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If you are looking to secure your finances against unexpected medical costs, a health insurance policy is an option that you must avail. However, there a number of health insurance plan options you can choose from. So it is important to know how you can correctly perform a health insurance comparison and choose an option that suits you.
In this blog, we will discuss the various factors you need to consider to perform health insurance policy comparison, benefits of comparing health insurance plans and how to purchase a health insurance policy online.
What is Health Insurance?
Health insurance is an insurance product that provides coverage for medical expenses for the insured. It can cover several health-related expenditures, including surgeries, prescription medicines, admission charges, and more. When you compare health insurance policies, you will find different types of health insurance plans that offer varying features and benefits.
Healthcare can take up a significant portion of an individual's savings. Furthermore, some medical conditions require prolonged treatment, incurring enormous expenses. Unfortunately, in such a situation, even a person's entire life savings may not be enough.
That is why it is crucial to compare health insurance plans available to get the best benefits in a time of need. Some features that you must be aware of when you make a health insurance policy comparison are:
- Some plans offer a range of benefits to the policyholder, such as cashless treatment, free regular check-ups, and coverage for hospitalization charges.
- You can opt for individual or coverage for your family members under different types of plans. Compare health insurance policies according to their suitability for your particular requirements.
- Most insurance providers require a medical examination when purchasing the plan. If you need financial assistance for pre-existing diseases, there are specific plans for that purpose.
- You can add riders to strengthen your plan's coverage and customize it to better suit your needs.
Factors to Consider for Health insurance Comparison
Financial assistance in a time of medical emergency can be of incredible help. It is in your best interest to consider the several health plans available to be aware of the possible benefits. The IRDAI has specific guidelines for health insurance policy contracts to standardize the procedure.
However, the benefits provided under one policy may be more beneficial to you than another. If you compare health insurance policies carefully at the appropriate time, there will be no room for dissatisfaction later.
Let's look at some of the factors you must consider when you compare health insurance policy.
1. Type of Policy
Some of the standard health plans are individual, family floater, or senior citizen plans. They can cover medical expenses for you or your family members, depending on the policy terms. Once you have settled on the type of policy, you can compare similar health insurance policies by different insurance providers.
2. Coverage and Premium
Before you compare health insurance plans to find the best set of benefits, it is vital to evaluate the suitable coverage. It is helpful to chart a plan considering the stipulated duration of coverage. The groundwork of health insurance comparison is assessing the sum assured that you require and, consequently, the premium amount.
3. Age-Limit
Health policies have a maximum age limit, upto which they offer coverage for medical expenses. When you compare mediclaim policy, you will find that the maximum age of coverage varies across different plans.
The chances of encountering medical emergencies are generally higher at an older age. It is favorable to opt for a policy that goes upto a higher age, as it can be complicated to purchase a new plan.
4. Network Hospitals
One of the desirable advantages of a health plan is that it allows cashless treatment upon hospitalization. It means that the charges incurred during the treatment will be settled between the insurer and the hospital. However, the facility is only applicable if the insured visits a hospital which is in the list of network hospitals.
Compare health insurance policies by different providers keeping in mind their network list of hospitals. It will work in your favor if an easily accessible hospital is within your insurer's network list.
4. Network Hospitals
One of the desirable advantages of a health plan is that it allows cashless treatment upon hospitalization. It means that the charges incurred during the treatment will be settled between the insurer and the hospital. However, the facility is only applicable if the insured visits a hospital which is in the list of network hospitals.
Compare health insurance policies by different providers keeping in mind their network list of hospitals. It will work in your favor if an easily accessible hospital is within your insurer's network list.
5. Co-Pay Amount
The co-pay amount of a health insurance plan is the percentage of the medical expenses payable by the insured. It is an essential factor to take into account when you compare health insurance plans.
6. Waiting-Period
There is a waiting period of a health insurance policy, before which the insured cannot file a claim towards settlement. Health insurance comparison will tell you of the different waiting periods associated with plans.
7. Add-Ons
Compare health insurance policies to know which of them offers the best flexibility. Since a person's health needs can change over time, it is useful to have a customization plan.
Also Read: Tips to Consider Before Buying Health Insurance Policy in India
Benefits of Health Insurance Comparison
Purchasing a health insurance policy is a critical part of your financial plan. When the time comes, the benefits will surely be worth the trouble to compare health insurance plans. Let's look at the reasons why it is useful to compare health insurance.
1. Adequate Coverage
Health insurance policy comparison will give you a more refined estimate of the coverage required for your well-being. Be sure to compare health insurance policies after analyzing the prerequisites specific to your condition.
2. Relevant Information
When you make an effort to compare health insurance policy, it can bring previously unknown features into the light. The entire process of health insurance comparison can be incredibly beneficial in the long run. It will help you feel confident about the features of the plan and uncomplicate the process.
