Gone are the days when people had limited options available at the time of buying insurance policies. In the present market, there are more than a dozen insurance companies present. You can choose from a wide range of health insurance policies. All you have to do is compare the policies online. The presence of third-party websites has made the process or method of comparison even easier. You don’t have to deal with multiple web pages to compare the features and add-ons of the health insurance companies. All the details can be compared on the same page itself.
But, the question that we need to address is- what to look for while making a comparison between the different health insurance policies? For someone who does not have an in-depth knowledge of the health insurance policies, it can be difficult for him to make the right decision. So, let us help you out by providing some useful information. Here are some of the points you need to compare.
- What aspects are being covered?
When you check out the details of a health insurance policy, take a close look at the list of covers it offers. Most of the policies offer covers like pre and post hospitalization fees, ICU fees, doctor’s fees, ambulance charges, etc. But, there are certain covers that are offered by only a few insurance providers. OPD expenses, domiciliary expenses, maternity coverage, homeopathy, etc. are some of these covers. So, if you are in need of any of them, it is better to consider a policy that includes such benefits. The extent of coverage really matters while making a comparison between the different health insurance plans. Plus, you should also take a look at the sub-limits on some fees or benefits. Some policy providers set a limit on their coverage amount. So, you should keep those things in mind.
- Compare the exclusions
When comparing the health insurance plans, a lot of people overlook the list of exclusions. It is understandable that a policy cannot cover every kind of medical expenses. Every insurance company excludes a few benefits from their policy. Some of them commonly excluded benefits are- pre-existing illnesses, congenital defects, cosmetic treatments, dental treatments, etc. Among them, the clause of pre-existing illness is the most important one. When comparing the policies, you must shortlist the ones which include this clause in their list of offerings; particularly if you are already suffering from any major disease.
- Always compare the bonuses and discounts
When we buy a policy, the insurance providers try their best to lure us by offering bonuses and discounts on their policy. Well, it is true that the bonuses and discounts are for real. But, not every deal can help you save money in actual. You must also check whether the discounted policy is useful and effective enough. Most of the health insurance policy providers offer a discount when you buy multiple policies. Family discount can be cost effective for sure. So, if most of your family members are still uncovered, you can go for a family plan, and save money in return.
When renewing your policy, the concept of NCB or No Claim Bonus can help you save some good amount of money. The percentage of NCB offered by the health insurance companies differ. So, when you compare the policies, do not forget to compare their NCBs as well. You may also come across policies that accept discount vouchers.
- Network hospitals
Without any doubt, a cashless claim is always the best option to go for. Like we know, every health insurance company has a tie-up with a few network hospitals. Getting hospitalized in one of the network hospitals is an easy process. The claim is settled is a hassle-free way. It is true that not every hospital is good enough. Some are infamous for their low-quality health and medical services. Therefore, when you compare the health insurance policies, you must choose a policy that has a tie-up with the reputed hospitals. Also, make sure that the hospitals are located close to your neighbourhood.
- How easy is the claim settlement policy?
All the health insurance companies have more or less the same claim settlement policy. But, you would certainly find some difference. Even a minor clause can make a big difference in the case of cashless claim settlement. So, you must spend some time and go through the terms and conditions of the policies. For example, some insurance plans do not offer cashless claims in certain conditions. You may think that the amount will get reimbursed; but in a situation involving a family emergency, it can be difficult for you to deal with all the paperwork.
So, those are the five important points that must be compared at the time of purchasing a health insurance plan. This way, you will surely end up finding the most suitable policy for yourself and your family members.