Should you compare health insurance before buying it? Definitely! While doing so, you need to keep a few points in mind. For instance, compare the entire package and not just one component of the policy. Ideally, compare plans based on premium, coverage, services, inclusions and exclusions, and claim settlement. Seems like a lot to comprehend? Here, we will guide you on how to go about comparing medical insurance plans in India.
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You should compare health insurance plans online because it saves time, money, and effort. Here’s why comparing health insurance/mediclaim plans online is the way to go.
You don’t have to pay money to know the health insurance premium for a particular policy. Free quotes are available on the insurer’s website (for example, on www.acko.com or the ACKO app). All you have to do is share basic information (for example, your age, gender, location) and select the preferred health insurance plan to know an approximate quote.
Nowadays, you can check out the features and quotes of a health insurance policy via your mobile, laptop, or other similar smart devices. You don’t have to visit an agent’s office to buy or select a health plan. Just browse online, select a preferred plan, and buy as per your convenience — even on a Sunday!
As the necessary information is available online, you can go through different policies’ inclusions and exclusions, compare, and find the best match. A similar comparison can be made for the premium charged, services offered and the claim settlement process.
Here’s what you stand to gain by spending some time researching online and comparing health plans before buying them.
An insurance agent will have access to a few policies, and they might try to sell you one that earns them high commissions. By comparing insurance policies online, you can customise plans for your needs. You can explore different types of coverage and ensure that your policy truly meets the medical costs for the health conditions of everyone in your family.
Value for money is not about buying the least expensive health insurance plan. It is about finding the right balance between your requirements and the policy’s offerings. Comparing plans helps you achieve this balance in terms of finding a policy that not only meets your health insurance requirements but is also budget-friendly.
Comparing health insurance policies online involves browsing through different plans, and going through the conditions such as room rent, waiting period, claims process, etc. This way, you know for sure that the final decision you make is based on concrete analysis, keeping your requirements in mind.
Also read ,What is a Mediclaim Policy?
Before setting out to buy health insurance, understand the different policy offerings. This will help you choose the right one for your needs:
Individual health insurance policies cover a single person, the policyholder. They provide coverage benefits only for the insured individual. Premiums are based on the health and age of the individual. You can customise coverage based on your healthcare requirements.
With family floater plans, the entire family, including your spouse, children, parents, and parent-in-law, are covered under a single policy. The sum insured limit is shared by all members included in the policy. Premium is calculated based on the oldest member's age and each member's health risks. Most insurers have limits on the number of people you can include under a single plan.
These are special plans for those above 60 years of age. Senior citizens health insurance plans offer enhanced benefits like domiciliary care, telemedicine, free annual health checkups, ambulance, charges, etc. As IRDAI has recently removed the age cap for health insurance, 65 or 70-year-old seniors can buy insurance for the first time. While these policies generally have extensive coverage, you must pay attention to co-payment clauses and deductibles that can increase out-of-pocket expenses during medical emergencies.
Provided by employers, these policies cover all employees of a company. Premiums are lower due to group buying. Companies often pay a share of the premium. However, these plans have limited coverage for individuals because the purpose is to cover all the employees in the group.
Provides a lump-sum payout on diagnosis of a listed critical illness. Depending on the policy, this can be included with the coverage or available as an add-on rider.
It is an optional cover that provides compensation for injuries, disability or death due to accidents.
Additional coverage that kicks in once the base policy limit is exhausted. Top-up plans are used to increase the overall coverage amount.
These plans extend coverage beyond your base health insurance with a single deductible that applies for the entire policy year. Throughout the year, the super top-up plan covers all medical claims up to the sum insured when the base insurance is exhausted.
These different policy types cater to the various needs of an individual. Corporate health insurance may be sufficient if you are young and single. As you grow older, individual health insurance can offer additional coverage. Once you get married, opt for a family floater plan, which is more cost-effective than individual health insurance plans. When your family expands and you have kids, you can easily add them to the family floater plan.
There are two ways to compare health insurance policy plans. You can either opt for the tedious, offline process of visiting the insurers offices/meeting agents for comparing policies or follow the modern, online process. If you are wondering how to compare health insurance policies with minimal effort, then the best comparison mode is online. Steps to compare health plans online
Visit the health insurer’s website. For example, www.acko.com.
Click on ‘Buy Insurance’ or another equivalent button to begin the process.
Share basic details about the person/people you want to insure.
Select the sum insured
Include additional covers (add-ons) if required.
Note down the health insurance quote charged for the insurance coverage and services. Also, note the online reviews and the claim process.
Follow this process across potential insurers.
In the end, you will have consolidated data to make an informed decision.
Your health insurance experience depends on the ability of the insurer to offer flexible policies and support medical claims. Here is how you can compare different insurance providers.
Before comparing insurance providers, evaluate your health requirements, including the coverage needed for pre-existing conditions, room rent limits, deductibles, and copays.
Find reputable insurers in India that provide health insurance policies. You can research online, ask friends and family, or seek advice from a licensed insurance agent.
Once you have identified several insurers, compare their health insurance policies. Review the benefits, policy limits, premiums, exclusions, and waiting periods.
Verify that the insurance provider has a network of hospitals near your location. Check the list of network hospitals on their website to ensure that the hospitals you prefer are included.
Look for reviews from current and past policyholders to get an idea of their experiences with the insurer. You can read online reviews or ask people who have used the same insurance policy.
Check the insurer's claim settlement record. It will give you an idea of their reputation and promptness in settling claims.
