Many people commit the mistake of not availing a separate health insurance plan, thinking the insurance provided by their employer is sufficient for an emergency hospitalization. But, it is always advisable to avail separate health insurance plans because insurance provided by your company may not cover all your family members. One more reason to avail a separate health insurance plan is, in case you quit your job, you will be left uninsured till the time you buy a new health insurance plan.
Many people do not disclose medical history such as pre-existing diseases or crucial medical conditions to their insurer while availing a health insurance plan. Most of the time this is done to avoid paying a high premium or there is a fear of rejection by the insurer. If you do not disclose your medical history, your claim could be rejected by your insurer if something untoward is found. Many companies have a waiting period for a pre-existing disease. The thought of your insurance claim getting rejected is scary? So, never hide anything from your insurer.
There are a lot of things that need to be considered while availing health insurance plan such as waiting period, claim settlement ratio, exclusions, size of the cover, network hospitals, premium and so on. If you consider only premium while availing a health insurance plan, you will end up availing lesser cover which will not be sufficient to meet your needs.
See Also: Exclusions of Health Insurance Policy
It is important to consider the place where you live, before availing the health insurance plan, because you need higher health cover if you live in a metro or tier I city when compared to a tier II/III city. The cost of treatment will be higher in the larger cities. Many insurance companies offer zone-based pricing, where, you will have to pay higher premiums for health insurance in the bigger cities and lower premium in a smaller city. If you move from a big city to a small city or vice versa, you will have to change your health cover accordingly.
Many people do not read the terms and conditions before availing a health insurance plan. Not doing so can lead to many problems. Terms and conditions have a lot of information such as waiting period, the limit on room rent, exclusions, pre-and post-hospitalization expenses and so on. If you do not go through the terms and conditions, you could face many problems at the time of claim settlement. To avoid such problems, you must read the fine print before availing a health insurance plan.