Medical insurance is inevitable in today’s world. If you do not want hassle during the time of emergency, you would invest in one of these plans. When an emergency occurs, your priority is to save your patient. You may not be able to think about which hospital to choose, where the treatment will be best, etc. In this harakiri, you end up admitting your patient to the wrong place where the treatment is not up to the mark. So, it is always beneficial to choose medical insurance beforehand, which will take care of the rest.
Since many insurance companies are there, talking about their plans and offering lucrative coverages, you may get confused. In this confusion, you end up making mistakes. So, here, we came up with 5 major mistakes you may make while choosing a medical insurance plan. Please read on and avoid making these in the hour of emergency.
Lower sum assured: When we buy a plan, we mostly think about the coming year and do not plan for the future. Healthcare costs are increasing exponentially, and you have to look for a medical insurance plan where the sum assured is very high. You may need to pay a little more premium for this plan, but your future is secured.
If you have your family members along with you, you should look for the best affordable family health insurance plans for them. But do not fall for something that ends up costing you less money in an emergency. Since your family members are with you in this plan, you must pay multiple bills in different hospitals. So, do not make this mistake and look for a higher sum assured.
Not paying attention to Deductibles: Every insurance plan out there comes with some deductibles and co-payment clauses. This means the company will not pay some of the items in your final bill, and you must pay at least 10-30% of the total bill. This comes with the clause that most of us ignore when choosing the medical plan. You need to check the plans and choose one with the least deductibles and co-payment percentage.
Ignoring waiting periods and other exclusions: We all buy medical insurance for an emergency. But most companies do not offer you any service in the first 2 years. That means you have to wait for 2 years to get any service from their end. Also, companies come with an exclusion list. Here, they will not pay for certain pre-existing illnesses. You need to go through this before finalizing them as your medical insurer.
Not informing the insurer about your previous health conditions: Sometimes, people think that concealing their medical condition is viable at the time of buying a medical insurance plan. They think revealing their medical condition may affect the sum insured or the premium value. But if the company finds out about your underlying medical conditions, they may deny your claims, and you will have to pay a lot in the hour of emergency.
Not checking the plan properly: Every insurance company offers you a free look period after you purchase a plan. Many of us do not pay attention at the time of explanation, and we do not understand what we have bought. So the insurance company gives you some papers and asks you to go through those. If you find any clause that doesn’t fit your expectations, you can cancel your plan, and the company will refund you.
Conclusion: Medical insurance comes with legal agreements that you make with the insurer company. Do not dare to hide your health conditions before the insurer, and do not forget to ask any doubt you have in your mind while purchasing the best affordable family health insurance plans.