Top Mistakes To Avoid When Buying A Medical Insurance Policy

Health Insurance - Medical Policy in Delhi NCR -

Medical insurance is an essential requirement to safeguard your health and that of your family. It ensures that you are protected from unexpected medical expenses and emergencies that can potentially cause financial strain. However, purchasing medical insurance can be a daunting task, especially if you are unfamiliar with the terms and conditions. 

Here are some top mistakes to avoid when buying a medical insurance policy, whether it is for senior citizens or family medical insurance plans.

Not Understanding the Terms and Conditions

The first and most significant mistake to avoid when purchasing family medical insurance plans is not understanding the terms and conditions. You should carefully read the policy documents and clarify any doubts with the insurance company or agent. Some of the crucial terms that you should be familiar with include coverage, exclusions, deductibles, co-payments, and pre-existing conditions. Understanding these terms will help you make an informed decision and avoid surprises later.

Choosing the Cheapest Plan

Many people make the mistake of choosing the cheapest medical insurance plan without considering the coverage and benefits offered. While it may seem like a cost-effective option, it may not provide adequate coverage when you need it the most. It is essential to choose a plan that offers comprehensive coverage and benefits that suit your needs and budget.

Not Disclosing Pre-existing Conditions

Another common mistake is not disclosing pre-existing conditions when purchasing medical insurance. It is essential to disclose any pre-existing conditions to the insurance company as it may affect your coverage and premiums. Failure to disclose pre-existing conditions can result in the insurance company rejecting your claim in case of any medical emergencies.

Not Considering the Network Hospitals

When purchasing medical insurance, it is important to consider the network hospitals that the insurance company has tie-ups with. A network hospital is a hospital that has a tie-up with the insurance company, and the policyholder can avail of cashless treatment. Choosing a plan that has tie-ups with a hospital near your residence or workplace can be beneficial in case of medical emergencies.

Not Comparing Plans

Many people make the mistake of not comparing medical insurance plans from different insurance companies. Comparing plans can help you identify the best coverage and benefits that suit your needs and budget. You can also compare the premiums, deductibles, and co-payments to choose a plan that is cost-effective and provides adequate coverage.

Not Considering the Waiting Period

Another common mistake is not considering the waiting period when purchasing medical insurance. The waiting period is the time during which the policyholder cannot make a claim for specific illnesses or conditions. Different insurance companies have different waiting periods, and it is essential to choose a plan that has a shorter waiting period.

Medical Insurance for Senior Citizens

Senior citizens have specific medical needs and requirements that may not be covered under regular medical insurance plans. It is essential to choose a medical insurance plan that caters to the specific needs of senior citizens. Here are some points to consider when purchasing medical insurance for senior citizens

Comprehensive Coverage: Senior citizens require comprehensive coverage that includes hospitalisation, pre and post-hospitalisation expenses, ambulance charges, and critical illness cover.

Pre-existing Conditions: Many senior citizens have pre-existing conditions, and it is essential to choose a plan that covers pre-existing conditions.

No Sub-limits: Some insurance plans may have sub-limits on specific medical expenses, which can reduce the coverage. It is essential to choose a plan that has no sub-limits.

Co-payment: Co-payment is the percentage of the medical expenses that the policyholder needs to bear. Senior citizens should choose a plan that has a lower co-payment percentage.

About The Author