Comparison of Health Insurance Plans in India
Health insurance is most essential for your emergency needs providing financial convenience. But the market offers many options that may confuse you. Right? Hence, health insurance comparison comes in handy. It saves your time and gives you the insight to analyze what is important for you. Now that health insurance policies are available online, buying has become a lot easier.
Why should you Compare Health Insurance Plans?
Comparing health insurance plans before you finally choose one for you has become an important part. You should compare the plans as:
Things to check while Comparing Health Insurance Plans
Here are some factors based on which you should make the comparison.
- Insurance Company: Check if the company and product are registered by IRDA. Read online reviews about the company or check their social media handles to public reviews about the company. Check whether they have an active customer support centre for your queries or not. Check the claim settlement ratio.
- Types of Health Insurance Plan: Decide exactly what you want in a health insurance plan. An individual policy, family floater, and senior citizen policy are some options. Each type has its own limits and advantages. Choose the type of plan keeping your needs in mind. Then compare it with other policies in the market.
- List of Network Hospitals: You buy a health insurance plan, to look for a cashless treatment preferably. It could happen at the network hospital easily. The insurance company ties-up with hospitals to render cashless treatment service. Check whether there exists a network hospital in your city or not.
- Sum Insured: Different insurance company may offer you different Sum Insured for one year. So, it becomes an important factor. You should check the sum insured offered and the premium you will pay against it. It may differ from insurer to insurer.
- Refill Sum Insured: Sometimes, you can face more than one illness and hospitalization in one year. The cost of treatment for two times led to the exhaustion of the Sum Insured. So, now what? You should find out whether the insurance company allows you to refill the Sum Insured or not?
- Lifetime Renewability: A health insurance plan allows maximum entry age up to 65 years. IRDA has made it mandatory for health insurers to offer renewability for lifelong. You should confirm that the plan suffices the factor. It is because a health plan is more important when you are old.
- Waiting Period: You may think that your health plan will cover you from the date of the start of the policy. But alas, this is not the fact. Every health plan has a waiting period. Any illness which may occur during this period will not be covered. These waiting periods refer to general illness, pre-existing diseases, maternity, and some other diseases.
- Premium: You plan to buy health insurance so that it helps you in a medical emergency. The health insurance premium may differ based on the sum insured and other benefits provided. So evaluate carefully, and make sure you do not pay a huge amount for nominal coverage. Your pocket should not bear the brunt of heavy premiums.
- Sub-Limits: The coverage offered under different health plans may differ based on sub-limits. Sub-limit coverage refers to pre-defined capping for the treatment of specific diseases, hospital room rent, ambulance charges, and other such heads. You should look for the best possible benefit you can receive.
- Cover for Day-care Procedures: Before you finalize the health insurance plan, you must find out whether the policy will cover day-care procedures or not. These treatment does not mandatorily need 24 hours hospitalization.
- Check for Critical Illness Benefit: Disease like cancer, stroke, heart attack, kidney failure, and others are categorized as Critical Illness. See whether they are covered in your health insurance or not. Insurers provide critical illness cover as an added benefit or a separate add-on cover.
- Available Add-ons: Find out which add-ons are provided with the health insurance cover. Maternity and Infertility cover with newborn baby care, AYUSH, Zone upgrade and critical illness cover are some of the benefits offered by Insurers.
- 0% Co-Payments: Check your policy for the co-payment clause. Go for a 0% co-payment plan so that you don't end up paying at the time of claim.
- Complimentary Health Check-ups: Ask your insurer whether they offer complimentary health check-ups. Insurers often come up with free check-ups for a claim-free year or provide a complimentary annual health check-up with the health plans.
- Psychiatric Illness or Bariatric Surgery Expenses: Explore whether the health insurance plan covers you for diseases like Psychiatric illness or Bariatric surgery. These are speciality procedures needed by obese or psychiatric ill people.
- Zone Upgrade Add-on: The premium under a health insurance is an indication of the cost of treatment in a zone. If you buy a policy in Zone B and get a treatment in a hospital in Zone A, you need to pay some amount from your pocket at the time of claim. So check if a Zone Upgrade add-on provided by the insurer or not.
- Daily Hospital Cash - Getting admitted in the hospital results in expenses beyond the hospital bill. Daily hospital cash helps you manage daily expenses for things such as snacks, tea, coffee and more. This benefit is applicable after 1 day up to 30 days of hospitalization. Check if this benefit covered by the insurer.
- Organ Donation Expenses- Check if in case of an organ transplant, if there is a need of an organ donor, hospitalisation charges for the organ donor will be covered or not.
- Income Tax Benefit: Check whether the insurance company is providing an income tax exemption certificate for the premium paid by you. Know more about Health Insurance tax benefits.
How to Compare Health Insurance - Online or Offline
Step 1: Find out the web aggregators or companies that can provide a comparison. Or you may use online health insurance premium calculator of different insurance companies and prepare a comparative chart yourself.
Step 1: Find out the agent who can offer you health insurance. Meet the person and explain to him in detail about your requirements.
Step 2: The portal will ask the necessary information like your city (zone), date of birth, number of people you want to cover, contact details, and Sum Insured. The portal will process the information and then a quote will be given to you. You may then choose the insurance company and plan accordingly.
Step 2: Give all the information like your age, pre-existing, critical illness, medical history, family history, Sum Insured, and others to the agent. Make sure the information you provide is correct.
Step 3:Then the insurance company will ask for pre-existing illness, general symptoms, medicines or supplements. If there exists any, then the premium will be affected.
Step 3: The agent will ask for quotes from different insurers and submit the same to you. Read thoroughly and choose the insurance company accordingly.
Step 4: Further you may have to provide your personal details like name, age, gender, and weight. It will also ask some personal details to complete the process.
Comparison of Health Insurance Plans Online or Offline - Which is better?
Comparing health insurance online saves a lot of time.
Asking your agent for the comparison will take a lot of time.
Online comparison is cheaper because there is no middlemen involved. Also, administrative cost reduces.
From an agent, the comparison may come with commission. The quote from insurer will include the administrative cost also.
Comparing online has zero chances of a biased or influenced decision because there is no middleman.
When Comparing offline, the chances of making a baised decision are higher. The agent may try to recommend a health plan where higher commissions are involved.
|Awareness about the cover
When comparing online, you can see all the details about the plan on the website and you can talk to the customer care as well in case of doubts.
Whereas, while comparing health plan offline or through an agent, chances are that agent may miss to share some relevant information.
Comparing the quotes of health plans online is quite convenient.
Asking agent to compare the quote can be cumbersome.
Why Compare Health Insurance online?
From food to cabs and groceries to policies everything is available online. Online shopping has made comparisons convenient. There are many options to explore on one platform, at the convenience of your fingertips. And when it comes to health insurance, you should compare it online as:
What happens if you don't Compare Health Insurance?
Think of it as visiting a general physician when you do not know the exact cause of illness. Comparing health insurance is essential. If you avoid the comparative analysis you may: