Well being Insurance coverage is one of the best reward you can provide to your loved ones. It acts as a protect and protects you from draining your life’s financial savings throughout an unexpected medical emergency. With sky-rocketing well being care prices, and a ton of life-style ailments (that assault even essentially the most health-conscious), it is sensible to spend money on a medical insurance coverage to guard and safeguard your self and your loved ones members. Mistake #1: Shopping for Cashless Medical Insurance coverage Solely to Escape the Tax This is among the commonest errors that even skilled traders falls prey to. Fairly often, individuals search for medical insurance insurance policies solely after they need to save tax. Beneath the Part 80D of the Earnings Tax Act of India, a person can declare deductions as much as 25,000 INR for medical insurance premiums. Whereas this tax profit might enable you to reduce down in your taxes, it should not be the only real objective of selecting a medical insurance plan. It must be the opposite method round. Contemplate a medical insurance coverage coverage that meets the necessities of your loved ones and choose one that gives you enough protection and the fitting advantages. Mistake #2: Failing to Contemplate the Community Hospitals whereas Selecting the Coverage Cashless medical insurance insurance policies are certainly a lifesaver throughout emergencies. You needn’t fear about elevating the cash out of your pocket to settle the payments. Your insurance coverage supplier will get in contact together with your healthcare supplier and settles the hospitalisation expenditures, whilst you can give attention to offering care to your family members. Nonetheless, insurance coverage suppliers have a selected community of hospitals that come beneath this scheme. So, in case you have a selected hospital in thoughts, then be certain that to examine whether or not the insurance coverage supplier you are contemplating has tie-ups together with your most well-liked healthcare supplier. In case you fail to make this examine, then you might not have a lot to say in selecting your hospital throughout an emergency. Mistake #3: Focussing solely on the Premium Let’s all face the reality – nobody likes to shell out a fortune as medical insurance premiums. To save lots of a couple of pennies, most people make the error of evaluating insurance coverage insurance policies based mostly on the premium quantity. You will have heard the saying, “What you pay is what you get.” Cheaper premiums normally do not give you full protection, particularly for vital sicknesses that break the bank for remedy. So, be certain that to give attention to the protection whereas selecting your medical insurance coverage. Mistake #4: Hiding or Misrepresenting your Medical Historical past This one’s greater than an error – it is a crime. Concealing or offering incorrect data to your healthcare supplier not solely damages your repute but in addition might find yourself rebounding. If the insurance coverage company finds out that you’ve been withholding present medical circumstances, then it might even result in the downright rejection of your insurance coverage declare. There’s nothing as horrifying as having your declare refuted, particularly throughout emergencies. So, be certain that to be upfront and disclose the fitting particulars to your insurance coverage supplier. Mistake #5: Choosing solely the Primary Cowl A complete cashless Mediclaim coverage for household supplies you with a number of advantages aside from protection of the fundamental hospitalisation bills. By simply growing your premium by a small quantity, you may benefit from a number of different options like – ambulance cowl, cashless hospitalisation, day-care cowl and extra. Why limit your self to the fundamentals, when you could possibly get added advantages for only a few hundred rupees per thirty days? If well being is wealth, then a medical insurance coverage coverage is what helps you protect your wealth. Be sure that to do your homework, examine insurance policies and keep away from these expensive errors that would find yourself defeating the very objective of your coverage.