Know Factors to Compare Health Insurance
A health insurance plan acts as a financial backup when someone needs immediate hospitalization due to illness or injury. Health insurance has become the necessity of this modern world.
When it comes to health insurance plans, today, there are many options and it is wise to compare them before settling for one. Here are some parameters to notice while comparing health insurance:
Factors to Compare Health Insurance
1. Scope of Coverage
This is one of the most critical parameters that you must consider. For the same sum insured, the risk coverage may vary from company to company. The plan must be comprehensive and include other benefits like:
- OPD cover
- Critical illness coverage
- Pre-existing illness coverage
- Ambulance services
2. Lifetime Renewability
It is better to opt for health insurance plans offering lifetime renewability or higher renewal age because several complicated health issues may come up at old age. Lifelong renewability is an added advantage, as this will give you lifetime health coverage.
3. Network of Hospitals
While comparing different health insurance plans, check the list of insurance provider’s cashless network of hospitals for your preferred hospital. In case there is an emergency, this will enable you to go for a cashless claim transaction. Also, find out whether the insurance provider has tie-ups with a large network of hospitals.
4. Waiting Period
For medical issues like cataracts, pregnancy or preexisting conditions, you may not get coverage just after purchasing the insurance plan and you need to serve a waiting period. This waiting period ranges between 1 to 4 years. Check this waiting period while comparing health insurance plans.
5. Pre-Hospitalisation and Post Hospitalization Expenses
Some treatments involve medical expenses before and after hospitalization; for instance diagnostic charges, biopsy and charges for a follow-up visit to the doctor. Make sure that your health insurance policy covers all these expenses.
6. Premium
Your main motive behind comparing insurance plans is to get the maximum coverage when you need by paying a premium that you can afford. While comparing, make sure that you don’t end up choosing a policy with a hefty premium which you may find difficult to continue in future.
7. Super Top-Up Plans
It is wise to go for a super top-up plan along with your regular health insurance plan so that if your hospitalization expenses go beyond a certain limit, your insurance provider will pay for that. Moreover, you will have to pay a low premium for top-up plans. So it is also a good alternative for those who cannot afford the high premium.
8. Sub-Limit
Sublimit is applicable for doctor visits, room and bed charges, etc. and these charges are borne by the insurer based on the policyholder’s sublimit. You would have to pay the difference amount if these charges are more than the sublimit. That’s why most policyholders prefer policies without a sublimit and even if you choose a policy with a sublimit, go for a higher limit.
9. Customer Feedback
You should check the review and rating of different insurance providers on social media platforms. This will help you in understanding user experiences related to their products. That means you will get to know:
- The time they take to settle claims
- How fast they respond to your queries
Conclusion
There are various kinds of health insurance plans like a family floater, personal and senior citizen, but your goal is to get the maximum benefit. To begin with, it is best to compare similar kinds of plans from different insurance providers.
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.
