Health insurance has become a necessity for people of all ages and backgrounds. With medical costs increasing daily, health insurance is the most economical way to safeguard yourself against unforeseen medical expenses.
In today’s digital world, it has become very simple to buy health insurance online. Though very easy, buying health insurance online must be cautiously approached. Let us look into some common mistakes to look out for when you buy medical insurance online.
Mistakes to avoid while buying health insurance online
1. Insufficient research
Insurance policies have specific terms and conditions. Before you buy medical insurance online, understand the policy terms completely. It is also essential to compare different policies before you buy Mediclaim online. Based on your family’s current and anticipated health needs, you can choose plans like family medical insurance or special insurance for seniors or infants.
2. Not ensuring adequate policy coverage
Your insurance premium will depend on the coverage you want. Unfortunately, this is where most people try to skimp on money. Though an annual higher premium may seem expensive, the cost of insufficient coverage could be exorbitant.
Having adequate coverage on your health insurance means ensuring it will cover regular health check-ups, hospitalisation expenses, including ICU charges, room rent, surgery charges, medicines and tests, and pre-and post-hospitalisation charges, including diagnostic tests, doctor visits, follow-ups, etc.
3. Non-disclosure of medical history
Your medical history plays a significant role in fixing your insurance premium. Even though it may seem smart to hide your medical history to lower your premium, remember that your claim could be rejected by the insurance company when they get to know about it later. So provide all relevant and required information honestly when you buy health insurance online.
For example, high-risk lifestyle habits like smoking and excessive drinking or a family history of heart issues or diabetes can attract higher premiums. When you don’t disclose them when you purchase health insurance online, the company may reject your claims when your doctor’s findings mention them. This means you’ll have to personally cover the expenses over wasted premium payments.
4. Ignoring the fine print
Yes, insurance policy documents do not make for interesting reads. Generally, when presented with a long and wordy online document outlining terms and conditions, we are used to blindly clicking on the “I Agree” and submitting the form. But when you buy Mediclaim online, this could become a costly mistake.
Insurance policy documents describe in great detail all the possible inclusions and exclusions of the policy. So reading and understanding the document fully before you buy health insurance online is indispensable. It’s the best way to utilise your insurance to the maximum when needed or even know what will and won’t be covered by the company.
5. Not fully understanding your co-pay agreement
Co-pay is when you cover a specific percentage of the final bill, and the insurance company only pays the rest. While a higher co-pay clause can reduce your premium considerably, it may not always be ideal. For example, if you are older or faced with a medical emergency, a higher co-pay could strain on your finances. So when you buy health insurance online, buy a policy that offers a good balance of the co-pay clause and the premium.
6. Not taking into account the sub-limits
Some policies will have a sub-limit or fixed cap on the different components of a claim. For example, your policy could have a cap on hospital room rent, consultation fees, post-hospitalisation charges, etc. If these components cost over this limit, the difference would come out of your pocket. A policy with sub-limits can attract lower premiums but ultimately cost you more. So consider your policy’s sub-limits before you purchase health insurance online.
7. Not getting a personal coverage
Most people remain content with the medical insurance provided by their employer. While this may seem smart, you never know how your employment status could change in the current corporate scenario. Medical expenses could plague you even when you’re in-between jobs. So it is important to have medical insurance independent of your employment status.
Also, your employer’s basic insurance package may not provide adequate coverage for your entire family. In such cases, you may need to top-up your insurance package or get additional medical insurance.
To sum up
Getting health insurance is not just to check it off your to-do list or save your taxes. You need to invest time and effort in looking at different options and going through their terms with a fine-toothed comb to get the most out of an insurance policy. You can also reach out to your provider’s insurance agent to help you understand the policy better before you buy medical insurance online.
At Tata Capital, we offer attractive and comprehensive health and wellness insurance plans to ensure holistic well-being. Contact us today to know more about our affordable and flexible insurance plans.
04 April 2023
5 mins read
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