How To Compare Health Insurance Plans?
Health insurance is undoubtedly one of the most important insurance policies for every citizen in India. Considering the rising health issues at early ages, it is practical to have solid medical insurance in place in this current post-pandemic scenario. Also, the rise in medical treatment costs can be stressful for someone who doesn’t have financial support from the best medical insurance policy.
Unfortunately, even though there are so many reasons to buy a health insurance plan, it is one of India’s most neglected kinds of insurance. This is because such insurances do not provide any benefits unless the policyholder gets sick.
While no insurer will want you to get sick, you need to understand that health problems may arise at any point in time. Therefore, it’s better to stay prepared for the same without worrying about the finances.
So, with so many online options, how to compare health insurance policies and get the best one for yourself? Let us help you with the process.
Table of Contents
1. Understand Your Requirements
Before buying an insurance plan, research the options in hand thoroughly. Go through the insurance company details, their claim settlement ratio, their customer base, and what is covered in their health insurance policies.
Read the policy documents carefully, the terms and conditions, inclusions and exclusions, and then try to understand what you are looking for in medical insurance. Once all the boxes are ticked, go ahead with the purchase process.
2. Keep it Affordable
While you may think that only the expensive policies are the best, the fact is, you should choose the affordable health insurance that suits your pocket as well. Budgeting is highly important while opting for a health insurance policy.
So, it will be a wise decision on your part to go for a reasonably priced health plan in the beginning, which will offer you good coverage and affordable premiums. In the future, you can always review your plan and increase the cover add-ons with your rise in income and the growth of your family.
3. Compare Prices Online
When buying a policy online, you should always compare health insurance quotes. This will ensure that you buy a plan that caters to all your needs. You can also request a quote online from your chosen list of insurers by putting in all your necessary details. This will give you an estimated premium cost against your policy.
Once you have all the quotes in hand, you can compare them and choose one which you think will suit your pockets the best.
4. Go through the List of Network Hospitals
Insurance companies in India like Tata AIG usually have tie-ups with different network hospitals where the policyholders can avail of cashless treatment benefits. So, in case you get treated in any of the network hospitals, you can get the cashless treatment where your insurer will settle the bills with the hospital directly.
Therefore, while choosing a medical insurance plan, make sure that you go through their list of network hospitals. You need to know whether or not the network hospitals are acceptable to you. And once you are sure of the same, you can go ahead with your choice.
5. Learn About the Tax Benefits
You can avail of health insurance tax benefits by opting for a health insurance plan in India. Hence, a good health insurance policy can also act as an effective tax-saving tool for you. This is because you will be eligible to get substantial tax deductions under section 80D of the Indian Income Tax Act 1961.
According to this Act, the premium amounts that you will pay against your insurance policy can be claimed as a tax deduction from your taxable income.
6. Go Through the Insurer’s CSR
CSR or the Claim Settlement Ratio is one of the guiding factors of choosing an insurance company. So, while choosing a medical insurance plan, make sure to dig a little deeper into the CSR of your chosen insurance company.
Go for an insurer with a high claim settlement ratio. This will ensure that your money will be in safe hands.
7. Go for Added Benefits
Sometimes the insurance companies offer various types of health and wellness covers along with their general insurance plans. Make sure to check with your insurance company representative about every benefit and add-on plan they can offer you.
The advantages of opting for such benefits are that you will get broad financial coverage, and sometimes, you will not have to pay a lot of money from your pocket.
All the above-listed tips can help you get the maximum benefits out of your chosen health insurance plan. However, you need to be extra careful while learning about the details of the medical insurance plan from the company representative to save yourself from surprises later on. Therefore, research well and always go through the policy documents carefully before investing.