Health insurance is a crucial investment that offers financial protection against unexpected medical expenses. With healthcare costs on the rise, having a reliable health insurance plan ensures you can focus on receiving the right treatment without the stress of managing expenses. In India, a wide variety of health insurance providers offer diverse plans with different coverage features. This abundance of options can make it challenging to select the one that best matches your needs.
Here’s a helpful guide on key factors to consider when comparing the best health insurance plans—so you can find one that fits both your healthcare requirements and your budget.
Know about health insurance in detail
Health insurance is a type of insurance policy designed to provide financial support for medical expenses incurred due to illness or injury. It covers the cost of hospitalisation, medical treatment, doctor's consultation fees, and other related expenses. You can buy health insurance for individuals, families, or senior citizens.
Health insurance policies come with a premium payment, which you can pay monthly, quarterly, or annually. In exchange for the premium, the insurance provider reimburses medical expenses up to the policy's limit. Some insurance providers also offer cashless hospitalisation facilities, where the insured does not have to pay for the expenses upfront. The insurer settles the bills directly with the hospital.
Why should you compare health insurance plans online?
With so many options available, going through the process of comparing health insurance plans online can help you make the right decision for your healthcare needs and budget. Here are the top reasons why you should compare health insurance plans online:
Complete convenience
Look for health insurance plans that offer a seamless digital experience—from buying the policy to making claims. Features like cashless hospitalization, 24x7 customer support, and easy online renewals ensure hassle-free access to healthcare when you need it most.
Saves time and effort:
Comparing health insurance plans online saves you the hassle of visiting physical insurance providers to gather information and quotes.
Offers an array of choices:
Online health insurance comparison sites offer access to a range of insurance plans, allowing you to compare and select the right plan that fits your requirements.
Provides transparency:
Comparing health insurance plans online offers a transparent environment, providing you with clear data like pricing and benefits.
Can save you money:
Online comparisons enable you to compare plans easily and choose one with lower premiums or outstanding benefits.
Comparing health insurance plans online enables you to make a more informed decision in picking the right plan.
Free quotes
Always compare free health insurance quotes online to understand the premium, coverage, and benefits of different plans. It helps you make an informed decision without any commitment or hidden charges, ensuring the best value for your money.
Benefits of comparing health insurance plans online
Here are some of the key benefits of buying health insurance:
Financial aid
Medical treatments can cause financial strain on your budget, especially if it is an unexpected expense. Health insurance policies provide a financial cushion for medical expenses.
Comprehensive coverage
Health insurance policies offer comprehensive coverage that covers medical expenses related to hospitalisation, outpatient care, surgeries, and more.
Value for money
Choose a health insurance plan that offers extensive coverage, essential benefits, and affordable premiums. The right balance ensures you get maximum protection without overspending on features you may not need.
No Claim Bonus/cumulative bonus
Insurance providers offer a no claim bonus in health insurance, which means that if you do not make any claims during a policy year, you get a bonus.
Tax benefits
You can get tax exemptions for the premiums paid towards health insurance under relevant sections of the Income Tax Act.
Customise plan for your needs
Opt for plans that let you tailor coverage with add-ons like maternity, critical illness, or personal accident cover—so your policy fits your unique health and lifestyle needs.
Peace of mind
A good health insurance plan offers peace of mind by ensuring you're financially prepared for medical emergencies, allowing you to focus on recovery instead of worrying about hospital bills.
Things to consider when comparing health insurance online
When comparing health insurance policies online, it is important to keep the following factors in mind:
Sum insured
Choose a sum insured that adequately covers rising medical costs for you and your family. It should be enough to handle major treatments without exhausting your savings.
Coverages offered
The coverages offered under health insurance policies vary from insurer to insurer. Therefore, the first thing you need to consider when comparing health insurance plans is the coverage offered by the policy. You need to check if the policy covers hospitalisation, daycare procedures, pre-and post-hospitalisation expenses, ambulance fees, and more. dditionally, when it comes to health insurance plans comparison, check if the policy covers pre-existing illnesses and the waiting period for such coverage. You may also want to check if the policy has adequate coverage for critical illnesses, including cancer, heart disease, and kidney disease.
Premiums
The premium cost is an essential factor that you need to consider before choosing a health insurance policy. You can pay the health insurance premiums monthly, quarterly, or annual basis. Calculate the policy cost as per your budget and ensure that you can afford the premium for the entire period of the policy. Comparing the premium rates of different health insurance policies can help you in selecting an affordable policy without compromising on the coverage options
Sub-limits
Check for sub-limits on room rent, doctor’s fees, or specific treatments within a policy. These caps can affect your claim amount, so it’s important to choose a plan with minimal or no sub-limits for better coverage.
Network hospitals
Insurance companies have tie-up with several hospitals creating a network of hospitals to offer quality healthcare services to customers. You can get cashless hospitalisation services in these network hospitals. Before purchasing a policy, ensure that the insurance provider has enough network hospitals in your area or nearby. Having network hospitals in your area can save you both time and money in case of a medical emergency. Additionally, you need to check the proximity of the nearest network hospital and whether it is easily accessible.
Room rent limit
This is a crucial factor to consider, as it directly impacts your premium, coverage, and claim settlement. Room rent limits specify the maximum daily amount your insurer will cover for hospital rooms—either as a fixed amount (e.g., ₹10,000 per day) or a percentage of the sum insured (e.g., 1% of ₹10 lakh). Be aware that proportionate deduction rules apply if you opt for a room beyond the eligible limit.
Claims settlement ratio
The claim settlement ratio in health insurance is the percentage of claims settled by the insurance provider against the total number of claims received. A high claim settlement ratio indicates the insurance provider's reliability regarding settling claims. Thus, it is essential to check the claim settlement ratio of the insurance provider before purchasing a policy. Additionally, you can research the insurer's reviews and feedback online to ensure their claims settlement process is smooth.
Scope for add-ons
Add-ons enhance the policy's coverage. You get add-on covers for critical illnesses, accidental death, and disability cover, among others. When comparing health insurance policies, check if the insurance provider offers add-ons and their costs. Choose add-ons that align with your health needs and budget.
Co-payment clause
The co-payment clause is the percentage of the medical expenses that the policyholder needs to bear while filing a claim. For example, if the co-pay is 10%, and the medical expenses are Rs. 1 lakh, the insurer will pay Rs. 90,000. You will need to pay Rs. 10,000. The co-payment clause helps in reducing the premium cost, but it can increase your out-of-pocket expenses when filing a claim. Hence, it is crucial to consider the co-payment clause before selecting a health insurance policy.
Waiting period
The waiting period in health insurance refers to the duration during which certain conditions or treatments aren't covered. It's crucial when comparing schemes to understand coverage limitations and policy benefits.
Long-term policies
Since health insurance requires periodic renewal, opting for a long-term policy can save you time, effort, and even money through lower premiums. Look for insurers that offer multi-year coverage or lifetime renewability for added convenience.
Digital setup
In today’s digital age, selecting an insurer with a robust digital platform is essential. A user-friendly website and mobile app simplify policy purchase, renewal, and claims—making your entire health insurance journey smooth and hassle-free.
