Compare Health Insurance Plans and Medical Policies in India
What Is The Importance Of Health Insurance?
With the medical treatment sky-rocketing every day, it is important for every individual to insure themselves and have comprehensive health insurance that includes hospitalization, medicines, laboratory tests, etc. It is important to have all this included in a medical policy as we never know what life will throw at us. The health insurance industry is growing every day, still, according to data, a small percentage of the total population has a health insurance policy. This just shows we still have a lot of ground to cover in terms of health insurance.
Comparing Various Health Insurance Plans
There are so many players in the market offering so many policies and so many features. One can always get confused with the plethora of options that are available. As simple as a health insurance policy may sound, the clauses and terms can be pretty confusing. This generally results in people buying policies for features they don’t need or claims they couldn’t settle because of the terms laid by underwriting. Therefore, an insurance policy must be only purchased after carefully comparing the different health insurance plans.
What to Keep in Mind When You Compare Health Insurance Plans:
Health insurance can seem a little alien sometimes, especially if you are a first-time buyer. There are so many confusing terms and features you need to know about before you can compare plans. But worry not! We will make it easier for you by highlight 7 things you should keep in mind when evaluating the various medical insurance plans in India.
1. Cashless Hospitals
This is one of the first things you should look at when you compare health insurance plans in India. It is always advisable to opt for a policy that is backed by a wider network of empaneled hospitals. This will ensure easier access to cashless & convenient treatments in case of any medical emergency. We at IFFCO-Tokio General Insurance Company Limited have over 5000 network hospitals in India. This ensures you will be well taken care of in case of an unfortunate event that leads to your hospitalization.
2. Claim Settlement Ratio
This is probably the next most important thing you should keep in mind when comparing health insurance policies in India. Claim Settlement Ratio (CSR) is the number of claims settled by the insurance company within a certain period of time (usually one financial year). You can check the claim settlement ratios of the different health insurance providers on the IRDAI’s website. We at IFFCO-Tokio have settled 8.61 lakh claims in the 2019 financial year, with a claim settlement ratio of 92.65%.
3. Waiting Periods
All health insurance plans will have a waiting period for pre-existing illnesses and some specific medical conditions. You should look for a plan that has a shorter waiting period. This will ensure that you get complete coverage at the earliest and do not have to wait for 2 - 4 for your medical expenses to be covered by your health insurance plan.
This is one of the most important factors to consider when you compare health insurance plans in India. Sub-limits refer to the pre-defined capping on ambulance charges, hospital room rent, and other such expenses. The best health insurance plans will have higher sub-limits ensuring that your out-of-pocket expenses stay at a minimum. If your plan has lower sub-limits, it will result in less compensation on the part of the insurance provider.
5. Choice of add-ons
This is another important aspect to keep in mind when you compare health insurance policies in India. You need to check whether the plan has all the add-ons you wish to include to your policy. Not all health insurance providers have the same add-on options; some have fewer choices while others have several add-ons to choose from.
6. Renewability & Maximum Coverage Age
You should look for a plan that offers coverage even when you are much older. You’ll be glad to know that, we at IFFCO-Tokio General Insurance Company Limited. offer health insurance coverage up to the age of 99!
Some buyers compare health insurance plans solely on the premium amount. While this might get you affordable cover, it does not guarantee comprehensive protection. Therefore, one should first look at the coverage on offer and then look at the cost.
You should also look at the value-added perks the different health insurance plans have to offer. For instance, we provide coverage for 160+ daycare procedures & AYUSH treatments too. We also offer complementary health check-ups and cover the cost of prescribed drugs as well.
Benefits of Comparing Health Insurance:
Thinking about buying a health insurance policy? In that case, you’ll be glad to know that you have plenty of options to choose from. However, you cannot just purchase the first health insurance plan you come across. Rather, you need to weigh all your options against each other and see which one suits your needs best. Wondering why? Well, this is because comparing plans before making a purchase has numerous benefits. Let’s look at some of these benefits and see why it is so important to evaluate your options before making a final selection.
- Find a plan that best suits your needs
There are several health insurance plans available these days. Each of these plans has their own unique benefits and selling points. As such, some plans will be better suited for you than others. When you compare health insurance plans in India, you can easily pinpoint which plan is the right match for your needs & requirements.
- Get the add-ons you require
Different health insurance plans have different add-ons. When you compare health insurance plans, you can cross-check which plan has the add-ons you need and make a choice accordingly.
