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What Are The Things Users Should Avoid While Comparing Health Insurance Online?
The internet has made life a lot more convenient, if not, easier for people all over. Take health insurance for example, you no longer have to meet with various insurance agents to find out about the different policies available. There is no need for you to schedule time out of your busy day to meet with anyone. Instead, from the comfort of your home or office, you can research and buy online health insurance with ease. You can also compare insurance plans online ensuring that you buy the best plan possible.
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.
Author Bio
Paybima Team
Paybima is an Indian insurance aggregator on a mission to make insurance simple for people. Paybima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. Paybima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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Jan 08, 2025
Health Insurance
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Having health insurance is now a top priority among potential policyholders, who are increasingly aware of the importance of accessing quality healthcare at an affordable cost. Not only does it handle finances, but it also gives peace of mind during medical emergencies. Getting coverage without dealing with cash or documentation makes the cashless claim process an attractive feature of the health insurance.
Rather than making an advance payment and waiting for reimbursement, policyholders can receive healthcare from network hospitals without incurring out-of-pocket expenses. With its support, worrying about finances becomes less of a concern, and managing healthcare bills becomes simpler. For emergencies, where time and money are of concern, using cashless claims is very helpful for individuals and their families.
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Buying two-wheeler insurance online can be a bit overwhelming for first-time buyers and even for policyholders with prior experience. While it is recommended to compare insurance plans before buying them, having some basic understanding will help you extract the most out of them.
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