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Important factors that help you in health insurance comparison

Image source Shautterstock

by Contributing Author

There has been a consistent increase in medical care in India these days, along with growing health-related risks. That is why insurance providers have now made it easy to compare and buy health insurance plans online. You can use the health insurance comparison tool to get instant quotes and compare policies in easy steps to buy the most comprehensive cover at an affordable premium.

Several websites offer the health insurance comparison feature. All you need to do is enter personal details, such as age, gender, health requirements, etc. Once you enter these details, the website will provide you with various policies offered by several health insurance providers to help you make an informed selection based on your need and affordability. With the help of these quotes, you can compare policies as per their benefits, coverage amount, and premium rate.

One of the biggest advantages of comparing health insurance plans is that you can make an instant decision without the influence of an agent. However, not everyone knows how to compare policies or to use the health insurance comparison tool effectively.

But don’t worry because this article will help you with useful information about important factors that can help you buy the best policy by comparing them online. Read on to know more.

  1. Compare on the basis of limitations

Did you know that most insurance companies put a cap on expenses on certain treatments? It is a preventive measure adopted by insurers to prevent hospitals from overcharging them. Therefore, it is important to know about these limitations, if any, on all the diseases that the insurance provider caps.

  1. Room-rent sub limits

All policies will only pay a certain amount of room rent. For instance, if your hospital room has a sub-limit of 1% of the sum insured, then you can only claim up to 1% of that amount. These expenses are further capped when you live in big cities where healthcare is more expensive. So when you use the health insurance comparison tool, make sure you check these sub-limits on room rent before investing.

  1. Renewal charges

If you file for a claim, your insurance provider will charge you an additional amount at the time of policy renewal. This amount is based on the sum insured and this figure will depend on your policy’s loading rates. Compare the figures when you are scouting for a suitable insurance plan.

  1. Waiting period

Your insurer will apply a waiting period on certain health conditions. A waiting period is the period you have to wait before you become eligible to file for claim for a specific disease. For example, suppose your policy has a waiting period of 2 years on diabetes. In that case, you can only claim hospitalization expenses incurred by diabetes after completing these two years with the same insurer without any interruptions. Read your policy document and choose the one that offers the least waiting period.

  1. Pre-existing diseases

Usually, risk coverage for certain diseases will only be covered after a waiting period of 1-4 years. If you have an existing health issue before you buy a policy, you must look for a policy that has the least waiting period to ensure that you get your claim when required.

  1. C0-payment

The co-payment clause is the policyholder’s liability to pay a certain amount of raised claim before the insurer pays the remaining. It can vary from insurer to insurer. So use the health insurance comparison functionality to choose the policy that has the least co-payment requirement.

  1. Discounts and bonuses

An insurance provider rewards their policyholder if they do not file claims during a particular year. This reward comes offered in the form of no claim bonus or bonuses. While comparing policies, choose the one that has the highest discount or bonus.

According to Care Health Insurance, health insurance comparison is one of the best ways to make an informed investment decision. Be sure to use it to get the best policy.

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