Health insurance is a kind of insurance that offers coverage against medical expenses such as hospitalization and surgery. The insurance coverage is offered in two ways.
In India, there is a lot of information as well as misinformation about health insurance. Regrettably, only 17 percent our population has a coverage for healthcare bill. It can be because only these people understand that healthcare expenses are getting costlier by the day, and they must protect their savings from any medically-induced financial emergency. The high cost of quality healthcare has made it very difficult for a common man to pay for his healthcare expenses. This is where a health insurance plan comes to the rescue. It is very important to buy mediclaim for senior citizen. Because of their old age and deteriorating immune system, they are prone to frequent hospitalization.
Most senior citizens have limited funds which can get syphoned off after a few hospitalizations. It is very important to buy a senior citizen health insurance plan to keep stress and unnecessary pressure at bay.
Buying a health insurance policy is a risky business. One wrong move can lead you to a financial crisis or force you to compromise on the quality of healthcare services.
Here are a few frequently committed errors while selecting a medical insurance plan and the ways to correct them.
Generally, people commit the error of selecting a plan based on its premium and deductible. These factors lure several insurance buyers. Such buyers are disappointed at the time of claim settlement as the coverage covers only a part of the expenses and the insured is supposed to bear the remaining amount from his/her pocket.
Correction- At the time of buying an insurance plan, consider your ability to cover the deductibles at the time of a health emergency. If you can’t do that, then go for a plan that comes with lower deductibles.
Our medical condition and medical history differ from our friends’ and colleagues’. Insurance expectations are so individualistic that your insurance plan might not fulfill the insurance expectations of your friend.
Correction- Before selecting a plan suggested by a friend or an acquaintance, check whether it fulfills your insurance expectations and medical needs. Compare it with other policies so that know what is offered in the insurance market and what suits your needs.
A large number of the people buy a health insurance plan just to avail the tax benefit. True, it does offer tax benefits, but the primary objective while purchasing a medical insurance plan should be the coverage of your health needs and financial protection against medical emergencies.
Correction- By focusing solely on tax, you will end up purchasing a health plan that doesn’t fulfill your health needs and will provide you with insufficient coverage.
Some insurance buyers falsify their health information while filling the proposal form. They think that it will save them from high premiums, or it will help their cause in acceptance of their proposal form.
Insurance providers check medical details thoroughly before giving a green signal. Also, some insurance providers conduct a medical screening before approving a proposal. In that case, your proposal is liable to get canceled.
Correction- It is important to disclose your medical information while filling out the proposal form and select the plan that is right for you.
Co-payment is a part of medical expenses that an insured has to bear by himself at the time of claim settlement. Co-payment and its terms vary from insurance provider to insurance provider.
Correction- Carefully read the fine print of the policy document and pay attention to the exclusions so that you don’t have any doubts.
Health insurance plans are purchased to have an extra line of financial defence against the ever-increasing healthcare expenses. The insurance premium varies as per the plan and the insurer. For example, a Bharti Axa health insurance policy can be different from its competitors and provide different benefits. One can become over-insured or under-insured very easily. Hence, you must assess your insurance needs and the risk associated with the particular insurance plan before finalizing it.
Buying insurance is not a rocket science. You just have to pay a little attention to the fine print and be aware of your insurance needs. Most importantly, you should compare various insurance plans so that you can come across the plan that offers maximum insurance coverage at minimum insurance premium.
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