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Typical Errors Indians Make While Buying Health Insurance
‘To err is human and to forgive divine’ is a very common saying. Yes, we are humans and we tend to make mistakes. A simple lack of knowledge or an unintentional action causes an error and then it is up to us to find a fix. Being aware of the mistakes that we subconsciously make can be the first step in avoiding them.
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- Typical Errors Indians Make While Buying Health Insurance
Even when we buy a health insurance plan, we make certain typical errors due to the technical nature of the plan and our lack of know how. A health insurance plan involves various technical details and demands a thorough understanding. Most of the times we feel that we have understood the concept and are confident in making the right choice while buying health insurance, there is where simple errors take place.
When we spend our hard-earned money in buying health plan, it is important to check that it is utilized in buying the right and the best health insurance plan. Difficult as it may sound, enlightening oneself with the cause of these mistakes and rectifying it is not a hard task. Identifying those key errors is all it takes to land the best health insurance plan.
Do you know what these common errors are that people commit while buying a health insurance plan? No? Let’s discuss.
- Buying what the friend/relative bought - The most erroneous decision is to buy what others have bought. Does one size fit all? If not then how can one plan suit all? If that would have been the case there would have been just one plan in the market today. Your needs and requirements are different from the requirements of your friend/relative. You should buy a plan which would provide coverage suitable to your family and lifestyle rather than blindly following the choices that others made.
- I don’t need health plan when I am young or healthy - The youth think that no ailment would touch them because age is on their side. Well, they couldn’t be more wrong. The data published by the WHO states that the younger generation is becoming increasingly prone to lifestyle ailments given the modern lifestyle choices they make. So buying health insurance when you are young should not be dispensed with. On the contrary, buying young makes more sense as you can enjoy a more comprehensive coverage and that too at a lower premium.
- Buying a lower coverage - Those of us who are even aware of the importance of health insurance get trapped in the mistake of opting for a lower coverage. A lower coverage is as good as no coverage. In any emergency, the plan would not be sufficient to meet the claim and the effectiveness of a health plan would be lost. An optimum coverage is needed if you want to actually want to reap the benefits of your health plan. If you are worried about the premium incidence, buy a top-up or a super-top-up plan to enhance your coverage but ensure that the level of coverage chosen is optimum.
- Excluding parents from coverage - We often tend to ignore our parents while buying a health plan for us. Your parents require a health plan too especially since they are at higher risk of medical contingencies. Covering them would be wise as they would need medical aid frequently. Buying a family floater health plan would be the ideal choice and including the parents in the coverage would be the correct decision.
- Comparing premiums rather than plans - Every health plan has a different premium and basing the buying choice only on the plan with the lowest premium is foolish. Low premiums also limit the coverage extended. So, when buying a plan, compare the coverage options available choosing the one which has the features which suit your requirement.
- Trusting the agent blindly -The agent does help you in completing the formalities associated with buying the plan and also at the time of claim. However, the agent represents only one company and might not have the plan completely suitable to your needs. Moreover, there is also a matter of limited choice when buying through the agent. A broker, on the other hand, is in a better position to offer you better plan options so that you settle on the one which is the best for your needs and even on your pocket.
So you thought you didn’t commit any mistakes when buying a health plan, didn’t you? Well, though not deliberate, mistakes tend to happen. But now you are forewarned and forewarned is forearmed. So protect yourself from committing these afore-mentioned mistakes and for sure you will end up having the most suitable plan for yourself.
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**All savings and online discounts are provided by insurers as per IRDAI approved insurance plans. #Tax Benefits are subject to changes in tax laws. GST Exemptions depend on fulfilment of qualification criteria and submission of relevant documents.
*₹1748/month is the starting price for a 1 crore health insurance for an 18-year-old male, with no pre-existing diseases. Discount on renewal premium is subject to the number of wellness points earned in the health insurance policy. For more details about the plans, please read the sale brochure carefully to get upto 100% discount on renewal premium.
*₹400/month is the starting price for ₹ 5 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases
*₹541/month is the starting price for ₹ 10 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases
*₹762/month is the starting price for ₹ 1 Crore Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases
*₹243/month(₹ 8/day) is the starting price for a 5 lakh health insurance for a 20-year-old male, non-smoker, living in Bengaluru with no pre-existing diseases
*₹2020/month is the starting price for ₹ 1 Cr Health insurance for a 50 year old male & 50 years old female, living in Bangalore with no pre-existing diseases rounded off to nearest 10.
*₹390/month (₹13 per day) is starting price for 1 cr. Health insurance for 25 years old male, with pre-existing diseases, residing from tier 1 city rounded off to the nearest 10.
*No medical tests are required unless requested by the insurer’s underwriter. In-case of pre-existing diseases relevant medical proof would be required as per the terms and condition of the policy opted.
*The values taken for effective cost calculation are indicative values and may change as per the selected plan.
*Coverage upto double the amount of Sum Insured is available on certain covers for a minimum plan of Rs. 5 Lakh on the first claim only to an individual of upto 45 years of age with no pre-existing diseases. The benefit is available with or without extra cost depending on the plan chosen.
*Coverage of pre-existing diseases is provided by insurer as per their underwriting policy.
*The scope of coverage may vary from plan to plan.
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