We often choose an item, that we need, after considering all the similar products available in the market. We often forget that the same principle can be applied while buying health insurance. In this article, we will discuss the parameters on which you can compare various health insurance policies and buy a policy most beneficial to your needs.
Factors to Compare Health Insurance Plans
1. Type of health insurance policies
You will find numerous types of health insurance policies in the market. Choosing the one that suits your requirement is the key. Begin with comparing the basic health insurance plans. You can choose from personal health insurance, family floater plans or senior citizen plans. Each plan has its own benefit and will be the most useful if it meets your requirements. Once you have selected a type of policy, you can search for similar products from various insurance companies.
2. Insurance Company
Comparing health insurance companies will help you understand the services offered by them. You can also check their reviews and user experiences on social media. The features mentioned in a policy document are as per the terms of the insurance company. An ideal insurer will offer a quick turnaround time on your queries and claims. They will have an active customer support center that will effectively address your queries and help you at the time of claim. Choose a company that fulfills that criteria.
3. Network Hospitals
One of the major benefits of health insurance is the financial support in case of hospitalization. It is important to note that it is be possible to avail cashless treatment in case you are admitted in a network hospital. This is possible because the hospital and the insurance company are in coordination with each other. If your insurer has a large network of hospitals, it will be easier for you in case of an emergency. Thus, compare health insurance from insurers based on this parameter.
Policies with no sub-limit are generally preferred over policies with a limit. But if your requirements demand a certain type of policy that includes a sub-limit, be sure to select the one with higher limits. Sub-limit is usually applied on room rents, bed charges, doctor visits, etc. Your insurer will bear daily charges as per your sub-limit. If the charges exceed, you will have to bear the difference. Compare mediclaim policies based on their sublimit.
5. Maximum Renewal Age
A health insurance policy can be renewed up to a certain age of the policyholder. This age is usually seventy to eighty years. Choose a policy with higher renewal age as you may face severe health issues in your old age. Thus, compare health insurance policies based on renewal age.
6. Pre/Post hospitalization expenses
This is one of the most useful features of a health insurance policy. It is common knowledge that a follow-up medical treatment is eminent after hospitalization. However, some illnesses would demand a patient to avail treatment before getting hospitalized. For example, a biopsy before a surgery. Be sure that these expenses are covered in your plan, when you compare health insurance policies. You would want to buy a policy that provides maximum financial support for these treatments.
7. Waiting period
Even though health insurance provides a strong financial backup in case of medical emergencies, some situations or illnesses might not be covered immediately after you buy the policy. Insurers add a waiting period for certain medical conditions like pregnancy or pre-existing diseases. Find plans that have a minimum waiting time so that you can get a cover for such conditions as soon as possible.
The whole idea of comparing mediclaim policies is to find a plan that provides maximum financial support in the times of need. However, this does not imply that you pay a hefty price in order to secure your trips to the hospital. Comparing health insurance policies will help you find an ideal policy that is affordable and provides maximum coverage.
The Bottom Line
If you compare health insurance you can easily find an affordable policy, this means you save money by simply comparing plans. Also, in the process of comparison you come across various products that offer extensive features. Thus, you buy a policy with suitable and useful coverage.
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