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Compare Health Insurance Online Before Buying

A good health insurance policy is essential for an individual who wants to get proper financial coverage in case of a medical emergency or health issue. That being said, it is quite difficult to find and compare health insurance policies online.

There are so many health insurance plans available online and offline that it can get very hard to make the right choice. However, the one piece of advice that is always offered is to compare health insurance plans. But it isn’t exactly very easy to compare health insurance plans in India either.

Because of these reasons, we are going to help you compare health insurance policies. With our help, you will be able to learn how to compare health insurance plans without any hassle!

Why Should I Compare Different Health Insurance Plans?

Instead of searching ‘health insurance compare India’ online, a good strategy to compare health insurance companies is to compare the plans and companies on several factors or parameters. And to understand those parameters, you need to first grasp why you need to compare health insurance plans for families in India first. Some of these reasons are:

  • Access to Better and Affordable Premium: Affordability is a major concern when it comes to purchasing a health insurance plan. You will be surprised to know how much health insurance premium amounts can vary. This is why you should always compare health insurance premiums before purchasing a health insurance policy.
  • A Plan that Suits Your Requirement: There are several insurance providers available in the market. These insurance providers offer different products on the basis of their distinct features. This is if you compare health insurance online, then you will be able to sort the policies according to your requirements.
  • Additional Benefits: Another advantage that you can experience when you compare the best health insurance is that you might find out about additional benefits that you can get. For example, some insurance providers provide alternative treatment coverage like therapeutic treatments and AYUSH.
  • More Informed Decisions: When you spend time comparing health insurance policies, then you will also get to know a lot about health insurance plans. Terms and important factors like claim process, waiting period, and exclusions will start to make a lot of sense to you and you will be able to make a more informed decision in regards to which policy you should buy.

 

Factors for Making the Comparison

Now, let’s look at the factors that you should consider when comparing different health insurance policies. These factors are mentioned in the list below.

  • The Insurance Provider: The first thing you should do is only shortlist insurance providers that are registered by the IRDA. Read the reviews about the company and track their social medical handles. Check if the insurance provider has a good claim settlement ratio. Once you are satisfied with the reviews and claim settlement ratio, then you can proceed further.
  • The Type of Health Insurance Plans: There are several types of health insurance plans that are available in the market. The premium amount of these insurance plans can also vary greatly. This is why you must select the kind of plan that you want to buy. For example, there are some health insurance plans that provide protection along with the option for long-term savings. Hence, this is an important point to consider.
  • List of Network Hospitals: Most people purchase a health insurance plan to get cashless treatments. This can only happen if there is a network hospital near your location. This is why it is vital for you to go through the list of network hospitals of the insurance provider. If you are satisfied with the list of network hospitals, then you can move on to look at the other features of the health insurance plan.
  • Sum Insured Amount: The sum insured amount is an important factor as different insurance providers offer different sum insured values. Ideally, you should get the highest possible sum insured value for the premium value that is within your budget.
  • Renewability: Policyholders often have to renew their health insurance policies every single year. This means that you should also look at the renewability service of the health insurance provider before making a decision.

This means that the process of renewing the health insurance policy should be simple. Further, the insurance provider should offer the lifetime renewability of the policy. Additionally, some companies also provide several discounts and benefits to their policyholders at the time of renewal. So, that is also an important point to consider before purchasing the policy.

  • Sub-Limits: The coverage that is provided under different health insurance plans can also change on the basis of their sub-limits. The sub-limit coverage refers to the pre-defined capping for treatments of specific diseases and benefits like hospital room rent. You should look for the best benefits and the least amount of sub-limits and capping in a health insurance policy.
  • Critical Illness Benefit: Diseases like stroke, cancer, kidney failure, and heart attack are categorized as critical illnesses. The cost of treatment of these diseases can be very high. This is why you must get a health insurance policy that covers the treatment costs of these critical illnesses.
  • Co-Payment: There is a co-payment clause that is applicable in several health insurance policies. This co-payment clause means that the policyholder will also have to pay a part of the total treatment costs. This is why you must get a health insurance plan that has a 0% copayment plan so that you don’t have to pay anything at the time of the claim.

These are all the factors that you need to consider when comparing a health insurance policy. And one more thing you need to remember while comparing the policies is to remain unbiased. Only then, you can arrive at the best health insurance policy that suits the needs of your family and yourself.

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