Factors to Compare When Buying Health Insurance
With many general insurers in India promising to offer you a ‘best health insurance plan’ to take care of your medical expenses, it does become difficult to choose the plan that best suits your medical needs. Since buying health insurance is a tough choice, you can always resort to comparing several factors that can help you opt for the right health policy. Read below about the factors you can compare when buying health insurance.
- Assess the type of health insurance you want: The Indian Health Insurance sector offers you numerous types of health insurance policies you can choose from. From personal health insurance, family floater, senior citizen or critical illness insurance, the health insurance market is huge. Each plan has its own share of benefits and is suitable as per your budget and requirements. So first assess your requirements and zero down on the type of health insurance policy you want.
- Insurance company: Comparing health insurance companies to select the best health insurance in India is must. It is important you check user reviews of the insurance company and also see if they have a good claim settlement ratio. It is important that you opt for a health insurer that doesn't take too much time to settle your claims and has a good customer service.
- Check the list of network hospitals: Check the number of hospitals covered by the insurer. You can avail cashless treatment at the time of hospitalization, if you are hospitalized in a network hospital. Compare health policies on the basis of this criteria and check which insurer covers maximum number of hospitals. While checking this, ensure that the maximum number of hospitals in your vicinity are covered as it will be easier for you in times of emergency.
- Sub-limit: Sub-limit is nothing but the limit applied on room rent, bed charges, doctor service, etc. This means that any charge exceeding the sub-limit set by the insurer will be borne by you.Compare policies based on the sub-limit offered by insurers and always opt for a policy with no or high sub-limit.
- Pre and post hospitalization expenses: Nowadays, almost every insurer offers coverage for pre and post hospitalization expenses. But always check
- Waiting period: Waiting period is the limited period during which certain ailments would not be covered by your insurer. Compare different policies on the waiting period for certain ailments and choose the one that has less waiting period for critical illnesses such as cancer, heart attack, etc. This is important especially when you have a pre-existing disease or are planning a pregnancy.
- Premium: The whole idea of comparing health insurance plans is to check on the premium offered by various insurers. Always opt for an insurer who provides you with maximum coverage and the premium is something you can afford to pay. Also, buy a health insurance policy online would cost you low premium in comparison to purchasing the same offline. Online health insurers offer you discounts of up to 65% on your health insurance purchase.
- Renewability: Always check if the policy you are buying offers lifetime renewability option. Few insurers only offer coverage up to 60-65 years. Hence, it is important you look at the renewability factor when comparing health policies.
- Exclusions: Every insurer has an exclusion list mentioning the details of the ailments or conditions under which you would not be provided coverage. Compare the exclusion list of various companies to get a better understanding of buying the plan as per your requirement.
- Claim settlement ratio: While buying a health insurance policy always check on the claim settlement ratio of the company. This ratio defines the number of claims settled over the total number of claims received. This further helps you to avoid the rejection of your claims. Higher the claim settlement ratio, the higher the chances of your claims getting cleared.