Health is truly wealth. But the rising pollution, hectic schedules, and a fast-paced life have rendered everyone in a precarious position. There is no denying that health insurance policies have become a necessity, regardless of your age. With the advancement of technology, purchasing them has become easier. Now, you can buy health insurance online. But you must make sure that before you buy a plan, you compare different insurers and then select.
Read about the following things that will help you determine the right plan for you:
- Renewal Age
When it comes to opting for an insurance provider, the renewal age plays an important role. Most insurance providers offer policies with a renewal age of up to 70-80 years. Since the possibility of falling sick in old age is higher, you should opt for the insurer with a lifelong renewal option.
Some insurers also provide a maximum renewal period so that you will not have to renew the policy in the middle and enjoy it for a lifetime.
- Type of Health Insurance Plan
It is essential to ensure that you select adequate health cover from an insurer. You may find a policy insufficient in later years when you might need it the most. Hence, it will be better to go for insurers that offer sufficient coverage. The best part of buying health insurance online is that you can compare the insurers based on their offerings, then choose the ideal one and purchase instantly.
- Policy Premium
Although it should not be the only factor, there is no harm in opting for an insurance provider who offers their plans at an affordable cost. You must ensure that these plans fulfill your insurance needs. You can also calculate the different premiums of different plans and purchases. Many insurance companies have health insurance premium calculators on their websites. Use them before you buy health insurance online to determine an estimated premium amount.
- Consider the Sub-Limit
Various sub-limit are applicable under health insurance plans pertaining to doctor’s consultation, room rent, and others. Because of these limits, you will ask for claim reimbursement upto a certain amount. The amount exceeding this will have to be borne by you. Hence, it is vital to consider if an insurance policy has sub-limits or not.
- Co-payment Option
Some insurance providers have a co-payment clause. According to this clause, a part of the total claim will have to be paid by you. It is a pre-decided amount. Before you decide, you should ensure that the co-payment option should suit your pocket.
- Caps on Medical Treatment
Many insurance companies impose limits on specific medical treatments. Like, child care treatment, health check-ups, or treatment for pre-existing illnesses are activated after one particular pre-decided time. You need to serve period, and only then you can avail the benefit of this clause. Hence, it is smart to go for a policy or insurer with the least waiting period for critical illnesses.
- Network Hospitals
When you purchase health insurance online or offline, do not forget to check the insurance company’s network hospitals. When the hospital services are availed at a network hospital, the incurred charges are settled by the insurer to the hospital authority. You can avail of the facilities free of cost. Also, make sure that the list of network hospitals for your chosen insurer includes hospitals in your vicinity.
- No Claim Bonus
It is an additional benefit offered by insurance companies for not claiming the insurance policy. You can avail of it in the form of an increase in sum insured or a discount of the next year’s premium. So, before you decide upon a health insurance plan, compare the no-claim bonus offered by each of the insurance providers.
To conclude, ensure that you keep these factors in mind and select a plan. You can opt for reliable insurance companies like Tata AIG, visit their websites and explore the varied health insurance plans. Given the current COVID pandemic, you can also look for a comprehensive Coronavirus health insurance policy. Explore the options and make your choice!
