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Comparing Health Insurance Policies? Here's Some Help

Published On Apr 15, 2019, Updated On Apr 01, 2020

Is your health important to you? Or are you the kind who puts their health on a back seat to fulfill other responsibilities?

In case, you have been disregarding the importance of health insurance, go ahead and start looking for one of the best health insurance policies so that you don’t have to deal with financial as well as mental pressure during a medical emergency.

Talking about buying a health insurance policy, note that the first step is gathering your specific health insurance requirements. What kind of requirements? Well, it is important for you to know whether you need an individual plan or a family floater plan, insurance amount you would want to go for, payment option, and numerous others.

During your online search for the best health insurance policies offered by top health insurance companies, you will find ‘n’ number of options to choose from. In other words, you will find different plans from different health insurers worth investing in. However, do you think it will be possible for you to choose all? Well, to avoid any sort of confusion and choose the best plan, you will have to perform compare health insurance policies, and that too on multiple levels.

Having said that, let’s take a look at the points you need to emphasize while comparing health insurance policies from different insurance companies.

The list includes:

1. Coverage Offered against Premium Charged  

Comparing health insurance policies solely on the basis of premium is a wrong move to make. Why? It is because every plan is different and comprises different features. Keep in mind that it’s best to compare coverage provided with regards to the premium charged. That being said, note that considering coverage that is offered and checking whether or not it is relevant prior to analyzing the premium charged is a foremost step.

2. Pre-existing Conditions & Waiting Periods

Those suffering from a disease at the time of searching the best health insurance policy, note that any health policy you choose won’t provide the coverage for the ailment for initial years. Keep in mind that pre-existing ailments come with waiting period, which is the time or the number of years for which they are excluded from the coverage. So, the time you start looking at health plans, remember to look at the waiting period clause and go for the one with the lowest waiting period to make a worthy choice.​

3. Limits & Sub Limits

While performing a comparison of health insurance policies, remember to consider the limits on expenses mentioned in the plan. Don’t forget, there may be capping on the allowed limit of room rent payable or ambulance costs, the cost of cataract treatment, and numerous other related expenses. When looking for limits and sub-limits, choose a plan with none and higher allowable limits on other treatments and costs.

4. Process of Claim

Having clarity about the claim process is of significant importance to avoid confusion at the last moment. Therefore, it is vital to search for cashless plans and emphasize the list of tied-up hospitals to choose the preferred hospital beforehand. While making a choice, remember to check whether or not the preferred hospital offers cashless facility.

5. Bonus & Discounts

You must be aware of the fact that for a year that goes without any claim, the insurance company provides a no claim bonus to the insured individual. Be it in the form of a reduction in the subsequent year’s premium or an increment in the subsequent year’s coverage at the same rate of premium, the bonus is provided. Note that in addition to no claim bonus, different types of discounts are also offered by insurers to attract potential customers so that they can buy the plans. So, do not forget to check the discounts offered by the plans you are comparing.

Also Read

11 Things to Consider When Comparing Critical Illness Insurance Plans​

It's Time You Learn To Make the Most of Your Health Insurance Plan

The Conclusion
Performing a comparison of health insurance policies is as important as buying them in the first place. The reason that makes the comparison of massive importance is the fact that doing the same helps one from investing in the wrong policy only to regret in the later run.

That being said, make sure you keep the above mentioned aspects in mind to compare the health insurance policies online and ultimately go with the one that meets your health insurance requirements to a tee without any scope for compromise.

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