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Health Insurance 347 views October 19, 2021
Despite the growing advertisements telling how important it is to have health insurance to counter seriously high medical expenses, a lot of us are still not having the same. By continuing in this fashion, you risk losing your savings towards healthcare expenses should you face a medical emergency later. Even many who have health insurance are paying much more through the premium courtesy starting late. And some commit other health insurance mistakes and suffer as a result. But the key is to realize mistakes quickly and correct them soon, helping you bounce back and live a normal financial life. And for non-starters, the key lies in understanding the dynamics of health insurance to prosper ahead in their lives. We’ll introspect some of the common health insurance mistakes here. You could thus read further and get a feel of what to do.
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Paying a higher premium than others, having to settle for less coverage and missing out on benefits due to ignorance are some health insurance mistakes that we’ll highlight here. In case you have committed the same, you could correct such mistakes too by considering the tips advised here. Let’s check the mistakes one after another.
Don’t take comfort from the sheer number of health insurance plans available for you. Instead, inspect them based on the coverage they offer and the premium you need to pay to get the same. Choose the plan that gives you maximum coverage for the least premium. Not only should your health insurance come with a high sum insured amount but also cover a wide range of diseases and conditions. In case you’ve gone wrong when choosing a health insurance plan based on these factors, look to port it to another insurance company offering you the best deal. For a successful porting, you need to request the new insurer some 45 days before the renewal date. The benefits acquired with the existing insurer will get retained in a ported policy.
Getting started early with health insurance is cost-effective for policyholders. The premium remains much lower when taking health insurance in the 20s compared to doing so much later. Call it the lack of awareness or negligence, most people take health insurance late in their lives and end up paying a much higher premium. The fact that the premium does not remain fixed in health insurance and rises periodically instead, having it early could help save substantially on your premium.
If failing to compare health insurance plans is a grave mistake, adding parents to a family floater plan is graver. The reason being the premium for such a plan depends on the age of the eldest member. In case your parents are aged above 60, premiums will rise way beyond your imagination. If we were to put a modest rise, it will be around INR 20,000-30,000 more when you don’t add your parents to a plan. And the fact that the premium rises periodically, the inclusion of parents will only make you pay MORE.
Don’t undo your spotless premium payment record by not intimating the insurance company on time. Many commit this health insurance mistake and have to deal with the brutal shock of claim rejection! Insurance companies stipulate the intimation requirements in the policy documents you receive from them. These requirements can, however, vary from one insurer to another. Generally speaking, one needs to intimate the insurer within 48-72 hours before a planned hospitalization and within 24 hours of emergency hospitalization. You can intimate the insurer by filling the pre-authorization form available at any of its network hospitals. At a network hospital, you can have cashless treatment wherein you don’t need to pay upfront for the treatment of covered injuries/illnesses.
In case the network hospital remains far away from your home or office, you can choose to get treatment at any other hospital. There, you need to pay your medical expenses and file a reimbursement claim after getting discharged from the hospital. Even in the case of reimbursement, you need to intimate the insurer and most likely within 24 hours of admission. Do check the policy brochures for complete information regarding intimation.
Failing to pay the renewal premium is one grave health insurance mistake that you can commit unintentionally too. Since health insurance is renewed every year, chances of missing the payment due date are very much there. Some due to a hectic schedule can forget so and end up getting their policy lapsed after a while. And with that, the benefits of the policy would cease to exist. Given how we all have got busy with our routine, why not get the automatic payment activated on our health insurance premium and prevent such undue lapses?
Reading the health insurance fine print is vital to make the most of benefits that you may not know outrightly. Also, you will become aware of the terms and conditions for such benefits. This will help you make an informed decision. However, some don’t pay attention to the same and, therefore, fail to maximize. Do review the terms and conditions of a health insurance policy during a free look period of 15 or 30 days. Many don’t do this and end up with a policy having unfavourable terms and conditions. Not only can you review during this period but also cancel the health insurance policy on finding it unsuitable. You can state the reasons for your objection in a letter to the insurance company.
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