Buying health insurance is no longer an option with increasing health risks and disorders. Everyone these days is busy in their lives and jobs, juggling to find some personal space for their friends and families. This has made health insurance a necessity in the common man’s life. There is a variety of Health Insurance available in the market with hardly any distinction that makes it even worse to choose the best from. Although thorough research can help you in finding the best plan suited for you.
Of late, online insurance plans have gained popularity with their propositions like low- premiums, convenience, absence of agents, etc. but there is still some skepticism in people about the nature of the plan like how much it covers, whether it covers fully or partially, how much is the wait time to get your reimbursement back, etc. These queries still haunt people to pull out their hard-earned money from their pockets in exchange for an insurance policy.
Why Is There a Rise in Health Policy Buyers?
Medical expenses have been going up every single day. Starting from a big operation to a mere root canal treatment or everyday medicines, it is important to choose the right treatment at the right place and at the right time. A secure treatment with world-class facilities comes at a price. It is not always possible to have a financial backup ready, and this is when health coverage comes to your rescue.
Problems You May Face While Buying Health Insurance
Too Many Insurance Companies, Too Many Options, and a Lot of Confusion
One of the major issues faced by people while choosing the right health insurance policy is the number of different insurance companies dealing with health policies. Each company has different term plans and conditions that offer different health benefits. So, it becomes tedious for the buyers to analyze and choose the best health insurance policy from the given lot.
Sudden Hike in Premium
Although, it is a well-known fact that premiums increase with time particularly because of age and new medical advancements. But a lot of times, these premiums do not increase with a cap. Buying a health policy at a young age costs you less and the premium keeps on increasing with age as do the possibilities of health risks. People with fixed financial resources or those who have retired might find it difficult to allocate money for a health insurance premium if there is a sudden hike. It can result in discontinuation of the policy because of the increased premium and the policyholder will lose all the benefits which were accumulated over the years.
No Renewal Reminders
The insurance companies don’t need to send in a reminder asking the policyholder to renew the health policy. As health insurances have to be renewed frequently unlike life insurance so that they run actively, there is a good chance for someone to miss the date and lose the benefit. However, with new technology and steady use of emails and mobile phones, most of the insurance companies keep track of the policyholder so that they renew their policies on time and do not risk themselves losing benefits, improving the customer services and experience.
Lack of Communication
Real-time transparent communication between the insurers and the policyholders cancels out the noise especially when you are looking for family floater health insurances and group Mediclaim. The insurer needs to explain the terms and conditions, suggest the best health cover and provide the best support when it comes to claims. At the same time, the customer needs to be extremely open about any pre-existing health conditions, the amount of health coverage that they are looking for, affordability, and more. Both parties need to rely on each other for an honest exchange of information.
Delays on Claims
Not all policies offer a 100% payment of medical bills. An amount is deducted which is paid by the policyholder while the rest is taken care of by the insurance company. But, a lot of times, because of emergency conditions, the claims take time to be processed by the insurance companies (about 30-45 days as well) and when that happens the customer needs to pay the cash deposit to the hospital.
These are a few problems that you may face while buying health insurance. But at the same time, it does not negate the fact that buying a health cover is extremely important. It is best to go through all the documents thoroughly, check if your regular hospital comes under the network of hospitals tied up with the insurance company in order to erase the chances of losing health benefits.