Rising medical inflation and skyrocketing treatment costs can burn a hole in your pockets. Therefore, comprehensive medical insurance is a need for an hour. Choosing a health insurance plan that caters to your and your family's healthcare needs and does not impair your financial security is imperative.
Considering all the concerns, Care Health Insurance has developed exclusive health insurance plans in India that give you maximum coverage at an affordable premium. Here, you can read how to compare health insurance plans and choose what best suits you and your family's healthcare needs.
What is Compare Health Insurance Plans?
Compare health insurance plans helps the policyholder select a policy, considering factors like finances, needs, and accessible options. It is an investment in health and monetary stability and should not be overlooked.
When numerous alternatives are available, selecting the right health insurance plan can be difficult. Hence, comparing health insurance plans based on coverage, inclusions, exclusions, claim processes, premiums, sum insured, etc., helps significantly.
Why Should You Compare Health Insurance Policies?
Insurance service providers understand that different people have different healthcare needs. Hence, it is essential to compare health insurance plans before choosing. Medical insurance comparison helps you to know:
- Age Criteria: When you compare health insurance plans in India, you will understand that most insurers include similar age criteria. However, some might have different criteria, which might help you choose the plan that fits your health needs.
- Affordable Premium: You can compare the premiums of various plans and choose the most affordable and cheap health insurance plans.
- Inclusions & Exclusions: Too many options can confuse you. Knowing the policy inclusions and exclusions is better to ensure timely claim settlement when you are on your journey to compare health insurance plans.
- Additional Benefits: While you compare medical insurance plans, you can also learn about additional benefits, such as a no-claim bonus, automatic recharge, renewability, etc., to enhance policy coverage.
- Number of Ailments: Different plans cover different ailments. For example, Care Health Insurance’s critical illness insurance covers 32 critical illnesses, whereas heart Mediclaim covers 16 ailments. So, comparison helps you select the policy that fits your healthcare needs.
- Discounts: Comparing health insurance plans helps determine what deals you can get on policies. You can reduce your premium if you get a discount on your purchase.
Benefits of Compare Health Insurance Plans Online
When you compare health insurance plans in India, it can be beneficial when selecting the best policy. Here are some key advantages of medical insurance comparison online:
- Wide Range of Options: The online platform provides access to various health insurance plans from different insurance providers. You can explore and compare medical insurance plans regarding coverage, benefits, and premiums.
- Convenience: You don't need to visit multiple insurance offices or contact agents individually. You can easily compare health insurance plans from the comfort of your home. The online comparison provides benefits that simplify the process of purchasing your policy.
- Transparency: Online platforms provide detailed information about each policy, like inclusions, exclusions, waiting periods, claim processes, etc. You can understand the policy better and make the best choice.
- Time-Saving: Online comparisons are quick and efficient. Within a few minutes, you can compare the features, costs, and coverage of multiple health insurance policies, helping you to make a well-informed decision without investing too much time.
- Customer Reviews and Ratings: You can read customer reviews and ratings for various health insurance plans. These reviews can provide valuable understanding and feedback from other policyholders, helping you measure the service of your chosen insurance provider.
- Ease of Customisation: Online comparison tools often allow you to customise your search based on coverage type, sum insured, age, and pre-existing conditions. Thus, you find plans tailored to your specific needs.
- No Pressure Sales Tactics: When comparing health insurance plans online, sales agents do not pressure you. You can consider the options easily and make an unbiased decision that suits your needs.
- Understanding Policy Terms: When you compare health insurance plans online, take your time to read and understand the policy terms and conditions in detail. It will minimise the risk of purchasing a policy that does not cover essential factors of your healthcare needs.
How to Compare Mediclaim Policy?
It is possible to compare health insurance policies in two different ways. Either choose the time-consuming, offline procedure of going to the insurers' offices and meeting agents to compare policies or use the cutting-edge, online process. The easiest way to compare health insurance plans is online, so if you're wondering how to do that, read the steps for online health plan comparison.
Step 1: Go to the website of the health insurer, like https://www.careinsurance.com/
Step 2: Enter your mobile number and click the ‘View Plan’ button or similar options on other insurer's websites.
Step 3: Fill in the details of the members you want to insure, including their DOB, PIN, and other requested information, and click ‘View Quote.’
Step 4: Customise your policy as required by choosing policy tenure and sum insured options.
Step 5: Select any add-on you want to add to your base policy, such as ‘Instant Cover’ or ‘PED Wait Period Reduction’ if needed.
Step 6: Write down the final quote amount, insurers review, claim settlement ratio, number of network hospitals and various data provided on the website.
Step 7: Repeat the same process on different insurers' websites to generate a quote, note it down and compare health insurance plans for families and individuals.
Step 8: You now have all the information you need to compare health insurance plans and choose the one best suited to your needs.
Consider these Factors to Compare Health Insurance Policy Online
Check below how you can compare health insurance policies online:
- Type of Health Policy: Health policies differ in benefits, premiums, discounts, etc. So, pick the plan according to its kind, such as individual or family health insurance, Mediclaim, etc., that best suits your healthcare requirements.
- Comprehensive Coverage: Your policy should provide extensive hospitalisation, medication, or treatment coverage. So, check what all policies cover and what they do not cover to ensure proper coverage.
- COVID-19 Cover: Look for the plan that offers COVID-19 cover as well. We offer coronavirus coverage, including treatment and quarantine expenses. You can check the terms and conditions of plans for more details.
- Compare Premium: Use the health insurance premium calculator available online to compare medical insurance policies. Health insurance premium comparison is the best way to pick the plan that suits your pocket.
- List of Network Hospitals: Before you say yes to the policy, look at the number of hospitals empanelled with the company. We have 11,400+ network hospitals, which allow you to choose the hospital near your residence.
