How to compare health insurance plans

Key Features to look for while comparing Health Insurances

Maintaining your body and staying fit is no rocket science. All it involves is some levels of basic common sense and self interest in following a certain routine and discipline, to ensure that one's health is well taken care of. So why does need to buy a health insurance plan or compare health insurance quotes before buying?

Daily yoga or a bit of running & stretching or 30 minute walk will do the trick and form a part of your fitness secret. But as always in any walk of life, events continue to remain uncertain and there are certain situations beyond our realms of control.

Wiser people plan for this aspect of life as well and have gone ahead and invested in a health insurance plan for them and their families. Some may have had the advice from their banks or insurance agent. Despite this fore-planning, not all of them end up buying the right health insurance plan, in most cases it could still be a mechanical approach of saving taxes as per Sec. 80 D of the IT act.

With medical expenses on the rise and as the number of companies offering insurance plans continues to grow, it is imperative to invest time in understanding relevant policies before you purchase the right health insurance plan for your specific needs. Here are a few key points to consider while picking the policy that best matchesthe need identified for you and your family.

Some of the key factors to be considered while comparing health insurance plans are:

  • Age band of yourself and your family members: If your age is between 26 and 30 and your dependent parents are under the age band of 60 years, then the health insurance plans required to safeguard at the time of a health emergency would be different as against an age band of you and your spouse being in 40s and parents above 60s, with 2 adolescent kids.
    • This will determine the insurance amount required for hospitalization expenses. Lower the age band, lower sum insured and higher the age band, higher sum insured would be required.
    • It is advised to insure your parents in a separate health insurance plan and you and your immediate family members in a separate health insurance cover. This will help you to save costs in insurance premium as well as distribute adequate insurance cover for all the members in your family.
  • Lifestyle of you and your family: Being prone to diseases or sickness is based on one's lifestyle.What kind of routine you and your family follows, also determines health risks and probability of requiring frequent hospitalization? You will be the best judge in assessing this. Do not conceal such facts and hoodwink yourself at the time of shopping for health insurance. There are customized health insurance plans available to match these needs across insurance companies. Example: Whether you consume alcohol, indulge in smoking or a teetotaler is a key factor for you to decide on appropriate health insurance plans.
  • Double Income with No Kids: Couples working, yet to have kids - but are planning to become parents, should look for health insurance plans that do provide maternity benefits. Hospitals too, have their insurance department to facilitate maternity patients and service insurance processing through cashless claims. Health insurance plans with maternity covers give peace of mind and can help couples to go for a planned cesarean delivery of their baby.
  • Maternity Plans not required: In the case of families who have completed their family planning and are settled with grown up children, health insurance plans should be chosen that does not have maternity benefits
  • How comprehensive is your health insurance plan? If your premium is less, it is likely that your health insurance plan isn't comprehensive. As one does not know the kind of health issue one may face in the future, it is essential that you check into each and every nuance of the plan and see if it covers many different scenarios and health conditions. In case, you need any additional covers such as critical illness etc, you can compare and check for the insurance policies that provide you the covers you need and opt for the same
  • Check for Cashless Hospitals:Cashless hospitalization is a much desired service at the time of your medical treatment as you wouldn't have to pay for the treatment in cash.Remember that this facility is applicable only in one of the network hospitals supported by your insurer. Hence, while comparing insurance quotes, it would be prudent to take into account the location where you live and whether the insurance company has a network hospital in that locality
  • Once you get to see quotes from multiple insurance companies, you can also select up to 5 insurance companies and do a comparison of price vs. features provided by each insurance company. This will give you a complete picture of the final insurance product that you will be buying online from us on
  • If you may need further assistant our web-tele advisors will further guide you and explain to you the benefits and help you buy the best health insurance cover for you and your family. At Policynation, our motto is to safeguard our customers' interests and facilitate protection at all times

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