Shopping for health insurance isn’t what you’d call the most exciting domestic task in the world, but it’s nonetheless one of the most important.
It’s the kind of thing you hope you’ll never need and with a bit of luck never will, but when the time comes for the policy to be brought into action, you’ll be glad you took the time to make sure you were properly covered.
So, with this in mind, what follows is a brief look at five of the most common mistakes associated with health insurance that should be avoided at all costs:
1 – Assuming You’re Covered.
Right off the bat, there’s barely a health insurance plan in existence that covers literally anything and everything across the board. As such, if you’ve made the mistake of simply assuming that you are covered without checking the specifics of your policy, you could be in for a nasty surprise. Not only do you need to check what you are and are not covered for, but also the extent to which you are covered.
2 – Application Oversights.
If you fail to mention even the tiniest of details in your application that may be deemed important by your insurer, there’s a strong chance that the plan will be rendered null and void should it ever be called upon. As such, it’s a case of not only making sure you’re honest during the application process, but also quite spectacularly thorough in the information you offer.
3 – Paying Bills Too Soon.
Should you be lumped with a rather large medical bill for anything at all, the knee-jerk reaction is often one of paying it off and then heading the way of your insurer for a partial or total refund. However, there’s always the chance that this isn’t in fact the way your insurer works and thus will result in a rather large headache getting the money you’re owed back into your pocket. Before paying any medical bills, speak to your insurer and find out whether they’ll be paying directly.
4 – Being Swayed by Brands.
Unless you know exactly what you’re doing and what you need, be sure to seek independent advice prior to going ahead with a policy from an adviser with no brand ties or corporate links. The reason being that if you go straight to a big brand for advice, chances are they’ll tell you anything to get you to sign up with them even though you could have been much better off elsewhere.
5 – Cutting Corners with Cover.
Last but not least, as is the case with so many insurance types it’s often tempting to go for the cheapest package of all that costs the very least and covers only the worst-case scenarios. Unfortunately, as worst-case scenarios don’t tend to play out for most people while other scenarios most certainly do, you could be paying out for something that’s unlikely ever to prove of any real value. Be realistic and try not to cut too many corners just to make minor savings.