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5 Things to Avoid When Buying Health Insurance

Having health insurance is essential for everyone. It serves as protection from unexpected and expensive medical costs. But for beginners, buying health insurance can be tricky. They tend to commit mistakes that can be easily remedied by research and foresight. Below are some of the common mistakes committed by newbies when purchasing their first health insurance.

1. Insufficient coverage

Most of the time, people try to save money by purchasing health insurance, thinking that they are doing themselves a favor. But in reality, choosing cheaper insurance might mean buying an insufficient one. This means that certain diseases or accidents might not be covered by your insurance. 

Hence, if you fall ill or get into accidents not covered by your insurance, you are exposing yourself to more financial troubles. It is best if you think of your health insurance as an investment to yourself and your general welfare

2. Focusing only on the basic cover

What beginners often miss is that by adding a few dollars, they can actually expand their insurance coverage. For example, there are companies that allow clients to include personal accident or critical illness coverage with a limited fee. In the long run, these expanded coverages might actually save you money. 

Aside from avoiding focusing on basic coverage, you may also want to actively look for health insurance with additional benefits like ambulance charges, home hospitalization, or cashless hospitalization. These benefits can ease a lot of your burden in case you find yourself needing medical care.

3. Missing the details 

Health insurance plans are like any kind of product. You have to know everything about them, what they cover, and what they exclude before you make the decision to buy. They are also notorious for advertising products that have very specific nuances when it comes to their fine print.

You may contact professional advisers or consultants to help you with assessing the particular details of a product. You may be buying a product for a specific reason only to find out that it is excluded from the coverage.   

4. Not comparing products

Even though you have been with your health insurance provider for several years already, it does not hurt to always look for other new products that may offer a better deal. Comparing health insurance products is best done when your plan for your current provider is about to end. 

Do not renew your plan immediately. Research about new products and compare the benefits that they offer and their price points. Choose the best offer depending on your priorities. 

5. Concealing medical info

Your medical history is essential in determining the appropriate health insurance plan for you. An assessment of your medical history can shift premium rates, make products available or not, and determine how you settle claims.

Never conceal any medical record you may have. Every part of your medical history is important when getting health insurance. Even though you may deem a piece of particular information as insignificant, your health insurance plan would consider it.