Things Indians Do While Buying Health Insurance Plan

Every purchase you make is meticulously planned, whether it's a car, a meal, or a piece of clothing. Your desire to be unique in front of others drives you to do more research. In a world where you seek uniqueness even in something as simple as a dress, standardising health care with others makes no sense.

When it comes to a health insurance plan in India, many people tend to follow the flock without conducting proper research. This is often due to a lack of awareness of the available options and access to reliable resources. They feel intimidated by the complexity of the medical system or lack the confidence to make their own decisions. Furthermore, there is often an underlying cultural pressure to conform to the expectations of the community, which can lead to people feeling that they must follow the same path as everyone else. The result is poorer health outcomes and a lack of control over their healthcare.

What things do Indians do when purchasing a health insurance policy? And, what should they actually do? Let's take a look!

Things Indians Do While Buying A Health Insurance Policy

Here are some things Indians tend to do when it comes to buying health insurance -

1️⃣Reliance On Recommendations

Some Indians buy health insurance solely based on recommendations from friends, family, or acquaintances. This is because they feel more comfortable trusting people they know, rather than researching on their own and taking a risk with an unknown provider. So, they pick a plan similar to what their friends or family have without any research.

2️⃣Lack Of Research

In some cases, Indians don't spend enough time and effort researching health insurance options. This is often due to a lack of awareness about the different types of health insurance plans and the importance of finding the right plan for their needs. Additionally, they may be too overwhelmed by the amount of information available, or may not have enough time to compare plans. Therefore, they may end up choosing a policy based on advertisements or limited information.

3️⃣Trusting Popular Brands

It's common for Indians to trust well-known insurance companies or brands. This is because these companies have been on the market for a long time, and they have built up a reputation - making them a popular choice. So, people may prefer to purchase policies from these established brands, assuming they offer reliable coverage without delving into the specifics.

4️⃣Overemphasing Premium Cost

Indians are traditionally cost-conscious and usually look for value for money. So, some of them prefer lower premiums over comprehensive coverage. This is due to the fact that a large portion of the population may not be able to afford healthcare services due to their limited income. And, low premiums provide an opportunity for them to have access to healthcare while still being able to save money. So, they choose a cheaper policy without assessing its benefits and limitations.

5️⃣Limited Understanding Of Policy Details

Some Indians may have difficulty comprehending the fine print of health insurance policies. This is because the language used in such policies is often difficult to understand and can be full of jargon. This can lead to them missing out on important information, such as coverage limits or exclusions - resulting in potentially costly mistakes.

What Should You Do Instead?

Here are some of the important things to consider while purchasing health insurance in India -

1️⃣Analyse Your Needs

There is no one-size-fits-all health insurance plan. Every individual's health insurance needs are unique. Their history of illness, age, and coverage requirements will be different. Therefore, it is essential to evaluate your specific needs before you purchase a policy. For instance, if you have a family history of strokes, you may need critical illness coverage. On the other, if your friend is expecting a child, they’ll need maternity coverage.

2️⃣Invest Time In Researching

It is important to not purchase the first policy that you see. The market is filled with a variety of plans, which vary significantly in terms of coverage, premium, and other important factors. Compare different policies and choose the one that best meets your requirements. Doing so will help ensure that you get the best possible value for your money.

3️⃣Prioritise Coverage And Premium Equally

Low premiums may seem attractive, but if the policy does not provide adequate coverage, it can be a costly mistake. Hospital bills can prove to be a heavier affair than paying premiums. It is important to look at the coverage and make sure it meets your needs before deciding on a policy. Ideally, you should look for a policy that strikes the right balance between premiums and coverage - to get the most value for your money.

4️⃣Read The Fine Print

It is important to be well-informed, so take the time to read through the policy wording to ensure that you know exactly what is covered and not covered. This will help you make an informed decision before committing to the policy, and give you the assurance that you have the right coverage.

Wrapping up!

Having health insurance is non-negotiable in today's world - it is an essential part of protecting yourself and your family. When selecting a policy, ensure you conduct proper research and compare the various coverage options that meet your individual needs and budget. By your due diligence, you can be confident that you have taken a proactive step towards safeguarding the health and well-being of yourself and your family.