3. Optimum Benefits
When you compare health insurance policies, the knowledge gained will help put together a plan that offers maximum possible benefits.
4. Satisfaction
A vital element of the health insurance purchase process is personal satisfaction. Compare health insurance policies across various attributes to make sure you get the desired results in the future.
Reasons Why People Skip Health Insurance Comparison
Insurance purchase is among the significant financial decisions in life. Yet, some may end up unhappy with their insurance plan at the precise time of need. One of the reasons for this disappointment is that they might consider it unimportant to compare health insurance policy.
Another reason to pass over health insurance comparison is the lack of awareness. It is likely that people find the insurance jargon complex for their understanding and avoid the process entirely. However, insurance providers offer appropriate assistance to ease the procedure.
Reasons Why People Skip Health Insurance Comparison
Insurance purchase is among the significant financial decisions in life. Yet, some may end up unhappy with their insurance plan at the precise time of need. One of the reasons for this disappointment is that they might consider it unimportant to compare health insurance policy.
Another reason to pass over health insurance comparison is the lack of awareness. It is likely that people find the insurance jargon complex for their understanding and avoid the process entirely. However, insurance providers offer appropriate assistance to ease the procedure.
How much Max Life Health Insurance Costs for Different Ages?
Health Insurance charges will vary, depending on various elements. It relies on the amount of predetermined coverage, policy term, the age of the insured, to name a few factors.
If we consider the Max Life Cancer Insurance Plan (UIN: 104N093V03, A Non-Linked Non-Participating Individual Pure Risk Premium Health Insurance Plan), the minimum and maximum age of entry are 25 and 65 years, respectively. The maximum maturity age of the plan is 75 years. The insurance cost will vary when you compare health insurance factors such as policy terms and premium payment options.
How to Buy Health Insurance Online?
After you compare health insurance policy, the procedure to buy the plan is fairly convenient. Here are the steps to follow to purchase Cancer Insurance Plan by Max Life.
Step 1 – Basic Information
Fill in the necessary details, such as the gender and age.
Step 2 – Get Quote
It will display the appropriate sum assured according to your profile. You can decide on the maturity age of the plan, which will change the payable premium amount. You can also select the premium payment frequency, i.e., annual, half-yearly, quarterly, and monthly.
Step 3 – Further Details
Fill in your name and contact details and click on proceed. After that, the insurer will get in touch with you to move ahead with the plan's purchase.
Frequently Asked Questions (FAQs)
Q. What Is the Right Age to Buy Health Insurance?
A. It is advisable to buy health insurance plans when you are healthy and financially capable. It is advisable to prepare beforehand rather than purchase a plan when suffering from health issues. When you compare health insurance policies, you will find that the minimum age to buy health plans is low.
Q. What Is Cashless Claim Facility?
A. The insurance provider has a list of network hospitals where the policyholder can avail of treatment without paying the charges upfront. The insurer and the hospital settle the expenses between them if the policy terms state such a facility. Compare health insurance network hospitals to make use of the facility efficiently.
Q. Do I Need to Be Hospitalized to Make A Claim?
A. Modern medicine has reduced the need for hospitalization for specific procedures. Such treatments may be included under the daycare section of the health policy terms. Check and compare health insurance plans to be aware of the listed daycare procedures.
Q. Do I Need to Pay Out of Pocket Despite Cashless Claim Facility?
A. When you compare health insurance plans, you will find certain charges are not covered under some policies. And also some policies may have a co-pay limit which is a cost sharing requirement for the eligible expenses in the insurance policy which has to be borne by the policyholder
Q. Are There Any Tax Benefits on Health Insurance?
A. Yes, the income tax laws state that the policyholder can avail of tax benefits for health insurance payments. There are upper limits to the allowed tax deductions under different circumstances. Tax benefits are as per existing tax laws subject to change.
Q. Are There Any Tax Benefits on Health Insurance?
A. Yes. Under existing income tax rules that the policyholder can avail of tax benefits for health insurance payments under Section 80D of the Income Tax Act. Currently one can get tax deduction of Rs. 1 lakh annually from health insurance premium payments.
Q. Is it possible to save money by comparing health insurance policies before buying?
A. Yes. By comparing different health insurance policies, you can figure out health insurance exclusions, inclusions, hospital networks, co-pay amounts and more. This can help you choose a health insurance policy that is gives you the greatest benefit at a minimal cost.
Q. Can a person have more than one health insurance policy?
A. Yes. You can buy and get benefits from more than one health insurance policy or mediclaim plan at the same time. In fact, it might even be advisable to have more than one health plan to ensure that you are adequately covered for medical costs in the case of an emergency.
ARN No : Nov22/Bg/09D