- Sum Insured: The Sum Insured varies from plan to plan. You should work on this and pick the plan that offers sufficient coverage.
- Automatic Recharge: You can get an automatic recharge if you are hospitalised for more than one disease in a year and the existing Sum Insured is exhausted. So, compare the policies' features and choose the one that gives you this benefit.
- Lifelong Renewability: Find out which plan offers you lifelong renewability. It is beneficial when you grow old. You can continue the same policy with break-free renewals.
- Waiting Period: This is the duration during which you cannot claim. You have to wait for the completion of the waiting period, which ranges from 30 days to 24 months. Thus, go for the policy that offers you a minimum waiting period.
- Sublimits: A sublimit is a pre-defined cap on medical expenses under the policy. A policy with no sub-limit comes with a higher premium, so after you compare health insurance plans, pick one accordingly.
- Daycare Treatments Cover: Thanks to medical advancements, you can get daycare treatments without being hospitalised for 24 hours. Therefore, check the policy that covers maximum daycare treatment, too.
- Annual Health Check-Up: If you want to keep track of your health. Annual health check-ups help you a lot. Most insurers offer yearly health check-ups under policy coverage. You can check the details and opt for it.
- Add-Ons: Add-on benefits under the policy help you to increase its coverage. Reduction in wait period, Care Shield, OPD Care, COVID Care, No Claim Bonus Super, and more are the add-ons we offer along with the policy.
- Organ Donor Cover: Transplanting an organ is not easy. But if the policy covers its expenses, half the battle is won. So, check if the policy offers coverage for an organ transplant.
- Claim Settlement Ratio: Invest in a company with a higher CSR for timely claim settlement. The CSR shows the company's reliability in settling claims. We have a 95.2% CSR# that ensures hassle-free claim settlement.
- Tax Benefits: When you compare health insurance plans, you can save your health and wealth. A premium paid against the policy gets tax exemption up to Rs.1,00,000 per section 80D of the Income Tax Act. Also, check if you will get the tax exemption certificate.
Understanding Policy Types
Here is a breakdown of different types of health insurance policies:
- Individual Health Insurance : offers coverage for an individual and covers clinical expenses incurred by the person during doctor consultations, hospitalisation, treatments, etc. It is ideal for individuals who don't have dependents or who are looking for tailored coverage.
- The Family Floater Plan : covers the entire family under a single sum insured. Any family member can take advantage of the offered coverage and sum insured. This plan is perfect for people looking to cover an entire family under a single policy at a reasonable price.
- Senior Citizen Health Insurance : covers people over 60. It caters to the clinical requirements of older individuals experiencing health-related conditions. The plan is ideal for senior citizens who want coverage for health and age-related conditions. It usually involves domiciliary treatments and pre- and post-hospitalisation.
- Critical Illness Insurance : offers a single payment in case of severe conditions diagnosis such as heart illness, kidney failure, or cancer, etc. The plan is ideal for people looking for particular and high-cost medical conditions.
- Maternity Health Insurance : covers pregnancy, childbirth, and postnatal care expenses. It is available to people who want to grow their families and cover linked clinical costs.
- Top-up Plans : offer additional coverage on top of your current health insurance plan, offering an added shield if the sum insured in the primary plan runs out. People with a basic insurance plan require additional coverage to cover high medical expenses.
What is the Ideal Coverage for Health Insurance?
Several factors are there that define the ideal coverage for health insurance. When you compare health insurance plans, it is essential to be mindful of these factors. Here are these factors:
- Age: Younger individuals may not need much coverage in the starting phase, but with age, one might need higher coverage due to growing health and monetary needs
- Medical History: People with heart illness or diabetes must compare health insurance plans. They must get a policy covering the treatment for these conditions and hospitalisation expenses.
- Family Size: A basic plan is enough for an individual. However, one should consider buying plans like a family floater or individual health plans for each member to cover a family.
- Premium Affordability: The premium must be reasonable but not compromise coverage. You must seek a balance between the policy's cost and benefits.
- Sum Insured: The policyholder must assess the sum insured in the policy. A lower sum insured is sufficient for young people with fewer health complications. However, individuals with significant health conditions might require a higher sum insured.
- Network Hospitals: Look for an insurance service provider with a massive network of hospitals, as this provides more ease and flexibility.
- Pre-existing Conditions: Consider getting a plan that offers coverage for pre-existing conditions after a waiting period.
- Waiting Period: Understanding the waiting periods is essential, as most policies include waiting periods for pre-existing conditions, maternity benefits, and specific treatments.
Recommended Coverage
- A basic coverage of around ₹5-10 lakhs might be enough for younger people with fewer health complications.
- Depending on their health history, a coverage of ₹10-20 lakh is usually suggested for families.
- A coverage of ₹5-10 lakh is sufficient for senior citizens, depending on their health conditions.
What Happens When You Don't Compare Health Insurance?
Opting for health insurance without comparison is like shooting an arrow in the dark. You need to find out whether the policy serves your purpose. Therefore, comparing health insurance is crucial. If you avoid it, you may face the following consequences:
- Chances of buying a policy mismatch to your healthcare needs
- Higher premiums for basic health insurance
- No add-on benefits to boost the policy coverage
- No discounts or additional benefits
- Claim rejection due to less information about policy terms and conditions
- Get into the trap of false promises.
In summary, comparing health plans helps you pick the right plan and ensure you get the maximum benefits from it.
^Annual premium for products 'Care' and 'Care Shield (add on)' is Rs. 6160/-(excl. GST) for one adult falling under the age bracket 05-24 years, 1 Adult 18-24 age group 3 Yr with NCB Super (Add-on).
