Steps to Buy Health Insurance Online

Having a health insurance plan is a wise decision to save on your huge medical bills and to cope up medical expenses in terms of critical illnesses, but all these benefits will be available to you only when you choose a good health insurance policy from the right insurance company. Sometimes when you buy health insurance online without doing enough research about the policy and its provider, there are chances of going wrong. This is not to frighten you, but to make people aware of what health insurance products they are choosing. One has to estimate the overall risk factors associated with your health and correlate them with The insurance policy you purchase.

Seek for Quote Online

The best part about buying online health insurance policy is the facility of getting free quotations from different insurance companies and being able to compare different products and their features in order to choose the one that suits your needs. There are many health insurance comparison tools available online, which you can use to do the right comparative analysis about different policies.

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Health Insurance Types

When buying a Health insurance plan, typically a customer is concerned more about the family than himself. Thus insurance companies provide different types of plans for different requirements like individual plans, family plans, senior citizen plans etc The insurance companies have even come up with plans which include health insurance for parents. When you choose products that cover the whole family, the chances of benefits you can avail would be more.

Cautious Steps

As the topic itself suggested to you, buying family health insurance plans online requires certain cautious steps from your side. You have to do a thorough research on following before purchasing a health insurance policy online

Sum Assured – Based on your existing health insurance cover, you should get a policy which provides you an adequate cover.

Cashless Media Claim Facility – In times of emergency, sometime it is not possible to arrange for large sum of money for treatments, thus cashless mediclaim facility is very important.

Network Hospitals – Check for the network hospitals in the policy you shortlist. It is important to have some of your good neighborhood hospitals in that list so that you do not have to go far away in case of emergencies.

Pre-existing Diseases – Look for coverage on pre-existing diseases, mostly insurance companies start the cover after 2-4 years.

Age Limit for Renewal – There are insurance products which have an age limit set for renewals which means they would not renew a policy after a certain age, whereas there are some insurance products which offer life time renewals. Go for the one offering lifetime renewals.

Exclusions and Waiting Period – Some insurance products might ask you for a waiting period before you can make a claim. Go through the exclusions and waiting period as defined in the policy document.

Sub-limits – Some insurance products might have sub-limits defined like limit on daily room rent or limit on ICU charges etc. Look for a product with reasonable sub-limits or no sub-limits at all.

No Claim Bonus – Some policies offer bonus (in terms of Sum Assured or Premium) if there is no claim against the policy for the whole year. These bonuses can range from 5%-100% of Sum Assured.

Critical Illness Cover – Some insurance products offer riders for critical illnesses like cancer, heart attack etc. which typically are very expensive to treat. It is a good idea to buy these riders if they are not already bundled in the basic health insurance policy.

Claim Settlement – Check for the claim settlement process to see if a TPA will be involved in claim settlement or the insurance company would directly settle the claim. Prefer an insurance product where insurance company directly settles the claim.

Do a thorough research about the insurance company to ensure that it is a licensed company and deals in a genuine way. Also, it becomes Important to check the confidentiality of the company because you share all your personal information to them.

Follow these steps and confidently to buy health insurance online.

Harjot Singh Narula

Harjot Narula is founder and CEO of ComparePolicy.com, an IRDAI approved insurance web aggregator focussed on selling online insurance for companies. Harjot has more than a decade of experience in software development and has also spent 5 years in US working for the mortgage and risk management industry.

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