Things to consider before you buy health insurance online

1. Things to consider before you buy health insuranceonline • A health insurance policy is a must today when medical costs are becoming too expensive to afford. The policy covers the costs that you incur in case you or your family member is hospitalized for any illness or injury. Moreover, by investing in health insurance plans, you also get a tax benefit under Section 80D of the Income Tax Act, 1961. • Buying a health insurance policy is also easy these days, thanks to the online platform where the policies are sold. You can simply log onto the website of the insurance company or an insurance aggregator, choose the policy that you need, pay the premiums and the policy would be bought. It is as simple as this. However, before you buy health insurance online, here are some important aspects which you should consider– • The coverage of theplan • Health insurance plansoffer different types of coverage benefits that cover different medical expenses. Thus, before buying a health plan you should check the coverage benefits offered by the policy. The coverage benefits should fit with your requirements. Ensure that the plan allows all the coverage benefits that you want and exclude the features which you don’t. For instance, if you tend to incur a lot of medical expenses on an outpatient basis, look for plans which allow OPD coverage. Similarly, if you are planning to have a child, look for health plans with maternity benefits. The coverage features should be given prime importance to ensure that your plan is comprehensive enough to cover all possible medical expenses that you might incur. • Premiumcharged • Another important thing to consider is the premium payable under the policy. Always compare the premium rates of different health insurance plans vis-à-vis their coverage benefits. If the coverage is limited and the premium is low the plan would not prove beneficial. On the other hand, paying a higher premium for the same coverage features offered by another plan at a lower rate isunwise. • So, compare the different health insurance plans on their coverage and the respective premiums and then choose a policy that offers the best coverage benefits at the lowest rates ofpremiums. • Cashlessnetwork • In case of a claim, if you seek treatment in a hospital that is tied-up with the insurance company, you can avail cashless settlement facility. Under this facility, all your medical costs are handled directly by the insurance company and you don’t bear the financial burden. To ensure cashless claim settlements, the insurance company should have a large network of partnered hospitals so that you can locate a hospital in your area with ease. Thus, compare the cashless hospital network of different insurers and choose an insurer with the widest network for an easier claimsettlement. • Pre-exiting waitingperiod • If you or any family member who is being insured under the health insurance policy has a disease, such a disease would be called a pre-existing disease. Coverage for such pre-existing diseases is offered after an initial waiting period which ranges from one year to four years under differentplans.

2. If there is a pre-existing illness in your family, choose a plan which has the lowest waiting period so that the illness gets covered at theearliest. • Claim settlement ratio of theinsurer • The claim settlement ratio indicates the number of claims settled by the insurance company against the total number of claims made on it in one financial year. If the ratio is high it indicates that the company settles the maximum of its health insurance claims. When you buy health insurance online, check the insurance company’s claim settlement ratio. Choose a company that has a high ratio so that you can be assured of your claims being settledeasily. • The online medium of buying health insurance allows you the facility of comparison between the available plans. Thus, when you buy health insurance online, use this facility to compare different health insurance plans on the above-mentioned parameters so that you can pick the best and the most suitable health plan for you and yourfamily.