It is important to know common mistakes made by people when choosing health insurance in order to avoid them.
Common mistakes when choosing health insurance and how to avoid them
Private health insurance is at a peak. Millions of people around the world hire them and, according to the Idis Foundation, many new policyholders make the same mistakes when picking their policy.
Using Spain as a case study, about 10 million people have already contracted private medical insurance, according to the Idis Foundation , the Institute for the Development and Integration of Health. For someone new to the field of health insurance, the terminology can be confusing and it’s normal to feel lost.
That is the reason, according to the institution, why many insurer clients often make mistakes when they take out health insurance. It is recommended that, before contacting any company, those interested inquiries.
The most common mistakes made by new insurance customers are:
Not knowing the company
Many people interested in taking out health insurance go to certain companies without being very clear about how the world of medical insurance works . It is recommended that the potential client take into account some aspects of the insurer before contacting it, such as whether the company has experience in the health sector. It is also vital to investigate if the company is solvent and with which medical professionals and health centers they work.
Get carried away by the offers
Blindly trusting policies just because they are cheap or have some kind of special offer is not a good idea . As we indicated in the previous point, a person with ignorance about the health insurance sector may end up contracting a policy that is not as beneficial as it is believed.
For example, a policy with copay will be cheaper monthly, but the insured will have to pay for each service needed. For this reason, we must think about what our needs are , and not the offers that are offered.
Also, many people trust that a monthly policy is the cheapest option, when in fact, quarterly, semi-annual or annual policies can be very competitive.
Ignore life insurance
Life insurance policies are policies that guarantee complete coverage forever . It is one of the most effective insurances, since the insured cannot be excluded from the policy at any time. Included when the insured turns 65, a critical age for those looking for health insurance.
If this type of insurance interests the potential client, it is worth looking for a company that offers it. There are several insurers that are specialized in this type of coverage and offer premiums at very competitive prices.
Not knowing their own needs
As we have already said in another point above, it is vital to know what you want when looking for insurance. Hiring a policy just because it is cheap is not advisable. The most appropriate thing is to think about what type of coverage best fits the lifestyle of the interested party, and what payment method is most interesting.
An insurance with copays is neither better nor worse than one without copays. They are different and are designed for people with different needs. In this way, insurance without copays can be cheaper in the long run than insurance with copays. It all depends on how the insured uses it.
Not paying attention to exclusions and fine print
Exclusions are part of that small print that cannot be left unread. This information indicates what is not covered . An exclusion can exclude from the policy traffic accidents, illnesses suffered by the insured before contracting the insurance, pregnancies…
Other sections that may affect any service offered by the insurance must also be taken into account, such as the existence of a limit on the number of times you can go to the doctor or the payment of a surcharge for some treatments.
Don’t worry about shortcomings
Like the exclusions and the fine print of some coverage’s, you should not ignore the grace periods. The lack is the time that elapses between contracting a service and its availability . This means that the fact that a service has been contracted does not mean that it is enjoyed instantly. It is vital to know the grace periods imposed by the company to avoid unpleasant scares.