In 2021, only 37% of Indians were covered under health insurance policies, which is approximately 514 million people. It may seem a big number but the number of Indians underinsured is higher. Even though the percentage has increased in the present day, it is still far from reach among a lot of people.
So, if you are one of them, this blog is here to help you find the best online health insurance plans there are and get insured.
What Are The Things to Consider When Purchasing Health Insurance?
Finding plans online allows you to compare the best health insurance in India without much hassle and have for yourself the plan that has the most suitable coverage and premiums for you.
Have a clear understanding of the following factors and note these down to help yourself through the comparison process:
1. Inclusions and Exclusions
Inclusions and exclusions respectively are what a policy does cover and what it does not. Having a clear understanding of both of these is necessary to find a plan that suits you and avoid claim rejections and unforeseen out-of-pocket expenses.
2. Early Purchase
As young individuals are less likely to make claims, insurers extend lower premiums for plans with great coverage. So, it is beneficial to get online health insurance early in life.
3. Premium and Sum Insured
Higher coverage will mean higher premiums. Choose a premium that is affordable for you or it will lead to financial strains and failure to stay insured.
4. Network Hospitals
The cashless facility of a health insurance policy removes the worry of managing money during a medical emergency. Ensure a plan has a large number of network hospitals to gain easy access to this facility.
5. Waiting Period
For specific benefits like maternity and coverage for pre-existing diseases waiting periods can range from months to years. Prefer plans with the lowest waiting period.
6. Specific Treatments and Diseases
Some illnesses like hernia, piles, etc. have a specific waiting period in health insurance plans. Consider your medical history and before buying a plan ensure clarity on such conditions.
7. Day Care Procedures
Good health plans will come with coverage for day-care procedures such as hospitalisation for tonsillectomy or cataract surgeries. Why pay more when you can pay less?
8. Add-on Covers
While purchasing the best health insurance in India, you may consider optional add-ons in exchange for a slight increase in premiums to make your coverage more comprehensive.
9. No Claim Bonus (NCB)
The NCB feature typically lets you enjoy increasing coverage amount without any increase in premiums if you abstain from making claims. It encourages you to stay healthy while expanding your coverage.
10. Room Rent Limit
Many policies have limits on hospital room rent. Choose a plan where you have to bear the lowest or no additional cost for rooms. Check for other limits that are relevant to you.
11. Co-payment Clause
Due to the co-payment clause of a plan you have to pay a portion of the expenses. These policies offer less compensation but have lower premiums. Understand this clause clearly before purchasing any plan.
12. Claim Process
You must ensure that the claim process with the insurer you are going to have the policy from is efficient and smooth. During emergencies, any extra hassle for claim settlement can be burdensome.
13. Choose the Right Company
A reputable company is always preferable because it ensures quick claim processing and offers better service. Consider claim settlement ratio and speed while researching online.
The Bottom Line
With a clear understanding of these factors, you will be able to find the most suitable online health insurance plan for you. Assess your requirements and financial conditions while considering these factors to purchase a plan and enjoy the peace of mind it brings.
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