As we all know, health problems never come with prior notice. When a medical emergency occurs, you need to deal with it and get the treatment done at the earliest. But how would you arrange funds for the treatment right away? You might end up shelling out your savings or borrowing the amount, creating an additional financial burden.
Therefore, it is advisable to choose one of the best medical insurance plans, providing maximum benefits at a reasonable cost and stay financially prepared to survive through difficult situations.
However, as there are a number of medical insurance plans available, you might get confused while choosing a suitable health insurance plan. Therefore, it is advisable to compare different insurance plans and invest in the best. But, how to make a fair comparison? Read further for a clear understanding.
Bases to Compare Health Insurance Plans
- Coverage
Depending on your financial capacity, it is important to look for the extent of coverage an insurer provides. Usually, if you can manage to pay reasonable premiums at regular intervals, you can avail of coverage against:
- In-patient Hospitalization expenses
- Pre and post hospitalization expenses
- Cashless Hospitalization
- Consumable Benefits expenses
- COVID 19
Therefore, it is suggested to compare and shortlist the medical insurance plans providing broader coverage.
2. Limits and Sub-limits
Under the term and conditions of a few medical insurance plans, you might find certain limits and sub-limits imposed, which might create a problem at the time of claim disbursal. Therefore, to be on the safer side, it is advisable to pay due attention to such points while comparing medical insurance plans and choose one with minimum limitations.
3. Claim Process
Every insurer follows a claim settlement procedure to ensure that the information provided by the client is accurate and nothing is misrepresented. However, a few insurers might involve a complicated claim settlement process involving formalities, which might result in delaying the process. Thus, it is advisable to go through the policy documents of the medical insurance policy or the insurer’s website to understand the claim process and choose one with a straightforward process.
4. Waiting Period
This period usually starts right after signing up for the medical insurance policy, during which the insured cannot apply for the claim. This duration might vary across different insurance providers. Ideally, it is beneficial to opt for one offering a minimum waiting period.
5. Bonus and Discounts (Such as No claim bonus)
After applying for a health insurance policy, if you do not apply for the claim in the initial years and pay your premium faultlessly, you might be eligible for bonuses and discounts. You can check for bonuses such as no claim bonus and other lucrative discounts on premium payment while comparing and buying medical insurance plans.
6. Check for Network Hospitals
To avail of a cashless hospitalization facility in a number of hospitals, you need to check the list of network hospitals of the insurer. If the list covers only a few hospitals, it might not be an appropriate choice for you.
7. Claim Settlement Ratio
To ensure the credibility of the insurance provider, it is important to check their claim settlement ratio, which gives you the percentage of cases in which the insurer disbursed the claim. If this ratio of an insurer is too low, it might not be an appropriate choice.
8. COVID-19 Cover
As the risk of contracting COVID 19 might prevail for some time, it is advisable to check if the insurer provides coverage against COVID-19; if yes, check the extent of coverage it provides.
After comparing a few crucial aspects across different medical insurance plans, the final step would be to consider a credible insurance provider like TATA AIG. They cover a range of situations and offer significant benefits and uninterruptible services. Moreover, based on the client’s requirement, they offer extensive yet simplified medical insurance plans.