Choosing an appropriate insurance can be a crucial decision that directly affects your health and financial situation. When one compares health insurance policies online, it is more convenient to compare features, benefits, and prices. But knowing what to compare and how to do that is also important to avoid missing any coverage features while making the comparison.
With the right information and an analytical mindset, you can buy health insurance that suits your needs and provides long-term coverage. Breeze through this blog, as we discuss the ways to compare health insurance plans online.
Why Online Comparison is Important for Health Insurance
Health insurance provides necessary monetary assistance in case of medical emergencies. With the cost of healthcare on the rise, choosing a policy is not a choice anymore but a necessity. Comparison of policies online enables you to see different options side by side, gauge differences in coverage, and learn what every policy provides. It also facilitates comparison of the coverage with your personal health needs and lifestyle.
Crucial Aspects to Look for While Comparing Policies
Prior to choosing a policy, keep an eye on certain aspects that can make your coverage effective. It is not merely about achieving a lower premium but ensuring value along key parameters.
1. Sum Insured and Coverage Scope
The sum insured is the maximum you can claim in one policy year under a policy. It must be sufficient to cater to hospitalisations, even if there are several. Insurance providers like HDFC ERGO allow flexibility in the choice of your sum insured so that you can find the right balance between premium and protection.
2. Pre- and Post-Hospitalisation Cover
Most medical insurance involves diagnostic procedures prior to hospital admission and follow-up sessions after. Make sure your policy provides pre-hospitalisation coverage of a minimum of 30 days and 60 to 180 days of post-hospitalisation cover, depending on the policy conditions.
3. Cashless Network Hospitals
Availability of an extensive network of hospitals is one of the major advantages of health insurance. A good network facilitates easier access to cashless treatment in case of emergencies. As an example, HDFC ERGO provides more than 15,000 cashless hospitals in India, enabling easy and hassle-free claim settlement without prior payment.
Assessing Add-ons and Riders
Health insurance plans usually have additional add-ons to provide greater coverage. The riders incur additional costs but give long-term benefits. While comparing, look for the availability of these add-ons and whether they are applicable to you.
Critical Illness Cover
This rider gives a lump sum amount on diagnosis of life-threatening ailments like cancer or organ failure. It assists in meeting high treatment costs that might not be comprehensively covered under the standard policy.
Room Rent Waiver and Maternity Cover
Certain policies have sub-limits on room rent or do not cover maternity expenses at all. Opting for a policy that waives the room rent or covers maternity benefits without sub-limits will provide greater comfort as well as more extensive coverage during the hospitalisation.
Understand the Waiting Periods
All health insurance policies have a waiting time, especially for pre-existing conditions and certain treatments. A lower waiting period can prove to be a significant benefit. For instance, if a policy has a 2-year waiting time for some diseases and another has a waiting period of 1 year, the second can offer quicker access to claims.
Premium Cost vs Coverage Value
Although a low premium sounds appealing, it would come with less coverage or increased co-payment terms. Rather than opting for the lowest cost, one must look at the trade-off between premium and policy value.
A good mediclaim policy will give full support towards medical requirements, not only in terms of partial money payment.
Look for No-Claim Bonus and Renewability
These elements provide long-term advantages and enable you to develop a more fulfilling association with your cover provider. They also contribute to greater policy value and enhanced peace of mind over the years.
No-Claim Bonus (NCB)
No-claim bonus raises your sum assured for every year when you don’t make a claim. This really enhances your protection over the long term and is a useful element in the best family health insurance policy.
Lifetime Renewability
Always opt for a policy with lifetime renewability. Under this feature, no matter what your age, you will never be denied policy renewal if you renew the policy within the time. HDFC ERGO offers this facility and hence is a good long-term health insurance provider.
Conclusion
Deciding on the appropriate insurance policy is easier when you assess your requirements and shop around sensibly. The right strategy keeps unwanted exclusions out and provides sufficient coverage to your medical expenses. If you are looking to purchase health insurance that is affordable as well as provides comprehensive coverage, HDFC ERGO provides comprehensive medical insurance products that suit individuals as well as families.