- Make an informed choice
Comparing plans gives you an idea of the industry norms. You will get a rough idea about average waiting periods, sub-limits, exclusions, claims procedures, etc. And, once you know industry standards, choosing the best plan for your needs becomes much easier.
- Get affordable protection
Once you compare health insurance plans based on coverage, features, add-ons, etc. you will be able to shortlist a few of the best options. You can then compare these plans based on their premium and choose the one that’s the most cost-effective. This ensures that you cover that matches your healthcare needs and the premium matches your budget; now that’s a win-win scenario! Talking about affordability, did you know that we at IFFCO-Tokio Cover for 3 lacs for 2 adults with age 18 is around Rs. 20* for FHP product – superb isn’t it?
How to compare health insurance?
Okay, so far you know why you must compare plans and what you must keep in mind while doing so. Now, let us look at how to compare plans. In this regard, there are 2 ways you can evaluate your options – offline and online. Let’s look at both of these methods of comparison and see how to go about them.
This is the traditional way to compare health insurance plans. For this, you have to either consult an authorized insurance agent or visit the branches of the different health insurance providers. We at IFFCO-Tokio General Insurance Company Limited. have over 20,000 authorized agents and several branches spread across the country. Therefore, finding one of our touch-points & comparing plans should be quite easy!
Comparing plans online is relatively easier as compared to the offline process. You can just flip open your laptop or reach for your phone and start evaluating the options with ease. You can also use our health insurance premium calculator to get an instant quote on your health insurance policy. This will help you understand how the other plans weigh-up against ours.
Why compare health insurance plans online?
Just a few years ago, if you wanted to compare health insurance plans, you either had to consult an insurance agent or go branch hopping from one insurance provider to the next. Now, thanks to the internet, you can compare all the different health insurance plans available in the market with just a few taps & clicks. That’s not all, besides being super easy, comparing plans online has several other benefits as well! Let’s look at some of these benefits to see how evaluating plans over the internet can be advantageous for you.
1. Saves time: Comparing plans offline takes a lot of time! You have to visit the different branches or consult multiple agents. Not to mention, you might have to endure traffic snarls to visit the branch or agent. All-in-all, comparing plans offline could eat-up the entire day, maybe two even! However, when you compare health insurance plans online, you can complete the comparison process in a couple of hours!
2. Easier: No need to expend all that energy going branch-hopping. Just stay indoors, find a comfy spot on your couch and begin comparing plans. You don’t have to drive/ride or brave the sun/rain/cold. You can just get clicking on the internet and compare health insurance plans with ease.
3. Convenient: That’s right! To compare health insurance policies offline, you need to visit the branch or consult the agent during their working hours. This can be difficult considering the fact that we all have our own personal and professional commitments. However, when your compare plans online, you can do so at any time of the day. It doesn’t even matter if it is a public holiday or a Sunday, you can still compare & buy health insurance online without any hassles.
4. Premium calculators: When you compare health insurance plans online, you have the benefit of using a premium calculator. This tool allows you to put together the coverage you need and then tells you exactly how much the plan will cost. It is the best way to compare health insurance plans.
What happens if you do not compare health insurance plans?
We have covered several important aspects of health insurance comparisons. From why it is important, to how to go about the process & the factors you should keep in mind while doing so – we have brought you up to speed on all these topics and several others as well! However, this write-up would be incomplete if we did not tell you what would happen if you purchased a plan without first comparing your options. So let’s get to it!
1. Miss out on helpful features:
Not all health insurance plans offer the same benefits. Therefore, when you buy a plan without comparing, you do not know what important features you are missing out on until it is too late!
2. Pay higher premiums:
When you do not compare health insurance plans, you could end up paying a very high premium amount, not knowing that another insurance provider offers the same coverage at a much lower cost!
3. Less awareness:
When you compare the different plans, you gain complete understanding of the features of the various plans and how they work. You are then able to make the best use of the plan and its facilities.
So do not make the mistake of not comparing health insurance plans. It could lead to insufficient cover, a waste of money and an incomplete understanding of how health insurance works.
Remember that comparing plans is extremely easy over the internet. You can check out all the different plans, understand which one suits your needs best, and make the purchase, all in matter of hours!
Lastly, keep in mind that health insurance is a crucial important safety net. It will come to your aid and lend a financial helping hand during a medical emergency. Therefore, you shouldn’t purchase any plan you come across – instead you must compare all your options and find a policy that matches your healthcare needs & budget perfectly.