These are some of the most common mistakes made while buying a health Insurance Policy. Learn from mistakes made by others and avoid them:
The first policy you come across may not be the best one for you, dig deeper and research in order to find “the one” for you
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Selecting a Mediclaim Policy without understanding the Policy conditions
Reading the policy fine text will make you aware of the entire policy and prevent you from getting your claims rejected.
For buying a health insurance policy it is essential that you think long term. A policy which seems attractive to you at the onset will not necessarily be beneficial as you grow old. Look out for a plan beneficial even when Old.
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Thinking only in terms of Insurance Prices
A Cheaper Policy might not always be the best one; Premiums should be proportional to the benefits.
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Hiding information from your Health Insurance Company
Numerous claims are rejected on the basis of the insured not being honest with the Company.
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Depending only on Group Policy for your entire Health Care Plan
Chances are that your employer suddenly decides to cut down the benefits or discontinues the plan altogether. You might also leave your job for a better prospect. Have an alternative health insurance policy in case for security.
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Not reading the Health Insurance Exclusions
Read the benefits but don’t forget to read the health insurance exclusions. Find about the diseases and Conditions that are not covered by the Policy, before getting a rude shock and a huge bill.
Checking whether the agent is licensed by IRDA will save you from being duped.
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Forgetting to get full credit towards your Health Insurance tax benefits
You can get health insurance tax benefits on the premiums on health insurance with respect to section 80D up to a limit of Rs. 15, 000 and up to 20,000 for senior citizens.
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Thinking that a TPA Card is like a Credit Card
The Identity cards issued by the TPA do not function like a credit card; you can only get the Cash less Service in a network hospital after the TPA approves the claim.
Make sure you avoid these mistakes and rest whole process is simple and problem free.
