It is not news that India’s e-commerce growth has made almost everything easily available and accessible online. Health insurance is no exception. All you need is an internet connection, soft copies of some documents, and an accepted payment method to buy health insurance online. But no matter how simple buying health insurance on the internet might sound, there is a lot to consider, and the key step is comparing policies.
Is Buying Health Insurance Online a Viable Choice?
While buying health insurance online seems an easy task requiring minimal effort, many people have doubts about it being viable – mostly in terms of security. To answer the question, yes, it is one hundred percent feasible to buy health insurance online, and it is completely safe too.
Buying health insurance online even offers transparency and is cheaper than offline policy purchases due to zero involvement of an agent – hence, no commissions or fees are involved. Additional benefits of shopping health plans online include a high claim settlement ratio, a broad set of options to choose from, excellent tax returns, availability of lower premium costs, and much more.
Now let’s understand why comparing policies is a vital step when buying health insurance online.
Why Comparing Health Insurance Plans Online is Crucial?
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We all tend to research and think twice before investing or spending money on something, and the same should apply to health care policies too. Whether you buy health insurance online or offline, it is highly essential to carry out a thorough comparison before making a choice. Doing so is fundamental because:
- It helps a policy buyer find a plan they can afford.
- Let’s one weigh all the available additional perks.
- Helpful in assessing your needs and choosing an optimal plan.
- Comparing policies is a stepping-stone towards making an informed decision.
Eight Critical Factors to Review and Base Your Choice On
Now that all the basics of buying health insurance online have been covered, here are some of the most important factors a policy buyer should base their choice on:
- Go with a Reliable Insurance Provider: When buying health insurance online, the first thing to do is choose authentic & reliable companies/providers such as Care Health Insurance – registered with the Insurance Regulatory and Development Authority (IRDA).
- Select a Plan Based on Your Requirements: Health care plans come in several options, which is why one should evaluate the needs of their family and themselves before selecting a plan. Be it an individual policy, senior citizen plan, or family floater policy, make sure to compare all the alternatives.
- Sum Insured & Premium Amount: The insurance cover amount and premium charges vary from one insurance company to another. So, it is vital to go for plans that offer the maximum benefits but are also affordable at the same time.
- Check the Waiting Period: An insurance plan’s waiting period typically applies to three things: pre-existing conditions/diseases, maternity benefits, and the initial waiting period. However, it is best to stray away from policies with long waiting periods.
- Age Limit and Lifetime Renewal: Before purchasing health insurance online, it is advised to check the plan’s age criteria, and policy buyers should always prefer insurance with no age limits. Similarly, it is better to go for health insurance policies offering lifetime renewability.
- Pick Plans with No Co-Payment Clause: While most health insurance plans include a co-payment clause that requires you to pay a certain amount when you claim the policy – some don’t. So, it is important to choose as per your preference.
- Income Tax Benefits: As per section 80D of the Income Tax Act, you can claim the deduction of your total premium amount of the year when paying your income tax – which is why it is crucial to select a policy with excellent tax returns.
- Value-Added Benefits & More: Policy buyers should ensure that the health insurance plan they opt for includes cover for pre & post-hospitalization expenses. Also, make sure you don’t have to undertake the costs for additional expenses such as domiciliary care, AYUSH treatments, daily allowances, in-patient hospitalization, medicine costs, ambulance charges, and so on.
You can even choose plans that cover COVID treatments, bariatric surgery, and psychiatric illnesses. However, always check the limits & sub-limits for such benefits.
Buy Your Health Insurance Plan Online Today
According to WHO, an inactive lifestyle falls under the list of top ten leading causes of deaths worldwide – making lifestyle-induced illnesses a worrying factor in addition to genetic and environmental diseases. As time goes by, the list of ailments one should worry about only gets longer, so don’t wait until the last moment, and buy health insurance online today.