Things to avoid while buying health insurance policy?

[nik]

What are the things to avoid while buying health insurance policy?

[rizvan]

As per my views your should:

Avoid Comparing Premiums

Avoid Standalone Health Insurance Cos

Avoid companies with Low Premiums as they are can become a sinking ship anytime.

Avoid Buying Insurance through Banks as they will not be there to serve you when claim arises.

[shef]

People are often unaware of the best route to buy a insurance plan and hence get stuck with a policy not aligned with their requirements. Policyholders may also end up incurring financial losses due to mistakes/misinformation related to the policy purchase. Therefore, it is important to be extremely careful while purchasing a plan.

[ayush.shukla]

It is a very pertinent question. Let me add a perspective to it. More than 90% of the health insurance policies are purchased from channels which sell products of only one general insurance company. Less than 1% policies are sold by online aggregators. What does it tell? It means that a large number of buyers buy health insurance without getting an opportunity to evaluate the options available to them.
First things first. You must avoid buying health insurance without comparing atleast 3–5 insurance products. The more the better.
Second, you must not buy without deciding on what kind of cover you want. If you have not really imagined what kind of health risks you face and how much quantum of cover you require, chances are high you will be taken for a ride by the insurance salesman.
Third, do not fall in the ‘cheapest product’ trap. Cheap may not be the best, however, most salesmen sell insurance using the ‘we are the cheapest’ pitch. You need a product that provides you adequate risk cover. How can you compromise your future? Don’t be penny wise pound foolish.
Lastly, do not buy health insurance for the sake of tax-saving. We know from experience that a lot of people buy health insurance during the last quarter of the financial year so as to avoid tax. But this kind of behaviour leaves you with lesser time to evaluate your product options and you always prioritise tax-saving over risk-coverage. You only think that the premium will give me section so-and-so benefit under income tax, while forgetting that this product is meant to help you soft-land in the event of hospitalization which may put financial burden on you.
Be a smart buyer.

[Jagannath Jangam]

There are several tips and tricks to buy the best health insurance plan in the market. However, several buyers often commit some common mistakes and end up owning an inappropriate insurance policy. Here are the four common mistakes that you should try avoiding before buying a healthcare plan.

1> Buying policy as per advertising quotes

2> Making an uninformed purchase decision

3> Choose the Sum Insured amount randomly

4> Not Checking the Network hospitals