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Mistakes to Avoid While Buying Health Insurance Plans

Posted On : 22 June 2023, 9 Months Ago. Health-Insurance
Mistakes to avoid while buying health insurance plans

Mistakes made during the process of buying a health insurance plan can land you in a tough spot when you need to access this cover. Buying a health insurance policy comes at a significant cost so ensure you are avoiding mistakes that make you choose the wrong policy.

 

Mistakes to Avoid While Buying Health Insurance Plans in India

1. Choosing not to Compare Health Insurance Plans

Ensure you are getting the most from your health insurance premiums by choosing to compare health insurance plans – you may have made up your mind to invest in one company but that company may offer different covers. Ensure that you read about the features of all top product and compare these plans.

 

Most people know this for a fact but few actually carefully go through policy documents in detail. Look at plans yourself, by taking the time to carefully go through policy inclusions, exclusions, terms and conditions.  This slow but thorough process works like a charm to help you discover the policy best suited to you. Here is a handy guide to comparing health insurance plans carefully. 

 

2. Sharing Outdated/Incorrect Medical History

One of the common health insurance mistakes that prevents your application from being taken into consideration altogether is sharing incorrect medical information with your insurance provider. This can be an honest mistake but appears to insurance providers as a sign of negligence, even when unintended. Messing up medical information also lengthens your application process by an infuriating amount making just buying a health insurance policy tedious. Avoiding health insurance mistakes that involve medical information will not only save you time in your application process but also make you a trustworthy applicant in the eyes of your provider.

 

3. Not Getting Enough Coverage

When you compare health insurance plans, you may be tempted to reduce the burden of health insurance premiums by going for a cheaper policy. The downside of going for a cheaper policy is that your coverage is limited. This is one of the common health insurance mistakes that can cost you lakhs of rupees in times of need just because you were trying to save a few thousands. Your health insurance premiums should go to a place where they actually come in handy when you or a insured loved one needs them. If your policy is only good for really limited situations, you are probably better off not having one at all. Choosing comprehensive coverage is an indispensable aspect of getting a health insurance cover.

 

4. Not Considering Add Ons

Beyond a basic cover, one of the benefits of health insurance is that it can be customised to the health needs of different customers. You, or a loved one, maybe  vulnerable to some kind of medical condition that is not covered by a basic health cover. In this case, you can always opt for a critical illness rider. This ensures your policy covers the illness that runs in your family that has the potential to flare up and become a financial burden for you. Health insurance covers a lot more than you think. Always look at add on options as a serious investment to enhance your cover, provided you can afford this enhancement. This ensures you are truly capitalising on the benefits of health insurance.

 

5. Skimming through Policy Documents

Not reading the fine print is among the costliest health insurance mistakes one can make. You may literally sign papers for a policy that excludes something that is relevant to you or your family. Or the way in which you receive payouts from your policy may not be suited to your taste. Ultimately, health insurance is an investment. Each year you will be paying health insurance premiums towards your policy. Reading exactly what is and, more importantly, what isn’t covered goes a long way. Avoiding health insurance mistakes like skimming the policy documents is not only a safety net against a deceptive provider but also helps you cherry pick the perfect insurance for yourself. 

 

Conclusion:

Health insurance can be tricky to choose from with so many options on the market. To make the process easier, choose from the six different health plans available on Niva Bupa. With Niva Bupa, cashless claims are processed in just 30 mins or less. You also get access to a network of 5700+ hospitals across the country without third parties involved in your claim process. 

Secure your health with comprehensive insurance plans from Nivabupa

Tell us a bit about you

Whom are you buying for ?
Myself Icon Individual
Wife Icon Husband & Wife
Family Icon Family
Enter valid name
Enter Valid DOB
OTP sent Resend OTP
otp icon
OTP Expires in
I authorize Niva Bupa to call me. This will override your existing registry in DNCR. I want to get my quote and policy details on WhatsApp.
FIND MY PLAN