Healthcare needs vary among individuals. With the amplechoices available in the health insurance industry, buying the right health insurancewhich is tailor-made for your unique needs is not an easy affair. Buying the right health insurance policy needs a lot of research. Hence, there is a need for comparison shopping to buy the best suited health insurance plan as per your need.
Here are some of the reasons to compare medicalinsurance plans before buying:
- Comparison helps you make the right and informed decision
- Comparison helps you in buying cost-effective health insurance plans
- Comparison helps you in opting for the best comprehensive health plan which includes bundle of features that suits your healthcare needs.
Here are some important things while comparing health insurance plans:
- Cost: Price of the policy is the key element in buying the health insurance although it’s not the only element to compare medical insurance. You should choose a health insurance policy that offers the best possible coverage at an affordable cost.
- Coverage: Coverage amount offered may vary among insurer depending on medical history, age, work profile and many other things. Opt for the policy that can offer you adequate amount of coverage. Extent of coverage also varies with each policy. Some insurer may offer distinctive features in the form of rider such as maternity coverage and ayurvedic treatments, critical illness cover etc. Choose the most comprehensive plan based on your requirement. For instance, if you are newly wedded, it’s advisable to go for policy that covers maternity and childbirth.
- Cashless Network: Cashless claim facility eases your settlement process. You don’t have to pay the bills; insurer will directly settle it with the tied-up network hospitals. You just have to check the list of network hospitals before buying to ensure the best hospitals in your locality are included in the list. With this facility you can avail the best healthcare services hassle-free.
- Waiting Period: Usually, there is a waiting period to cover some pre-existing diseases such as diabetes, cancer etc. every health insurance policy has a waiting period for covering the pre-existing disease. Just that, tenure of this period varies from policy to policy. Ensure to go for the policy that has shorter waiting period.
- Claim Settlement Ratio: One should not miss on this particular element. This record indicates how quickly and conveniently a genuine claim can be processed and settled. Ensure to pay attention on claim settlement ratio of the insurer and choose the insurer that has good claim settlement ratio along with unique product features.
- Room Rent and Sub Limits: Some policies come with the cap on room rent. Hence, checks the limits mentioned in the policy terms and ensure it suits your need. Otherwise you may have to end up paying extra out of your pocket for your preferred hospital rooms.
- Co-pay clause: Co-payment is basically a certain percentage (as specified in the policy) of medical bill that you need pay while the remaining bill is settled by your insurer. Obviously, such deductibles result in reducing your cost of insurance. Co-pay may vary depending upon the treatment also. Percentage of which varies among different insurers. Hence, compare medical insurance based on co-pay clause wisely as it could put you under a financial stress in future.
- Renewal Age: Health insurance policies are yearly renewable. We all know how difficult it is to get the comprehensive health insurance plan with the passing age. Some of the health insurance products come with cap on maximum renewal age. Compare the policies based on their renewability and prefer to opt for plans that come with lifelong renewability.
Lastly, Thanks to the world of internet, it has made the comparison shopping easy. You can now compare medical insurance policies online and choose the best one as per your requirement. There are also many online comparison portals that help you compare various health insurance plans based on their features and quotes in a single platform. Research, compare and make a smart decision!