Mistakes to avoid while taking Health Insurance

These are some of the most common mistakes made while taking a health Insurance Policy. Learn from mistakes made by others and avoid them:

• Selecting a Health insurance policy without comparison with other Policies in the market

The first policy you come across may not be the best one for you, dig deeper and research in order to find “the one” for you.

• Selecting a Policy without understanding the Policy conditions

Reading the policy fine text will make you aware of the entire policy and prevent you from getting your claims rejected. 

• Thinking Short term

• Thinking only in terms of Prices

A Cheaper Policy might not always be the best one; Premiums should be proportional to the benefits. 

• Hiding information from your Insurance Company

Ex. Not giving your correct medical history. Numerous claims are rejected on the basis of the insured not being honest with the Company. 

• Depending only on Group Policy for your entire Health Plan

Chances are that your employer suddenly decides to cut down the benefits or discontinues the plan altogether. You might also leave your job for a better prospect. Have an alternative health insurance policy in case for security. 

• Not reading the Exclusions

Read the benefits but don’t forget to read the exclusions. Find about the diseases and Conditions that are not covered by the Policy, before getting a rude shock and a huge bill. 

• Blindly trusting  your Insurance agent

Checking whether the agent is licensed by IRDA will save you from being duped. 

• Forgetting to get full credit towards your tax benefits
  

You can get tax benefits on the premiums on health insurance with respect to section 80D up to a limit of Rs. 15, 000 and up to 20,000 for senior citizens....read more

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