How can health insurance be a lifesaver thoughtfully by avoiding these common mistakes


21 Jul 2023

Learn how to avoid common mistakes when buying health insurance & ensure you don't compromise on treatment or pay expenses out of pocket. Get Insured with Kotak General Insurance!

In today’s scenario, health insurance is nothing less than a basic necessity. While more and more people are realising how important it is to buy health insurance, there are certain aspects that one needs to be careful about. In a hurry or haste to buy a health insurance plan, avoiding these common mistakes is crucial.

1. Mistake #1: Choosing insufficient coverage

Low coverage means a lower premium, and this may seem to be a better bet, but this can be the biggest mistake when you buy health insurance online. At the time of hospitalisation, insufficient coverage can leave you vulnerable, and you may have to compromise on the treatment or pay the expenses from your own pocket.

2. Mistake #2: Hiding your medical history

It seems appealing to hide some medical issues, but this can turn out to be a big mistake. Also, keep in mind that only because you didn’t declare a disease does not mean it would be covered. Also, any misinformation can lead to the rejection of your claim.

3. Mistake #3: Not reading the offer document

Unless you read the fine print, it is not possible for you to know the inclusions and exclusions of your health plan. As a policyholder, it is your responsibility to read the policy document. This way, you can save yourself from any kind of heartburn at the time of making a claim.

4. Mistake #4: Not understanding the health insurance terminology

It may happen that there are certain terms and jargon that you do not understand completely. It is important that you either understand concepts such as waiting period, deductible, co-pay, sub-limits, pre-existing diseases etc. You can get all your doubts cleared by doing some online research or by asking any of the offline representatives of the company.

5. Mistake #5: Waiting too long

When you are young and healthy, buying medical health insurance may seem to be a waste of time. But not buying health insurance at the right age can make you dig into your savings when a medical emergency arises. Another benefit of buying health insurance early is that you can get better coverage at reasonable prices.

6. Mistake #6: Relying only on group/ employer’s insurance

Even if you have coverage of your employer’s health insurance, it may not be sufficient. Most group/employer insurance policies offer very basic coverage that can prove to be inadequate in case of a medical emergency. It is highly recommended that you do not make the mistake of relying only on such coverage.

7. Mistake #7: Over-insuring yourself

When the aim is to protect yourself and your loved ones, you may feel inclined to go overboard. However, going for a very comprehensive medical health insurance plan that covers a number of extremely rare diseases may end up as a waste of your money.

When you buy health insurance online, things can be quite simplified. Comparing health insurance plans and features becomes easier. Take your time and make a well-informed decision.

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Team Kotak GIC

The content of this blog has been created and carefully reviewed by the esteemed team at Kotak General Insurance, with the sole purpose of providing valuable guidance and sharing insights on the importance of general insurance. Our objective is to assist users in making informed decisions when purchasing or renewing insurance policies for their cars, bikes, and health. Our expertly curated information aims to empower our readers with the knowledge they need to protect their valuable assets and financial interests.