Health Insurance: Dos And Don’ts Uncovered

These days, everyone needs health insurance. Numerous health problems are associated with modern lifestyle factors such as fast food, lack of exercise due to sedentary culture, and bad nutrition. Improving one’s financial preparedness is just as important as one’s physical health when facing this challenge.

Health Insurance ‘Do’s’ 

1. People frequently need to fully comprehend their potential requirements before purchasing health insurance plans. If you buy insurance before figuring out your needs, you risk being under or over-insured. Both scenarios are extremely costly. You should, therefore, invest in a health coverage plan that meets your needs.
   If you don’t have any dependents, you can save money by purchasing individual health insurance; if you have elderly parents, consider a senior citizen plan; and if you have a family, consider a family floater policy. ##
   
2. It’s essential to research before purchasing a health insurance plan, just like any other product on the market. You can do your homework on a mediclaim policy the same way you would on television by checking out several models and their features. Finding the ideal plan for your needs requires researching the many types of plans, their features, and the insurance company providing the policy.
   
3. While most people will phone their insurance agent when shopping for a new policy, few will go online shopping for health insurance coverage. Nevertheless, keep in mind that the insurance industry is adapting by focusing on its clients’ needs.
   In today’s market, getting health insurance is so simple that you don’t even need the help of an insurance broker.
   
4. One of the most significant advantages of online shopping for health insurance is the ability to compare multiple health plans. There’s no need to perform these steps by hand. Policy comparison is as easy as visiting the website of a health insurance provider or aggregator and using a straightforward comparison tool to examine the various coverage options.
   
5. The most crucial step in purchasing insurance is reading the policy document. It’s true that insurance paperwork is full of terms and conditions are written in technical language, but you still need to understand the coverage, exclusions, and restrictions.
   If you have questions or need clarification, you can always call your insurance company and speak with a customer service representative.
   
6. Use it for tax leverage. Like, for instance, revoking Section 80D medical expenditure clause to receive deductions on your taxes. **

A Few Health Insurance ‘Don’ts’

1. When you sign up for a policy, the insurance company agrees to cover any unexpected medical costs. If you lie about your health and try to file a claim for something that isn’t covered by the policy, your claim will be denied. Never conceal your health state or present misleading information while applying for the policy.
   
2. Make sure to purchase additional coverage if you need it. In a medical emergency, health insurance should provide comprehensive protection. It is necessary to have sufficient insurance. You can always get more if your current policy needs to provide more protection.
   If, for instance, your employer only offers a basic mediclaim policy, you may consider purchasing additional, more comprehensive health insurance on your own.
   
3. Please don’t put off getting new health insurance: A health insurance policy typically lasts for a year, after which you will need to renew it. Keep in mind that if your insurance policy has lapsed, you will not be able to submit a claim. So, renew your health insurance on schedule to protect your financial security.
   
4. Only buy once you’ve read and digested the strategy: Get a health insurance plan if you fully comprehend its coverage. You could be underinsured if it doesn’t meet your needs. That’s the same as not getting any medical coverage at all. If you’re struggling, it’s best to get some assistance.

** Currently, there are 2 tax regimes in India – new and old. To get the tax benefit you desire, choose the correct one after consulting an expert. You can opt for a regime change during the next financial year.

## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.