Health insurance is insurance against the risk of incurring medical expenses among individuals. By estimating the overall risk of health care and health system expenses, among a targeted group, an insurer can develop a routine finance structure, such as a monthly premium or payroll tax, to ensure that money is available to pay for the health care benefits specified in the insurance agreement.
Compare Health Insurance Before You Buy Health Insurance
If you have made up your mind to buy a health insurance plan, you have taken a good decision. The best health insurance policy will provide financial protection against ailments which cannot be easily predicted. Apart from convenience, buying health insurance policy online may prove wallet-friendly.
Finding adequate and relevant information about health insurance covers is not a herculean task. There are various sites where you can compare health insurance policies online. You’ll definitely agree the purchase process is faster online. If you want to buy a product which does not require medical tests, it can be bought within minutes.
Although the process is swift and convenient in case of an online transaction, it is advisable to compare the policies before narrowing down on a cover. While you compare health insurance policies online, you must consider five crucial factors including:
Assessing Your Needs
It is extremely important to assess your needs. Find out the term for which you require the coverage. If you are well-established, you will be on the lookout for a major medical plan. In case, you are facing any financial constraints, you may be on the lookout for a short-term medical plan. The cover you opt for should depend on the number of times you see a doctor in a year. Some may see a doctor for preventive care, whereas others may visit a doctor several times a year. If you anticipate a change in medical needs, it is advisable to take them into consideration. If you are planning to have a baby or there are hereditary health conditions in your family, you will need an appropriate plan.
Taking a Look at Your Budget
When you compare health insurance policies online, it is important to know how much you can afford. Take into consideration the premium, co-pay, prescriptions, coinsurance, over-the-counter drugs and services which aren’t covered by the policy. It is natural to look for products which do not pinch the pocket, but it makes sense to opt for an insurance plan with wider coverage than selecting a plan with lower cost. In most cases, plans at lower costs offer lesser services. In case of a low cost plan, the out-of-expenses are usually higher.
Read More-: Top Medical Insurance Policies by Indian Health Insurers
Nevertheless, even if you opt for a plan with a wider coverage, make sure that you do not pick all the options available in the insurance plan. It will increase your premium amount. By judging right, you can opt for the right policy while you tighten the purse strings.
Reading the Fine Print
It is of extreme importance to read the “terms and conditions” of the policy when you compare health insurance plans online. This will give you an idea of ailments which are not covered by the policy. Make sure that you ask for sample policy wordings.
Ensure that you read the terms and conditions associated with cashless treatment offered by the insurance provider. With knowledge about exclusions, benefits and in-depth knowledge about the policy, you will be in a better position to step ahead.
Comparing Across Plans
It is best to take time with your decision. Request for a few quotes and compare them. Once you narrow down on a few, compare the details of the insurance policies closely. The plan should suit your budget and take care of your health care needs. Compare health insurance policies according to the services provided. Analyze your personal needs and check if the insurance plan supports your specific requirements. It is best to take into consideration cash-less treatment. Cashless treatment can act as a blessing in times of medical emergencies. Insurance providers have tie-ups with hospitals that are listed in the policy. The network of hospitals provide cashless treatment to the insured. Do check if your preferred hospital is covered in the network.
If you are browsing an insurance aggregator site, make sure that the information is up-to-date. You should not be misguided by information provided by the comparison sites. It is suggested that you visit the company’s site to cross check the information. Before making an e-transaction, check for the websites Security Certificate (SSL), to ensure that the site is legitimate and safe. A legitimate site will encode files safely.
Some Popular Types of Health Insurance Policies Available in India are: