star health insurance

7 biggest mistakes that must be avoided when buying a health insurance

Because of increased workload and busy lifestyle, everyone is at risk of developing some health problems. If there will high stress in your life, you might face both financial and mental problems. The medical costs are also rapidly increasing especially in case of some critical illness. Once you get hospitalized because of any illness, you will have to be prepared for the medical expenses of ambulance changes, medicine costs, hospital rooms, and many more. People are suggested not to depend only on the employer’s insurance as it would not be enough to cover all medical expenses. In India, numerous insurance companies provide different plans and policies for health insurance. One of the most preferred is star health insurance that is featured with 90 percent claim settlement, more than 9,800 network hospitals, and almost 100 percent in-house claim settlement.

Health insurance is essential for a hassle-free and stress-free life. But, it is not an easy job to find the correct and the best health insurance. Assessment and proper consideration are needed on different aspects and terms. 

So, here’s a list of some of the biggest mistakes that need to be avoided by the policy buyers:

Only considering premiums

In search of the best health insurance in India, many people prefer buying health insurance only buying looking at the premiums. People mostly have a look at the premiums to make their final decision. But, there are many other aspects such as the family’s need, limitation, and size of the cover. Along with this, hospital networks and medical costs also need to be focused. Sometimes, you might get better health insurance with a good cover with a low premium policy. 

Not shopping around different insurers

It’s frequent people always search a lot when it comes to purchasing a property or buying a new car. Exactly, the same thing you need to do when buying health insurance. If you won’t shop around then you will not know what other insurer is offering to you. I recommend you avoid buying insurance from the very first insurance provider.  

Not focusing on the location of residence

No doubt, the medical cost will be different for small and metro cities. This happens because of the higher cost of treatment with the latest medical facilities in big hospitals. Most of the people just overlook this factor that leads them to some problems while moving from a small to a bigger city. 

Buying health insurance just for tax benefits

People think that buying the best health insurance can help them in getting tax benefits. This makes them buy any random health insurance plan. At the time of claim, you may not get appropriate coverage with your health policy. Because of this, they just buy any health insurance without evaluating its cover, premium, or claim settlement. The tax benefit is just a short term benefit so you need to buy health insurance by properly evaluating everything. Of course, health insurance comes with tax benefits but only considering this factor is not good. 

Skipping the fine prints

People sometimes ignore reading the terms and conditions of the health insurance to save their time. But, this could be sometimes your biggest mistake. In this, you will get to know about all the clear information and details regarding hospitalization expenses, limitations, and exclusions. Skipping these terms can give a shock at the time of claim settlement. Your expectations may not fulfill during the claim settlement. If you want to avoid the last minute’s chaos and shock then take your time and read the fine prints carefully. 

Assuming one health insurance fits all

The medical condition and requirements vary from people to people. If you are thinking of buying health insurance that your friend or relative has bought then this your biggest mistake. Health insurance that works for them might not be good for you. Before buying the policy, one needs to think, rethink, compare the plans, and then buy it. The policy buyer should focus on the appropriate coverage while buying the star health insurance or any other insurance.

Not mentioning the current medical condition

Leaving out information about your medical conditions or diseases can be problematic for you during the times of claim settlement. Because of this, this may cause your insurance claim rejection. If you don’t want a monetary loss as well as inconvenience then you should avoid making this mistake.

These are some common mistakes that policy buyers usually do. By avoiding all these, they can get a better health policy and high coverage. 

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