How to compare health insurance policies

How to Compare Health Insurance Policies?

 

When you are buying a health policy you are going to spend your hard earned money on it, so you have to ensure that it fits your budget & offers the important health benefits to the entire family.

 

There are more than 21 insurers who are selling various health policies. Every plan has its features, benefits, and limitations. As buying a health insurance is a long term decision, so you have to make it carefully. It is better to compare the various policies on the main parameters first before finalizing on anyone. Here are the key parameters:

 

Entry Age

 

Most of the health policies set different entry age; you need to see whether you are eligible to avail the benefits of a policy first.

 

Coverage

 

This is the most important reason for buying the health policy. You want to ensure that you and your family gets the best medical services in the desired hospital, so the features of the policy before buying it. Almost all insurance companies offer extensive coverage, they differ are some features that are unique to that policy.

 

A policy from Niva Bupa may offer international medical coverage while the policies from the domestic company may not provide any such benefit. Although they may offer you alternative treatments like Ayurveda, Unani, etc.

 

Thus if any policy gives you the desired critical features, you should buy that policy even if the costs are more. Experts suggest that you should never buy health insurance policy just because it costs less or offers low premiums.

 

Limitations

 

You need to see the restrictions of the various plans then. Is there any upper limit on the room rent payable, or ambulance cost, or some specific treatment cost? It is better to choose the policy which has higher allowable limits and fewer sub-limits.

 

No Claim Bonus

 

It is not necessary that you may avail the benefits of your health insurance policy every year. These years are the no claim years, and the insurer is supposed to provide the no claim bonus. Some policies increase the following year sum insured by certain percentages. You need to see what your health policy offers as no claim bonus. Further, if the insurer offers any discounts on the initial few premiums, it’s good to avail them as well.

 

Policy Extension

 

For instance, you have gone for a health insurance policy for yourself, and after few years you decide to get married so will the policy allow extensions to include new family members as and when you want them to add? If a health policy offers it, go for it as you’ll be able to cover your entire family with a single health policy.

 

Claim & Settlement

 

It is crucial to see how various policies fare on their claims and settlements. What other customers say about that insurer, you have to find it from your friends or relatives or do some research on the internet to find any issues. With Niva Bupa, you can rest assured of best services.

 

Customer Service

 

Last but not the least you need to see how the insurer treats it existing customers. Does it offer cashless hospitalization or reimbursements and what are the various channels of communications with the insurer in case of any emergency?

 

In the end, you’ll buy a health policy only once, so ensure that you get maximum benefits for your family without breaking the bank.