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​Things to consider while comparing health insurance plans

While we all understand the significance of having a health insurance plan, many of us often miss out on the intricacies involved at the time of buying one. Here in this article, Arundhati Singh writes about things one should consider while buying an online health insurance policy.

Talking of any insurance, you will often come across suggestions, warnings like “shop around, before you pick your policy”, “do a comparative study of insurance policies available in market”. It is this comparison of different insurance policies available in market that you get a better idea about the difference in pricing and benefits covered under each policy.
For instance, if you are hunting for health insurance, before finalizing on any particular plan, find out about different types of health insurance policies available in the market.

Initially, while performing a health insurance comparison, you might get confused about the advantages and disadvantages of each plan. Thus, in this article we provide you with easy ways to get the best health insurance plan​ to suit your needs.
To start with, you can always find out about health insurance plans with your employer. Often, the companies provide their employees with health coverage plans for family and self. In addition, having a health insurance plan with employer is generally considered as more cost effective.

Nevertheless, there are some exceptions. There might be chances that the health insurance plan offered by your employer may not meet your requirements, or may not provide sufficient coverage in terms of sum insured and/or types of illness and health conditions.

Therefore, comes into play an individual health insurance plan, out of your corporate account. It is in this case that you would need to put in an individual effort to find out about the best health insurance plan available in the market. And it is at this stage you would need to understand things like features, benefits, drawbacks, etc of each plan that you find suitable for you and/or your family.

Once you are clear on the above mentioned characteristics of the health insurance plan, you would need to think on the monetary aspect as well. Take a look at the some of the major factors that you should consider at the time of online health insurance comparison:

a)    What is the premium cost?
b)    Is there an option of co-payment, if yes, how much?
c)    What would be the amount of your deductible?
d)    What is the amount of prescription coverage included in your plan?
e)    Does your plan offer any pre-existing disease?
f)    What all services are covered and/or not covered in your health insurance plan?
g)    Does your health insurance provider offers both cashless and reimbursement facility?
h)    Does your health insurance provider have good list of network hospitals?

As a thumb rule, do enquire about all the above mentioned points, while looking for a health insurance policy for you and/or your family. Ensure, the health insurance plan you choose does not exceeds your pocket. Remember, health insurance plans are not meant to put you under financial stress, but protect you from financial contingency like situations in the time of medical emergency at home.

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