policy according to their needs.
Some insurance companies help customers select a policy that is suitable for their profiles. Royal Sundaram’s health insurance plans such as; Arogya Sanjeevani Policy are also custom made for a large array of demographics. Each person interested in purchasing a policy is assigned a customer care agent who, after interacting with them, suggest them a policy which can be the most beneficial in the long run.
Importance of avoiding mistakes when buying new health insurance
It is of utmost importance to avoid mistakes while buying new health insurance policies. Health emergencies can be a tough time for families, so never compromise on quality. One way to hedge this risk is to trust only credible insurance companies which have, over time, catered to many people. And never forget to read and understand all the benefits and drawbacks before purchasing a health insurance policy.
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