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Health Project for Malnutrition

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September 21, 2018
Health insurance is a crucial component of any well-balanced financial portfolio. We simply cannot deny the fact that a good health plan will take care of us and our family members in the long run. However, there are a few common mistakes that a lot of people make when they purchase health insurance for the first time. Luckily for you, were here to tell you what these errors are, and why its important to avoid making them:

  1. Providing False Information About Your Medical History

    In hopes of lower premiums and better cover, individuals may deem it necessary to lie a little on their application forms. If you have to undergo a medical examination before your policy is issued, the fact that you have not provided all the information will immediately come to light, and your application will be rejected.
    On the other hand, you could get the policy, and enjoy a few years of cover as well. But, if the fact that you withheld information from the provider is brought to their notice when youre in the hospital after an expensive procedure, not only will your claim be rejected, but your policy will also be nullified.

    The Solution: Always be truthful. You may have to pay higher premiums because of a previous illness or your familys medical history, but its far better than having no insurance at all.

  2. Skipping Over the Fine Print

    Every insurance policy comes with its own terms and conditions. While browsing for health plans, a lot of people tend to skip over the fine print. Unfortunately, this could lead to a situation where a person chooses to undergo a surgery, assuming their insurance provider will pay for it, only to find out that the surgery is listed as one of the exclusions. Many people may end up having to pay for procedures out of their own pockets because they didnt pay attention to the policys terms and conditions.

    The Solution: While youre browsing for a health policy, make sure you check all the terms and conditions before you make your payment. This way, you can choose the policy that best suits your interests, despite the exclusions.

  3. Forgetting the Co-Pay Clause

    Many insurance providers have come up with a co-pay clause to keep the number of claims in check. This tiny clause in your policy means that you may be required to pay up to 20% of the claim amount, while your insurance provider will look after the balance payment. This could lead to high out of pocket expenses for high-end treatments.

    The Solution:If youre willing to pay a higher premium, you could choose to opt out of this clause.

  4. Focusing Only on the Premium

    A lot of people hoping to purchase insurance only look at the premium they will be required to pay before choosing a provider to partner with. Its important to remember that plans with lower premiums generally offer less cover.

    The Solution: Look at the kind of treatment options and daily hospital allowance that a plan offers instead of just what premium you need to pay. Saving on a premium today could cost you far more in the long run.

  5. Worrying Only About the Tax Benefits

    Under Section 80D of the Income Tax Act, health insurance premiums are exempt from tax. One of the reasons people purchase insurance is solely to enjoy this minimal tax benefit. Sadly, plans that offer higher tax benefits dont always translate to better plans.

    The Solution: Make sure youre buying health insurance for the right reasons. If youre looking for a way in which you can safeguard your familys finances, then you should definitely buy health insurance. The fact that you get a tax benefit is just an added bonus.

Now that you know how to fix these 5 common problems, youre well on your way to finding yourself the perfect health plan. If you dont already have great medical cover, and well help you find a plan that suits yours and your familys needs.

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Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

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Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

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