Do’s and Don’ts of Health Insurance

With healthcare costs rising steeply year on year and the increase in lifestyle diseases, health insurance is no longer an option but a NECESSITY. If you’re looking to purchase health insurance, here are some do’s and don’ts to keep in mind.

Do’s

• Do understand your requirements – No one size fits all when it comes to health insurance. Analyse your medical needs – age, medical history, medical hereditary, coverage needs to purchase the right plan for yourself and your family.
• Do understand the policy's terms and conditions – Make sure that you go through the policy document carefully to understand the coverage, waiting period, exclusions, etc. This gives you a clear picture of what's included and what's not covered under the plan.
• Do your research – Just like any other financial product, you need to do your homework analysing the available choices in the market and choosing the right plan that best fits your medical needs and budget. Click here to receive free quotes of the best health insurance plans on the market.
• Do check the network hospitals – Look for a plan that helps you get treated at your preferred hospital.
• Do consider other factors like lifelong renewability, waiting period, coverage for pre-existing diseases, ease of claims, the insurer's reputation, etc.

Don’ts

• Don’t hide your medical history – Very often, people hide their medical history (smoking, pre-existing diseases, etc.) to save a few bucks on the premium costs. This can end up backfiring, as your claim may not be accepted if you falsify your medical history.
• Don't forget to renew the policy on time – Delaying policy renewals can nullify your health insurance, requiring you to apply for a new plan.

Despite being a necessity, health insurance is often neglected. Do not delay health cover. Compare the different plans available and choose the best one that offers the right coverage for you and your family.