5 Mistakes to Avoid while Renewing Your Health Insurance Policy

The advent of the COVID-19 pandemic has reminded us of the fact that ‘health is wealth’. If health is not maintained well, then it can adversely affect all the other things like your family, work, etc. in the course of time. No matter how much you maintain your health, you can never be sure that it will not hit bottom, especially with the danger of living in a pandemic environment. The health risks have escalated higher than before.

In a time where medical costs are escalating rapidly, it is important to think of a financial backup to rely on in times of emergency. The best option to create a financial backup for medical emergencies is to invest in a good health insurance plan. You must consider all the affecting factors while buying the health insurance plan.

But needs and scenarios change with time. Hence, it is important that you constantly review the policy to fit your needs and avoid mistakes while renewing the policy. Which mistakes? Here are some common mistakes that you must not make while renewing the health insurance policy.

  1. Choosing insufficient or extra policy coverage – A health insurance policy must be purchased only after intense research and analysis. Research about the policy and analyse your needs and capacity to pay premiums. It is a long-term investment and involves a huge investment. Not just that but, the policy cover you choose must be reliable in times of medical emergency. Make sure that you get rightly insured neither under, not over.
  2. Being secretive about medical history – The entire purpose of purchasing a health insurance policy is to create a financial backup to support in times of medical emergency. Not disclosing your medical history and pre-existing medical issues can cause a threat to your future claims. Also, discussing your family history of diseases, health issues you are prone to, and pre-existing health issues can help you choose a better policy that will come in handy when in need.
  3. Not reading clauses and T&C – A health insurance policy has a long list of clauses and terms and conditions, which can be tedious to read and even complex at some places to understand. But make sure you read all the mentioned details to choose a better policy and avoid discrepancies at the times of need.
  4. Investing in extra policy – A lot of people have a misconception that investing in multiple healthy insurance policies will provide them with extensive cover. This is completely false. In fact, it is an unjustifiable expense to invest in additional policies. Rather carefully choose a comprehensive health insurance policy that will cover all the threats and provide sufficient cover.
  5. Not considering exclusions – Exclusions are the circumstances that are not covered under the policy you choose. These circumstances are already mentioned in the policy documents. Hence, you must carefully read all the details about the exclusions so that there are no disappointments and rejections in emergency times.

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