Rising medical inflation coupled with healthcare costs have made health insurance a necessity. It prevents out-of-pocket expenditure and gives you the funds to get the best possible treatment for a speedy recovery. Today, you can buy health insurance online with just a few clicks. Here are the essentials required to buy the best health insurance plans in India online.
Watch out for the sum insured
The sum insured refers to the maximum amount of coverage offered by your insurer. It means you are entitled to receive monetary benefits up to this amount on your claim. For instance, if you opt for a health insurance policy offering a cover of Rs.5 lakh, your insurer would bear expenses up to this amount. You need to pay anything up and above this on your own.
Check out the network of hospitals covered
Before you buy health insurance in India online, look at the network of hospitals covered by the policy. Health insurers have a tie-up with all the major hospitals wherein you can avail cashless treatment.
It’s essential for you to take a close look at the network of hospitals covered by your policy so that you know where you can go for treatment in case the need arises. Make sure the hospitals are close to your home and offer high-end treatment facilities.
Sub-limit and co-pay clauses
To ensure judicious use of a health insurance policy, insurers integrate sub-limit and co-pay clauses. Sub-limit is the monetary cap placed on your claim and is generally applicable on room rent, doctor’s fee, ambulance charges, etc.
On the other hand, a co-pay clause means you need to pay a certain portion of the billable amount from your own pocket. For example, a co-pay clause of 20% on a bill of Rs.1 lakh means you need to pay Rs.20,000 while your insurer would pay the remaining Rs.80,000.
Claim settlement ratio
The claim settlement ratio, expressed in percentage, helps you gauge the claim handling process of your health insurer. A high claim settlement ratio shows that the insurer has settled a large number of claims coming its way and vice-versa.
Every insurer publishes this ratio on its website. Insurance regulator, IRDA also publishes claim settlement ratio of different insurers on its portal on a regular basis. Opt for an insurer with a high claim settlement ratio.
Compare offerings from aggregator websites
To get the best health insurance plans in India, it’s important to compare the different offerings from various insurers. The health insurance market is extremely competitive with the presence of several players and comparing different products would help you make the right choice.
There are several aggregator websites that help you in easy comparison. You can visit any such portal and browse the listings to know which one serves you the best.
Closely look at the waiting period
Waiting period refers to the time when the benefits of the policy aren’t applicable. In most cases, the waiting period ranges from 30-45 days after the date of policy issuance. However, note that waiting period for pre-existing diseases can range from 2-4 years. It means hospitalisation expenses incurred due to a pre-existing ailment will not be covered by your policy within the waiting period.
Go through all the terms and conditions of the policy thoroughly to know the exclusions. While filling up the proposal form, disclose true information related to your health and lifestyle. Any false input will lead to a claim rejection. You can buy a standalone health plan or a health insurance plan for family. The latter provides coverage to all the members of your family under a single policy.