How do you research and compare health insurance plans online?

Due to steep healthcare inflation, health insurance has become almost indispensable. It acts as a protective shield during hospitalisation and ensures quality treatment during contingencies. It covers you up to the designated sum insured amount as per the chosen plan terms.  

Why do you need to compare plans? 

Before zeroing in on any particular health plan, you need to make a critical comparative study between several other competent plans for: 

1. Enjoying free quotes: You can enjoy free health insurance premium quotes based on your circumstances from various insurance providers without any cost. This will help you make an informed decision as to which company is offering the most cost-effective rates. 
2. Convenience: These days, a few taps and clicks are enough to reveal the entire story. You can study several plans offered by multiple insurance providers by investing may be an hour or two. You don’t even need to step out of your home to know these crucial details or have a meeting with an agent. The official websites will suffice your purpose.  
3. Commanding: You can always be in command to compare the basic details of all the available competent plans, including the exclusions, premium, riders, features, claim ratio, etc.  

How do you compare several health plans online in India and proceed to buy? 

Paybima has redefined the process of comparing various insurance plans online. Following them, you can enjoy a smooth ride despite the challenges: 

1. Understanding your coverage requirements:  

You must have a clear understanding of your financial requirements and targets and then proceed accordingly. Try to look into the following types: 

• Individual vs. family floater plan: You can best enjoy any insurance coverage protection if you buy an individual plan. A family floater is an umbrella plan that covers all the immediate family members under a single plan, making it considerably reasonable.  
• Sum insured: Considering the steep inflation rate, you must select a sufficient sum insured amount to enjoy enough protection. 
• Pre-existing diseases or PEDs: If you have PEDs like hypertension, thyroid, or diabetes, choose policies with lower waiting periods to enjoy optimum protection. 
• Age: This is crucial to consider, as senior citizens require comparatively more extensive coverage, minimal waiting periods, and typical facilities like domiciliary hospitalisation coverage. 

2. Quotes:  

Once this is decided, you can provide your details to your chosen advisor at Paybima, who will send you suitable quotes from various insurers and plans with proper explanations. 

3. Compare online:  

On receiving these details, you must compare them online, considering the premiums, features, coverage span, and exclusions.  
During comparison: 

• Consider all the inclusions and exclusions in detail  
• Opt for plans with lifetime renewability to enjoy flexibility in later years 
• Compare CSR among several insurers, which ideally needs to be higher, ensuring better credibility of the concerned insurer. 

4. Waiting period:  

Health plans usually have specific waiting periods for various ailments, which vary with the insurer. So, you need to clarify the details before proceeding. Some standard waiting periods include: 

• PEDs: It is usually 2-4 years 
• Maternity benefits: 9 months - 4 years 
• Specific ailments: This includes issues like cataracts, hernia, appendicitis, etc., which usually offer a certain waiting period of 1 -2 years. In case you seek immediate coverage, try to go for policies with nominal waiting periods.  

5. Network hospitals:  

Every insurer maintains a countrywide list of network hospitals where you can avail of cashless hospitalisation facilities. Ensure that your chosen insurer maintains a wide list of network hospitals, which includes your preferred healthcare facilities. 

6. Read policy fine print:  

Policy fineprints mention co-payment clauses and sub-limits. Certain plans require you to pay a percentage of your total claim amount by yourself. Choose plans with no or nominal co-payment clauses. Certain plans also maintain room rent capping, eventually resulting in higher OUP expenses. Go for plans with no room rent capping.  

7. Add-ons and riders:  

Riders allow you to enhance the policy coverage. You need to pay an additional premium for every rider you choose. Some popular riders include: 

• Critical illness cover: This pays a lump sum on getting diagnosed with any of the listed critical illnesses. 
• Hospital cash benefit: This offers daily cash needed to continue with hospitalisation costs.  
• Personal accident cover: This allows coverage for accidental death and disabilities, be it temporary or permanent. 

On the other hand, you can enjoy enhanced coverage with popular add-ons like: 

• OPD cover: This comes in handy if you require frequent investigations and medical consultations.  
• Maternity and newborn coverage: This is very crucial for couples willing for family extension. 

8. Claim process and customer support:  

Ideally, the claim process should be simple and smooth. Therefore, you need to check out the claim settlement procedure: 

• Customer reviews: Consider checking out the customer review before plan selection, as first-hand experiences never lie.  
• Customer support: Ideally, the insurer must offer 24/7 customer service support for continued support. 
• Paperless settlement: Try to choose a paperless settlement for a quick and hassle-free process. 

9. Premiums and discounts:  

After finalising your plan of choice, check out the available number of discounts and other benefits on premiums and other benefits without compromising on the coverage span. 

• Consider utilising the premium calculators to check out the total premium payable amount among different competent plans.  
• Certain insurers offer multi-year policy purchase discounts. Some insurance providers even allow special discounts if you purchase a health insurance plan online.  
• Choose the cheapest plan without compromising on the benefits and coverage. 

10. Complete purchase:  

Once you have finalised your plan, proceed to: 

• Provide the relevant personal and medical details correctly, mentioning any PEDs if applicable 
• Upload the necessary documents if required 
• Complete the payment process using any reliable online medium 
• You will receive the plan document instantly on your registered email address.