When someone requires immediate hospitalisation due to illness or accident, a health insurance plan serves as a financial backup. Health insurance has become a need in today’s world.
There are numerous possibilities for health insurance plans today, and it is essential to compare them before settling on one. Here are some factors to consider while comparing health insurance:
Factors to Consider When Comparing Health Insurance to buy health insurance online
- Coverage Amount
This is one of the most important factors to consider. Risk coverage may differ from business to company for the same sum covered. The plan must be comprehensive and contain additional benefits such as:
- OPD protection
- Protection against critical illnesses
- Protection against pre-existing conditions
- Emergency medical services
- Renewability for Life
Because various complicated health conditions may arise in old age, it is preferable to choose health insurance plans that offer lifelong renewability or a higher renewal age. Lifetime renewability is an added benefit because it provides you with lifetime health coverage.
- Hospital Network
Check the list of your selected hospital’s cashless network of hospitals while comparing different health insurance plans. In the event of an emergency, you will be able to make a cashless claim transaction. Find out if the insurance company has any affiliations with a broad network of hospitals. This is an important thing to consider for family medical insurance.
- Waiting Time
For medical difficulties such as cataracts, pregnancy, or previous conditions, you may not be able to obtain coverage immediately after purchasing the insurance plan and may be required to serve a waiting period. This waiting time can be anywhere from one to four years. When considering health insurance policies, keep this waiting period in mind.
- Hospitalization and Pre-Hospitalization Expenses
Some treatments necessitate medical expenses both before and after hospitalisation, such as diagnostic fees, biopsy fees, and charges for a follow-up visit to the doctor. Ascertain that your health insurance policy covers all of these costs, especially for family medical insurance.
Your major goal in comparing insurance plans is to receive the most coverage possible at the lowest possible cost. When comparing policies, be sure you don’t choose one with a high premium that you won’t be able to afford in the future.
- Add On Plans
It is prudent to purchase a super top-up plan in addition to your standard health insurance plan so that if your hospitalisation bills exceed a particular threshold, your insurance provider will pay for them. Furthermore, top-up plans will have a minimal price. As a result, it is also a viable option for individuals who cannot pay the hefty cost.
Sublimits apply to doctor appointments, lodging and board charges, and so on, and the insurer bears these costs based on the policyholder’s sublimit. If the charges exceed the sublimit, you will be required to pay the difference. As a result, most policyholders prefer plans without sublimits, and if you do choose a policy with a sublimit, choose a greater limit.
- Customer care
Check out the reviews and ratings of various insurance providers on social media networks. This will aid you in comprehending user encounters with their items. This means you will learn:
- The length of time it takes to settle disputes
- How quickly they answer to your inquiries
There are numerous types of health insurance plans available with various health insurance benefits, such as a family floater, personal, and senior citizen, but your goal is to maximise your benefit. To begin, it is best to examine similar types of plans from several health insurance companies.
* Standard T&C Apply
** Currently, there are 2 tax regimes in India – new and old. To get the tax benefit you desire, choose the correct one after consulting an expert. You can opt for a regime change during the next financial year.
# Visit the official website of IRDAI for further details.
## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.