Health Insurance Mistakes You Should Avoid
Image courtesy: www.bayzat.com
With the introduction of the health insurance law in Dubai every individual is
required to purchase a health cover. (It is mandatory as of January 2015.)
While this may seem like an extra burden to the already existing monthly
expenses, we must sit back and consider why health insurance is important.
Due to the very unpredictable nature of life, we can never be prepared enough
for what might happen in future. Bad health conditions occur unannounced
and we often become helpless in such situations. Having suitable health
insurance will ensure that we are at least financially covered during these hard
times.
However, when purchasing health insurance we need to weigh the pros and
cons in order to pick the most appropriate policy for us. Following are some of
the mistakes we should be careful not to make while choosing a health
insurance policy:
a) Similar to selecting any other financial product, a thorough research
should be done on all available health covers as the initial step. Experts
at Bayzat will suggest health insurance providers that meet your
requirements. You can also enquire from friends and family regarding
their experience. Utilizing the Bayzat platform can be an easy method to
identify the best plan. Once a suitable policy is selected, always make
sure to review the terms and conditions closely before making the
purchase. Customers are highly advised to go through the insurance
company’s handbook to understand the limits of the coverage. Bayzat’s
experts can help you choose an appropriate cover, suitable inclusions
and exclusions as well as with the necessary documentation required.
b) You should never conceal or withhold your accurate health condition
from the insurance company. Insurers monitor your health claims very
closely and therefore will find out if false information was provided.
Upon such discovery, the insurance company has the legal right to annul
the health insurance plan and you will end up without any cover, even if
your claim is legitimate. The main purpose of purchasing a health
insurance is to be covered during bad health and it is unwise to put this
advantage in jeopardy due to your reluctance to reveal your health
status.
c) The monthly premium depends on the annual cover, among other
factors. Certain benefits, which come with higher annual covers, might
not be worth it if the benefits are not used frequently. Meanwhile not
covering some health issues can cost you more at the end of the day as
you will have to spend on medication in addition to the monthly
premium. Therefore, you should always strive to balance, the monthly
premium cost and the benefits offered, before reaching a decision.
Read more : https://www.bayzat.com/blog/category/health-insurance
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