Everyone gets sick from time to time, but it’s the medical bill that follows that concerns everyone. Only a few people can spend their savings on medical bills while being financially stable. Thus, it is essential to protect against such financial loss. One of the best ways to do this is to purchase a health insurance policy. There are many health insurance policies in India. In this article, we will see how to compare health insurance policies in India.
Before we jump into the comparison, let’s take a look at some basic information you need to compare policies that will help you make an informed decision.
What is health insurance?
A health insurance offer in India to pay your medical bills when you get sick. The insurance company will cover your hospital bill, surgical costs, medical costs and the costs of medical consultation. Many insurance policies also cover pre and post hospitalization costs. Trusted insurance companies like Care Health Insurance offer cashless claims to an extensive list of hospitals in the network, ensuring you don’t have to arrange cash to pay your medical bills.
How do you compare health insurance plans?
With over 20 insurance companies and over 200 health insurance policies in India, you have plenty of options. In addition, each policy has its characteristics and advantages. So, finding the best policy is a very difficult task. So here are some important tips:
- Select the appropriate sum insured: Health care inflation in India is on the rise and you may observe an increase in premiums. Thus, it is important to select the maximum sum of insurance available at an affordable premium rate.
- Note the factors influencing the health care premium: There are various factors such as the applicant’s age, pre-existing condition, family medical history, sum insured, etc. These items affect your premium differently depending on the policy. So, write them down correctly to accurately predict your health premium.
- Customer experience and complaints process: Look up customer reviews online and offline when selecting insurance companies. Also, carefully read the claims process for a cashless claim and other benefits, then choose the one that’s right for you.
Ways to Compare Health Insurance Policies in India:
There are two ways to compare health insurance policies – online and offline. Let’s look at the steps involved:
Compare insurance policies online
- Many sites offer you comparisons, but we suggest you go for an online health insurance premium calculator. This is because you can prepare a comparison table yourself and assess the factors that matter most to you.
- The premium calculator will ask you a multitude of questions about your city, your date of birth, the number of people to be covered, the sum insured, etc. You may also need to disclose any pre-existing conditions, general symptoms, etc. The calculator will process this. information and provide you with a quote of another health insurance policy in India.
- You can then use a few other premium calculators and take an average. This will help you choose the right insurance company and plan for you, along with the claims process and other benefits.
Compare insurance policies offline
- Find and schedule a meeting with a health insurance agent, and you can discuss your needs in detail with that agent.
- They will ask you questions about your age, pre-existing conditions, your family’s medical history, sum insured, etc.
- The agent will then send you a quote and health insurance policy in India that matches your needs. Read them properly and you can visit a few other agents to compare policies.
India’s insurance penetration level is well below the global average, and it stood at 5.2% in 2009, compared to the world average of 7.0 percent. However, this figure still remains relatively low even after a decade, highlighting the need for insurance awareness in the country. But today you can buy and
compare health insurance policies in India online and offline, or a combination of both. While this makes purchasing health insurance easier, it is essential to compare policies before purchasing.