Compare the premiums of the policies from different insurance providers. Be sure to compare similar policies to get a fair comparison.
You need an insurer with good customer support to navigate the claiming process easily. It is better to choose an insurer with instant support via mobile apps so that you can get all the answers you need within a few clicks.
After evaluating all the factors, choose the policy that meets your requirements, offers comprehensive coverage, and fits your budget.
The following factors play a key role in determining the overall value of a health insurance plan. Make sure to keep an eye on these factors while comparing different health insurance policies in India.
This is the maximum amount that the insurer will cover you for. Health insurance premium and the sum insured (SI) are directly related. Thus, a policy with a low premium might offer lower SI. Make sure you have adequate SI to ensure substantial financial assistance in the time of need.
Coverage goes beyond the sum insured. Its scope is much wider. It pertains to the inclusions and exclusions of the policy. Check if the policy offers pre- and post-hospitalisation coverage, COVID-19 coverage, day-care treatment, etc. as well.
Pick an insurer that has a long list of network hospitals, including prominent medical facilities. These are hospitals with whom the insurer has a tie-up to facilitate cashless claims (direct claim settlement between the insurer and the hospital for the amount covered). Do a quick check to ensure top hospitals in your vicinity are a part of the insurer’s network.
Insurance policies don’t cover you against all illnesses from day one. In some cases, you need to wait a particular period (days/months/years) to be eligible to raise a claim against an illness. This period is known as the waiting period. Usually, this period is applicable for diseases that you are already diagnosed with before buying health insurance (pre-existing diseases). Check the waiting period of the policy to avoid claim rejection.
The policy might have sub-limits on certain coverages. Simply put, if a policy has a 50% sub-limit on Ayurvedic procedures, then irrespective of your claim amount being under the sum insured limit, the settlement amount will be for 50% of the cost of the ayurvedic procedure. For example, if the procedure with a 50% sub-limit costs Rs. 1,00,000, the claim will be settled for Rs. 50,000. Look out for policies with no/manageable sub-limits.
If a policy has a co-pay clause, it means that you have to contribute towards claim settlement. For example, if the claim settlement amount is Rs. 5,00,000 and the co-pay clause is for 20%, then you need to pay Rs. 1,00,000 (20% of 5,00,000). Note that the example does not consider deductibles and other charges for simplification of the concept. A co-pay clause reduces the policy premium as the burden of claim settlement is shared between you and the insurer.
This is a critical point of comparison that has an effect on the premium charged, coverage offered, and the claim settlement amount. The room rent limit is a cap on the amount spent on the hospital room. This limit can either be mentioned as an amount (for example, Rs. 10,000 per day) or as a percentage of the sum insured (for example, 1% of Rs. 10,00,000). Note that the proportionate deduction clause is applicable in the case of room rent.
Sometimes, insurers might package add-ons as a part of the Comprehensive Health Insurance Policy. This can increase the premium. On the other hand, keeping the Comprehensive Plan to a bare minimum will reduce the premium comparatively. Also, all insurers might not offer all add-ons. Some might even have different names for add-ons that serve the same purpose.
Considering health insurance needs to be renewed periodically, it would save you time, money (lower premium) and effort if you buy a policy that covers you for more than a year. Check if insurers offer long-term coverage or provide lifetime renewability options for the policy chosen by you.
Choosing an insurer with a digital setup is the need of the hour. Digital insurers make life easy for policyholders while buying, renewing, and claiming health insurance. Insurance-related processes are streamlined thanks to a responsive website and most likely a handy mobile application.
Adequate health insurance for you depends on your health risks and medical care needs. The ideal sum insured depends on your individual circumstances, including your city, age, medical needs and potential future costs.
For example, a young, healthy person in a Tier 3 city may only require ₹5 lakh coverage, while an elderly person with pre-existing conditions in a metro would need ₹15 lakh or more. Here are some general guidelines based on profile:
Factor in medical inflation and aim for higher coverage if you have specific health needs or pre-existing conditions. For even more comprehensive protection, a ₹1 crore policy is affordable for many today.
Another option is pairing a base policy to cover basics along with a top-up plan that kicks in once your base coverage is exhausted. This allows you to customise an optimal plan within your budget.
The ideal amount ensures you are covered for most medical eventualities without overpaying in premiums. Assess your unique situation and choose adequate coverage for peace of mind.
Also read: How to create an ABHA card online.
Comparing different insurance plans from multiple providers allows you to make an informed financial decision. Online insurance providers offer free quotes, and you can tailor the coverage to suit your specific needs. It’s important not to prioritise lower premiums over adequate coverage, as the right coverage is crucial for availing the necessary medical treatment. When relying on your insurance policy for medical expenses, ensure that the coverage aligns with your health risks and treatment needs.
Here’s a list of queries related to health insurance and health insurance comparison in India.
It is evident that health insurance covers your medical expenses, including hospitalisation and recovery costs. However, for long-term financial security, you can consider term insurance. A well-chosen 1 crore term plan can go a long way to support your family's needs in case of unforeseen events.
Before you buy life insurance, evaluate the right coverage amount to ensure that it sufficiently complements your financial situation. A term insurance calculator can easily help you estimate the suitable sum assured and premiums based on age, income, and needs.
Remember, health insurance safeguards medical bills, whereas term insurance protects your loved ones against unforeseen life events.
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Disclaimer: The content on this page is generic and shared only for informational and explanatory purposes. It is based on industry experience and several secondary sources on the internet, and is subject to changes. Please go through the applicable policy wordings for updated ACKO-centric content, and before making any insurance-related decisions.
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