You have decided to buy a health insurance policy and have opted for the online mode since you get multiple choices, instant results and you can make the final choice without being pressurized by ‘friendly’ agents or whoever.
But there is a glitch… When you started out, you thought it would be an easy decision to make but with 21 insurance companies selling health insurance and so much of data available, you are finding it difficult to make a decision. Also with the different parameters available, there are some policies which are great in one aspect but bad in others, then how to compare health insurance plans.
Firstly, get the advice of a Health insurance Broker-The reason that we are asking you to do this is because even with all the options available, it is not very easy to compare health insurance in India.
A health insurance broker has the expertise and the knowledge to give you the most neutral advice to choose a product suitable to your needs. Even when all the policy conditions are mentioned in the policy, finer insights (for ex., some health insurance companies have increased their premiums three times in the last 2 years) is something only a broker can provide you with.
Unlike agents/financial advisors who represent a given insurance company, brokers represent you and deal with all insurance companies; therefore, their advice is unbiased. What’s more, this service is rendered free of cost to the customer! So consult a health insurance broker to help you compare health insurance plans and choose a product suitable for you.
Now, we give you the important parameters you must focus on while comparing health insurance policies.
Insurance Co pay:
[Source: https://besthealthinsurancepoliciesinindia.wordpress.com/2015/11/28/how-to-compare-health-insurance-policies/]
But there is a glitch… When you started out, you thought it would be an easy decision to make but with 21 insurance companies selling health insurance and so much of data available, you are finding it difficult to make a decision. Also with the different parameters available, there are some policies which are great in one aspect but bad in others, then how to compare health insurance plans.
Firstly, get the advice of a Health insurance Broker-The reason that we are asking you to do this is because even with all the options available, it is not very easy to compare health insurance in India.
A health insurance broker has the expertise and the knowledge to give you the most neutral advice to choose a product suitable to your needs. Even when all the policy conditions are mentioned in the policy, finer insights (for ex., some health insurance companies have increased their premiums three times in the last 2 years) is something only a broker can provide you with.
Unlike agents/financial advisors who represent a given insurance company, brokers represent you and deal with all insurance companies; therefore, their advice is unbiased. What’s more, this service is rendered free of cost to the customer! So consult a health insurance broker to help you compare health insurance plans and choose a product suitable for you.
Now, we give you the important parameters you must focus on while comparing health insurance policies.
Insurance Co pay:
- Please pay attention to this term in your health insurance policy since it can be an important differentiating factor in policies. ‘Co pay’ means there will be a division of allowable expenses between the customer and the health insurance company. If there is a 10% co pay on all claims, you have to pay 10% of the expenses and the company will pay 90% of the expenses. Generally senior citizen and some floater plans have ‘co pay’. It is wise to check if the product you choose has a co-payment condition.
- There are many treatments which have been capped by health insurance companies to reduce their outgo in event of overcharging by hospitals. For example in Star Health’s Family Optima, Cataract is paid upto a limit of Rs.12000 and to Rs.10,000 in National’s Varishta mediclaim So you need to check the policy to see if the policy has such limits and which are the diseases which are capped.
[Source: https://besthealthinsurancepoliciesinindia.wordpress.com/2015/11/28/how-to-compare-health-insurance-policies/]