How to Avoid Common Health Insurance Mistakes
The knowing of what might happen in the future is the privilege of sorcerers or wizards living in hills. In reality, none of us is divine sighted to see the developments in our future and avoid problems. No one has a clue about the next big thing that might change their lives for the good or the bad. Since the loss of someone or something dear is what we dread the most, for assurance of the safety of our future and those of whom we adore. We like to insure things so that if any damages come to it, you have the finances to compensate for it. The most common insurance that any person could buy is health insurance.
Health insurances hold a simple reason in a person’s life, and it is to secure a fund for those medical or accidental emergencies or to leave something back for the family in case of a deplorable situation. Insurance plans are based on rules of interest and interests are added upon the number of premiums you pay every month to the insurance company. While buying an insurance policy, you must be very careful about the policy rules and the terms of your insurance being void for any reason. So these are the mistakes you want to avoid when buying insurance.
Buying From the First Agent You Meet
When purchasing insurance, we are all into the habit of making it happen before more time is lost. This gives the insurance agents a chance to corner you. Insurance agents can be obnoxious when it comes to selling their insurance plans. They will tell you about the features of a plan and produce a piece of paper for you to sign so you can confirm registration. There is, however, a period where the insurance can still be cancelled, and you can back out of a probable lousy deal. Always take your time before you meet an agent and compare the insurance policies with different companies before you buy.
You must never give in to the insistence of the agent to sign on any paper if you feel cornered. Tell them that you will not be signing any papers until you have made your mind. Buying a policy affects your finances for a longer-term. Some policies stay for 10-15 years, and some can last you for your lifetime. So think carefully where you buy from.
Accepting High Deductions on Your Premiums
Most customers who buy insurance policies think of only the prices they are paying for registration and buying the policy. But that’s not how financial institutions work. The insurance company won’t be charging you just once for covering up for you for long periods of time. The actual price of an insurance policy is the number of deductions that are made by the insurance companies over your premiums. When a dividend is paid to the insurer the deductions are made for the following factors that the insurance company accounts for; price for marketing the policy, administrative work over the policy, and the insurance company’s income for covering up for you.
You should calculate the total amount of premium you will be paying of the tenure of the policy and note the number of deductions that the insurer will deduct. Take a 15-year term and suppose that your premiums accumulate up to SGD 150,000. The effect of deduction can be SGD 50,000, which will be 33%. So you’ll be spending a big amount of your savings and insurance returns back to the insurer in the name of policy price. Compare the insurance policies and look for policies that deduct a maximum of 20% on policy prices.
Buying Without Considering Travel Frequency
A lot of job profiles require employees to travel abroad or stay out of country borders for a few days. The probability of damage to life will also be the same in other countries, so the risks on your travel ventures must be covered by the insurance company. You must never forget to mention the frequency of foreign travels and staying out for work. Especially if you fly off for work in the USA, you must have your insurance cover as that is one country with the highest healthcare prices. Ask for travel cover from your insurance company and do not buy if the company doesn’t comply. Mentioning this clause in your policy will take you off the hassle of buying insurance every time you travel abroad.
Avoiding Full Disclosure of Medical Conditions and Health
Buying health insurance means you’re insuring your health from some unseen danger that you sense. Many times we keep such fears undisclosed from the insurers to get away with higher premiums. The insurance company asks all of its customers about their medical history, smoking or alcohol status and any infections or allergies like asthma or any heart conditions. Although we try to hide this from the insurers, it is advised not to do so for a few reasons. One of the biggest reasons to not do this is that you might end up getting caught.
During the insurance term, the insurer might want to get you checked at a clinic of their choosing, and you might have no answers once your conditions are declared by the doctor. This will not only be the embarrassment on your face but may also end up voiding your policy. Another incident might be that you go to the hospital requiring urgent surgery and your doctor comes to know of any previous operations you’ve had. The insurer voids your policy, and now you have to pay all the bills by yourself stranded without support.
When you know that you have to buy health insurance for yourself, you must not wait for time to pass because you’re in your prime, and health issues are not troubling you. The body deteriorates when you grow older, so buy insurance when you’re in your early twenties rather than waiting till you turn 30 and have accumulated a lot of health issues and bad habits.
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