Mistakes while getting health insurance can be quite expensive. While health and medical insurance can be a crucial step towards meeting your financial goals, people rarely do their due diligence when buying it. For your peace of mind, these are the 10 common health insurance mistakes people make.
10 Most Common Mistakes People Make When Buying Health Insurance
1. Income Declaration
Government provided subsidies are applicable for all individuals that fall within a certain income bracket. Even if you underestimate your income and receive more subsidies you’ll have to pay them back if the subsidy amount and your total income don’t match.
2. Hiding Your Medical Conditions
When buying health insurance you want to lay all the facts on the table. Especially when it comes time to report past and present medical conditions. If the need ever arises you claim could get rejected for not disclosing your medical problems in advance to the insurance company.
3. Not Getting Adequate Cover
While it may seem like you’re in perfect health, bad fortune could be just around the corner. Get coverage that will actually help you pay your medical bills rather than getting it just to get some tax benefits.
4. Not Reading The Fine Print
Insurance companies receive a lot of bogus claims and hence have made their scrutiny process very stringent. Understand what could cause your claim to be rejected, and how you can avoid it. reading the fine print of any investment document is very essential and the same can be said about your health insurance.
5. Not Doing Enough Research
Most people would spend weeks and months when deciding the car they want to get but when it comes to picking out their health insurance they just go for the first one that comes their way. There are so many options available online which make your job of researching health insurance policies and companies so much easier. You should take advantage of all the resources available to you when buying the perfect health insurance policy.
6. Going To The Wrong Hospital
Medical insurance companies have tie-ups with certain hospitals. Going to the wrong one could work against you when filing a claim.
7. Don’t Pay Your Bills Too Soon
You’ll be getting bills pretty much as soon as you’re done with your medical care. Before you pay them, send them across to your health insurance provider so that they can tell you exactly how much you have to pay out-of-pocket.
8. Research About Discount
While you’re looking for the best health insurance providers also look into what kind of discounts you are eligible for. Discounts could vary depending on your age, state, and marital status. Grouping discounts could add up to a large amount of savings for you and your family.
9. Only Using Employer Insurance
If you think that the employer health insurance benefits are enough to cover you then its time you think again. Group insurance policies have their benefits but they might not provide enough cover so that you can rest in peace. Also, employer benefits only extend to you and your spouse at most.
10. Not Checking For Doctors In Your Network
Finding good reliable doctors who you can trust is excellent. What’s not good is finding out after you’ve purchased your health insurance that your doctor isn’t part of the coverage network. You’ll have to spend so much effort in finding another good doctor. Find out about the doctors in the network when purchasing your health insurance.