What Are The Things Users Should Avoid While Comparing Health Insurance Online?

Things to Avoid while Comparing Health Insurance Online

1. Not using the premium calculator:

Most insurance providers have premium calculators available on their websites. A premium calculator will give you a good idea of how much premium you would be expected to pay by the insurer. Many people, however, bypass using this handy tool, thus, missing out on an important part of the online comparison of health insurance plans.

2. Not checking the claim settlement ratio:

When you compare insurance plans, you must also look at the insurer’s claim settlement ratio (CSR), which is the number of claims settled by the insurer versus the total claims made. You may find this on the insurance providers’ websites. If not, the Insurance Regulatory and Development Authority (IRDAI) issues an annual report with the CSR of all insurance providers in India. An ideal range for a CSR should be 80-100%. Your insurance provider should have a high CSR.

3. Not checking the network hospital list:

When looking at all the information about a health insurance policy online, be sure to also check the list of network hospitals. This list is important as it is here that you will be able to avail of cashless hospitalization. You will want to look for hospitals of good repute, with good medical facilities, that are not far from your home.

4. Not checking the age limit:

If you are on the older side, it is important to check the age limit of the online health insurance policy. It is often assumed that all insurance policies have a cut-off of 65 years, but some insurers offer higher age limits of 70 years and above.

5. Not checking the pre-existing conditions covered:

In this time of fast living, junk food, minimum free time, and maximum stress, many people are left with pre-existing conditions of some kind. For some, it may be a thyroid issue, for others, it may be diabetes, and so on. Some insurance providers may not offer health insurance to people with certain pre-existing conditions. But there are others who will, either at the outset or after a waiting period. Be sure to check the fine print of the online health insurance plans and choose accordingly.