The lifestyle that we follow these days has seen a major increase in convenience, which in turn has led to dependence on technology and effort saving, resulting in an overall sedentary lifestyle. Add to that, the rise in incidences of lifestyle diseases as well as in healthcare costs has been contributing to the lack of proper treatment and even early deaths.
Such situations can be avoided with adequate medical coverage, but that too comes with numerous stipulations which lead to people buying improper coverage. Avoiding the most common health insurance mistakes that people make is the first step to ensuring that you are well covered. Here’s how you can steer clear of making some of the most common health insurance mistakes:
Don’t Assume That You Don’t Need It
A recent study shows that almost 82% of the urban middle-income Indians don’t even have health insurance. Being young and healthy may make you feel that you don’t need health insurance, but it’s better to buy insurance when you don’t want it, rather than falling short when you need it. Life is unpredictable. It’s smart to be prepared.
Familiarize Yourself with the Jargon
You don’t need to swallow the glossary that comes with the insurance, but you still need to go through it once, to make sure that you are familiar with the official terms that are used in the policy. If you come across words (co-pay, deductible, etc.) that you don’t understand, make sure you look the word up.
Make Sure the Coverage Is Enough
Don’t blindly buy the first insurance that is offered to you, just because it has low premiums. The study also highlights that out of all the people who have health insurance, 17.8% of them can only get coverage for less than 67% of the expenses they might incur in medical contingencies. Always assess your medical needs and compare plans to find one that would be perfect for you.
Pay Attention to the List of Network Hospitals
Insurances come with a list of network hospitals that offer cashless services. Go through this list thoroughly to see whether your preferred hospital is on the list, whether there are network hospitals within reach from home and work, whether hospitals outside your state are included, etc. You will of course get reimbursement if you go to an out-of-network hospital, but the process will be unnecessarily longer.
Read the Fine Print
Insurance, at the end of the day, is a contract. Always make sure you go through the fine print, the inclusions, and more importantly, the exclusions.
Never Conceal Your Medical History
People often feel the need to hide their medical history, as they feel that disclosing pre-existing diseases or other issues might result in an increased premium or even policy rejection. This qualifies as a fraud and may even result in a claim getting rejected. Always have transparent dealings when buying insurance.
There is no doubt that having proper medical insurance is a necessity these days, but having adequate coverage is equally important. A health insurance policy can provide a lot of support, financially, when it comes to medical contingencies; make sure you protect you and your family, and that you avoid these common health insurance mistakes.
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