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Five Mistakes to Avoid while Purchasing Health Insurance Policy

11 November, 2016

Of the many uncertain things in life, health seems to be among the forerunners. Truly, one cannot predict the occurrence of accidents, medical conditions, or illnesses. For the treatment of any, prompt medical care at hospitals or clinic is required to restore a person back to normal.


However, healthcare costs is rising at an alarming rate, thus making it difficult for an average person to avail the right treatment. To prevent the excessive costs of medical treatment from affecting your financial health, a Standard health insurance policy is recommended.


The Indian market is abundant with numerous health insurance plans. Thus to make the right choice while paying optimum premium, here are five mistakes which you need to avoid.


1.  Not Availing the right sum insured

Sum insured is the amount you will receive through the health insurance plan at the time of claim. Not being able to avail the right amount of sum insured will surely leave you underinsured. Therefore, in case of hospitalization, the sum insured will be exhausted early, thereby forcing you to spend money out of your pocket.


To avoid such scenario, it is recommended to avail the right amount of health cover.


2.  Not Knowing how your Policy works

Most of the times, the health insurance buyers are often not aware of how the policy works. Royal Sundaram health insurance clearly states the list of benefits and exclusions offered by each health plan on their website. It is recommended to understand the scope of coverage before purchasing the policy.


3.  Not Reporting any past illness / treatment or hospitalization.

All past history of illness and treatment availed for the same needs to be disclosed before taking the policy. This is crucial to enable the insurer to do a proper medical underwriting and suggest a suitable cover.


4.  Not Understanding the Extent of Each Cover

There are different covers available under a health insurance plan. Each cover has different extent of coverage, which is proportionate to the sum insured amount. Understand the extent of each cover before availing the plan.


5.  Not knowing the Duration

Most of the times, insurance buyers are known to insure themselves for a shorter duration, owing to the lower premium offered. Avoid such short durations as there are greater chances of you being left uninsured, owing to early lapse of policy.


Also certain illnesses have waiting periods before any cover is extended for the same.