It is not a one-size-fits-all product. Each individual has different healthcare requirements, and hence their medical coverage needs also differ.

A plan that covers all requirements of one person may fall short for another. And with a swarm of health insurance plans available in India, choosing the right policy can be challenging. Here comes the role of health insurance comparison portals, where a person can review various health insurance plans from different insurers simultaneously to choose the coverage that aligns with their medical needs and budget.

Why Should You Compare Health Insurance Plans Online?

Selecting the wrong policy can result in coverage gaps at the time of need or overpayment of the premium. When you compare mediclaim policies on health insurance portals, you will be able to understand which policy offers the benefits that are non-negotiable and which policies fall short of your most important requirements.

This helps you make decisions based on knowledge and data, not just assumptions. It is not only helpful when buying a new policy, but also when renewing health insurance to ensure that you are covered the right way.

Here are some of the reasons why comparing on health insurance portals online can be a good idea:

• Saves Time

You save a lot of time when you compare policies online, since you do not have to visit each insurer's website individually. Everything is present on one screen. When you manually compare policy features, you may miss out on some important points or underlying conditions. Simultaneous comparison helps to access all the information in one place.

• Identify the Right Coverage

There are different health insurance plans available that serve different purposes. A mediclaim policy that serves right for an individual may not be right for a senior citizen or a plan that focuses on critical illnesses may not be needed for an individual who is less likely to get diagnosed with one.

• Filter per your Requirements

When comparing on health insurance portals, you get an option to view plans per different filters, such as budget, insurance company, benefits (maternity, PED waiting period reduction, room rent, etc.), claim settlement ratio, and more. This allows you to view plans that best suit your specific requirements, helping you make a better choice.

• Health Insurance Premium Estimate

Comparing different health insurance plans online also allows you to get an idea of the different premium costs associated with the respective policies. If you do not compare the benefits and premiums of different plans side by side, it will be difficult to understand which plans offer the best value for the price.

You can compare health insurance plans on Policybazaar or other such health insurance portals, which allow you to understand the terms and benefits of different policies simultaneously. Comparing this way helps you choose the best health insurance plan that meets all your requirements.

What Should You Compare on Health Insurance Portals?

Here is what the proposer should keep in mind when comparing health insurance plans online:

Policy Inclusions

Knowing what is covered in the base health insurance policy is important so that there is no confusion about what the claim can be made for. This helps the insured to raise claims only for what is covered and not for what is outside the insurer's scope, reducing the risk of claim rejections.

Policy Exclusions

Just like the coverage, it is equally important to know what the insurer will not cover. A thorough understanding of the policy exclusions ensures that the proposer is already aware of the medical costs that the insurer will cover and also those for which they will have to incur out-of-pocket expenses.

Waiting Periods

Certain medical conditions or policy benefits come with a waiting period. A waiting period in health insurance means that the benefit will be covered after the specified time limit in the policy terms. This can differ from policy to policy.

It is important to check how much waiting period is associated with your selected plan. You must choose a health insurance plan with a shorter waiting period.

Network Hospitals

Network hospitals refer to different hospitals empanelled with the insurer, where the insured can get cashless treatment or better facilities. The more hospitals in the insured's network, the more options the insured has to choose from. The proposer can check if their nearby or preferred hospitals are included in the network list.

No Claim Bonus (NCB)

Most health insurance plans offer a no-claim bonus or discount for not filing any claims in a policy year. While some health insurance plans provide only a certain percentage of the sum insured as NCB, some plans provide 100% of the sum insured as NCB. Some plans also offer the benefit up to 3X or 7X of the sum insured.

Restoration Benefits

Most health insurance plans offer refill benefits so that the sum insured does not run out during the treatment. While some plans offer this benefit only once a policy year, some allow the insured to use it unlimited times within a policy year. You must evaluate how many refills you may need and choose a plan accordingly.

Sub-limits

Most plans have sub-limits for different coverages. For example, a health insurance plan may have a cap for room rent or modern treatment. The proposer must evaluate the impact this can have on the total billing and choose a plan accordingly.

Co-payment & Deductibles

Many health insurance plans have co-payments that the insured must pay with every claim. Some plans can have fixed co-payment percentages, while others may offer a voluntary co-payment option in lieu of a discount. The proposer must check this option under their coverage details.

Claim Settlement Ratio

The insurer's claim settlement ratio is one of the important factors to consider when buying a health insurance plan. It lets the proposer know the probability of acceptance of their claim. A higher claim settlement percentage implies that the insurer usually accepts claims without finding unnecessary loopholes.

Hence, comparing different mediclaim policies on online health insurance portals provides a true and comprehensive picture to the proposer, helping them to choose a policy for which they neither have to overpay nor compromise the benefits they actually need.