Why Should You Compare Health Insurance Plans? Guide to Compare the Plans Broadly?

3 min read

If you weren’t already sold on the idea of getting a health insurance plan, the coronavirus pandemic has made an even stronger case for the same. There were several instances where infected people did not have adequate financial assistance for proper treatment. Having a health insurance plan with good coverage will ensure that you and your loved ones get the right treatment.

Before buying, if you compare health insurance, there are a lot of benefits for you. The following are some of these benefits.

  1. You can visit the website of an insurance broker and provide the necessary details required for the policy. The broker would then suggest all the policies that fit your requirements. Thereby making the process of buying a policy easy.
  2. Since the comparison happens online, you can compare health insurance at any time at your convenience. 
  3. When you compare insurance online, you save a great deal of time. You do not have to interact with any insurance agents or branch offices of an insurance company. 
  4. As you compare health insurance, you can opt for riders or add-ons and see how that impacts your policy premium. 
  5. One of the biggest advantages of comparing health plans before purchasing is affordability. You can compare policies by different insurers and pick one that suits your budget and requirements. 
  6. Most importantly, you do not have to pay anything to compare insurance online. You simply need to visit the website of an insurance broker and start comparing.

How to Compare?

There are different ways by which you can compare health plans before buying them. For starters, you can visit the website of individual insurance providers and go through their policy details. Or you can take the smarter approach of visiting an insurance broker, providing some essential policy-related information, and start comparing. 

What to Compare?

Now that you know how to compare policies, the next logical step is to know what to compare when you view different policies. Here are a few crucial points to consider.

1. Cashless Treatment Facilities

All the insurance companies have tie-ups with hospitals. Should a policyholder visit any of these hospitals for treatment, they can avail of cashless benefits. Wherein they do not have to pay anything from their pockets.

2. Policy Inclusions and Exclusions

You can check the different scenarios and conditions that the policy covers and the ones that it does not cover. For example, daycare procedures, pre and post-hospitalization, critical illness, maternity expenses, etc. If all of these are included in the policy or you need to buy additional coverage for some of them.

3. Waiting Period

Health insurance policies usually have waiting periods wherein you cannot claim the policy. Look for a policy with a lower waiting period. Also, look for a policy that offers renewal options for a longer duration. This will enable you to have the policy coverage for your older years, where it really matters.

You need to compare a health plan to zero down on something that suits your needs. And not just pick something that your friend has bought. The above steps will aid you in that process.

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Gayatri Prabhu, Head-Digital Business at Mahindra Insurance Brokers Limited (MIBL) is one those few digital leaders who has the width and depth that is required to execute an ROI driven holistic digital strategy. She cuts through the noise, identifies the critical levers and leads her team to successful execution of the defined strategy. Her core mantra to win new and retain existing customers is: understand the consumer behavior and craft experiences around it.

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