Comparison of Health Insurance Plans & Benefits Online Instantly

Health insurance is most essential for your emergency needs providing financial convenience. But the market offers many options that may confuse you. Right?

Hence, comparing health insurance is important. It saves your time and gives you the insight to analyze what is important to you. It helps you evaluate premiums, coverage, exclusions, claim processes, and more!

Remember! Choosing the right insurance for yourself is not just about the coverage, it’s about ensuring you get the true protection that you need.

Health insurance is a type of insurance that pays for an insured person's medical and surgical costs. It either pays the insured person's care provider directly or reimburses the costs incurred as a result of illness or injury.

In simple words, a health insurance policy provides you with financial protection against potential medical costs up to a pre-determined sum throughout the year:

• It covers planned and emergency hospitalization costs, pre and post-hospitalization ambulance expenditures, daycare treatment and procedures, etc.
• In India, health insurance is a contract between an insurance company and a policyholder, guaranteeing payment for future hospitalization due to illnesses or injuries.
• The best health insurance plans in India are usually connected to large hospital networks, guaranteeing members can receive convenient cashless care.

Therefore, having an appropriate health insurance policy protects you from financial strain in an emergency or medical condition.

Choosing the right health insurance plan can be tiring, but carefully comparing policies can make all the difference. For a through comparison, you need to check a few factors in different policies. 

Here are some factors that you need to check while comparing health insurance policies online:

Insurance Company

Check if the company you are opting for is listed on IRDAI. Read online reviews about the company and check its social media handles to see its popularity. Also, check the claim settlement ratio.

Types of Health Insurance Plans

Decide which type of health insurance plan you want. An individual policy, family floater, and senior citizen policy are some options. Each type has its limits and advantages.

List of Network Hospitals

Buy a health insurance plan to look for cashless treatment, preferably at a network hospital. The insurance company ties up with hospitals to render cashless treatment services.

Sum Insured

Different insurance companies may offer you different Sum Insured in Health Insurance for one year. So, it becomes an important factor. You should check the sum insured offered and the premium you will pay against it.

Lifetime Renewability

IRDAI has made it mandatory for health insurers to offer renewability for life. You should confirm that the plan satisfies 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 the policy starts. But this is not the case. Every health plan has a waiting period in health insurance. Any illness that may occur during this period will not be covered. These waiting periods are specified for general illnesses, pre-existing diseases, etc.

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.

Cover for Day-care Procedures

Before you finalize the health insurance plan, you must find out whether the policy will cover day-care procedures and treatment or not. These treatments do not require hospitalisation for more than 24 hours.

Check for Critical Illness Benefits

Diseases like cancer, stroke, heart attack, kidney failure, and others are categorized as Critical Illness. See whether they are covered by 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 coverage with newborn baby care, zone upgrade, and critical illness coverage 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 offer free check-ups for a claim-free year or provide a complimentary annual check-up with health plans.

Daily Hospital Cash

Getting admitted to 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 is covered by the insurer.

Zone Upgrade Add-on

The premium under health insurance is an indication of the cost of treatment in a zone. If you buy a policy in Zone B and get 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 is provided by the insurer or not.

Check: Zone Based Health Insurance Plan

Plans for health insurance policies can be compared in two ways. You can either go for long and hectic offline procedures or use a simpler way in online procedures. Online comparison is ideal if you're wondering how to compare health insurance plans with the least amount of work.

Here are step by step guidance to compare different health insurance plans in India:

Step 1: Assess your Coverage Requirements

Knowing what coverage you require is crucial before you begin comparing plans. Consider any medicines you take, any pre-existing problems you may have, and any additional healthcare services you might need.

Step 2: Examine Various Plan Types

Health insurance policies come in various forms. Each kind of plan (individual, family floater, group) has advantages and disadvantages, so it's critical to weigh your options and choose the best one for you.

Step 3: Obtain Quotations for Premium

After you know exactly what you want, you can begin obtaining estimates from several insurance providers. You can do this by utilizing a comparison website or by visiting their websites.

Step 4: Examine the Coverage

After you receive your insurance's premium cost, it's time to compare the coverage provided. Examine the out-of-pocket maximums, sub-limits, co-pays, and deductibles.

Step 5: Look for Add-ons

Many insurance policies include additional advantages like free preventative care or premium discounts. Be sure to look for these extra advantages and consider them when making your choice.

Step 6: Examine the Price

One important consideration is the cost of your health insurance. Be sure to compare the out-of-pocket costs, including co-pays and deductibles, with the premium sub-limits. Remember that cheaper premiums often mean higher out-of-pocket expenses.

Step 7: Select a Plan

After you've considered all the options and the price, it's time to select the best plan for your needs and requirements in case of emergency.

See, not comparing health insurance plans can expose you to unexpected financial burdens. 

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:

• You may end up buying a health product that does not suit your requirements. Ultimately, at a time of crisis, you will have no financial security.
• Buy a random policy and miss important features that should otherwise be there.
• Choose a product with a very limited Sum Insured. It will stress you when you are in need.
• Lose a lot of premium money if the cover you select is not worth it.