Evade common mistakes to stay protected with medical insurance

Your medical needs obviously differ from that of your friend or your spouse. So, how can you expect your medical insurance to be the same?  Health or medical insurance rates vary from person to person, since their health habits are dissimilar.

You can customize your health insurance policy to fit your requirements, and pay accordingly. Usually, the insurers determine the rates you pay for your health insurance policy, after assessing the extent of risk you present before them. Several factors are considered when your insurance providers allow you to buy a health insurance policy. Nevertheless, you must also be careful when you go to buy your medical insurance policy. Health is an asset for you, and a little bit of negligence now, might cost you later on. Knowing about the common mistakes will make you aware about them, so that you can avoid committing them yourself.

Common health insurance mistakes to avoid

You’ll need to avoid the below mentioned mistakes, when you go out to buy your health insurance policy:

1.       Not getting the minimal coverage – No one knows what kind of health problems he or she is going to face in the future. You don’t get the basic coverage for yourself, since you are either unacquainted with the types and limits of coverage or you want to cut down the costs. Now, if some illness affects you in the future, you’ll have to pay for the medical expenses, out of your own pocket.

2.       Searching for low rates – You can buy a health insurance policy at an extremely affordable rate. However, a cheap insurance policy comes along with a lower coverage limit. Don’t compromise on the necessary coverage, just because it comes cheap.

3.       Concealing information – You might be able to get a cost-effective medical insurance policy now, if you don’t disclose certain facts to your insurance provider. You may enjoy lower rates on your policy if you conceal parts of your medical history, or lie about pre-existing medical conditions. However, once your insurers come to know about those, either your rates are going to increase tenfold or your policy might be rejected. 
 

4.       Not checking which healthcare providers are included – Make certain that the doctors or other health care providers are included in your health insurance policy, so that you don’t have to pay their fees from your own funds. Confirm that your regular physician or the specialists that you wish for, are covered by your insurance plan.

5.       Not checking for drug coverage – While some states allow health insurance coverage for the drugs enlisted in your prescription, others don’t. Before you buy an insurance policy, check for the limit of drug coverage allowed by your insurer.

6.       Being over-insured – Unnecessary coverage on your medical insurance policy will result in increased premium amounts. You can always cut down your insurance expenses, by getting rid of the needless insurance coverage or riders.

7.       Not comparing the options – It won’t be wise, if you buy a health insurance policy, without even comparing the coverage limits and rates offered by the other insurance providers. You might miss out on your chance of securing a more profitable health insurance policy.

8.       Depending solely on the employer healthcare plans – Your employee health benefits might be discontinued according to your company’s wishes or if you shift elsewhere.  Thus, you may be left unprotected, if you don’t have an alternate policy for yourself.

It is advisable to check for the exclusions and hidden clauses before you sign your policy documents. Don’t place your trust totally on your insurance agent. You’ll have to bear the consequences yourself, for a single oversight of yours.