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What Happens if You Accidentally Buy the Wrong Medical Policy?

Health Insurance/medical policy plays a vital role in everyone’s life. This helps you to achieve your financial goals by saving some money to secure your health. Apart from covering your life from any unfortunate events, a medical policy also makes you feel fearless by covering your loved ones so that they will not have to suffer financially when an unfortunate event happens. So it is very important to buy health insurance which will suit you from all perspectives.

If the policy you purchased goes wrong, it will affect your financial future. Hence one should know or study every hook and loop about the medical policy before you finalize one.

medical policy
medical policy

Common Mistakes While Buying A Medical Policy

Sometimes purchasing a policy without knowing its full details will lead to severe problems. It would help if you bought a policy that will cover your full healthcare needs. If you buy the wrong one, which will not cover the amount in an actual emergency but may create a financial burden for you and your loved ones.

  • Many people buy a health insurance policy just for saving tax. But the main purpose of buying a health policy should be to cover your expenses in a medical emergency. 
  • And as per Section 80D of the Income Tax Act 1956, the premium you pay for your health policy is exempted from taxation. While this is a significant benefit for taxpayers, it is not the only aspect one must consider when buying a medical policy. Health policies have many benefits which will help you in many other ways.
  • Many people hide their relevant medical history because of the fear that the insurance company will reject their insurance application – this is wrong! Doing so may cause problems during the claim settlement process, even leading to claim rejection. 
  • When you buy a medical policy at a young age, there would be no background checks about your medical history, but when purchasing at an old age, you need to fulfill all these tests and examinations to be eligible for the insurance policy.
  • Buying too many health policies which will not cover your expense, may lead to a major problem of financial loss. Taking many policies will result in a policy lapse if you are unable to pay them all.
  • It’s a bad idea to purchase a medical policy because the same was purchased by your friends or relatives. It would be best if you bought a policy after detailed research so that you compare it with your future needs and other insurers so that you can select the perfect policy which suits you.
  • Before purchasing a policy, you should read and understand every term and condition of the policy so that you can get clear about the medical policy you are purchasing, and you can also know that how it will affect you in your future. 
  • People usually purchase more than one medical policy for extending their coverage, but the best way to extend your policy coverage is to avail of the option ‘TOP-UP’, allowing you to extend the coverage of your existing health policy. 
  • Usually, people who have taken medical policy provided by their employer won’t go for another health insurance policy. But it is wise to opt for another health insurance policy even if they have employer-provided health cover, not only because it provides inadequate coverage but also if you resign from the company, the employer-provided health insurance will also expire.                

These health insurance policies are not only for aged people but also for young ones. Therefore, it is a very good idea to buy a health insurance policy at your early age as the premiums are significantly lower. In addition, young people can purchase health policies easily and at more affordable premiums as they have fewer health issues compared to aged ones.

Final word

These are some of the major mistakes people usually commit while purchasing a health insurance policy. Unfortunately, if you make any one of the above mistakes while purchasing a policy, you may not be able to enjoy your policy benefits, so make sure you do your research before making any decision. 

You must also keep in mind the importance of choosing the right insurance provider for your medical policy. It can make a world of difference in a time of need to have an insurance provider with prompt and supportive services such as Care Health Insurance. So, make sure you go through the insurer’s details carefully before buying a plan.

Zaraki Kenpachi