Published On: Thu, Aug 5th, 2021

Here’s How To Compare Health Insurance Plans

Health insurance needs differ from person to person. They vary with respect to an individual’s income, profession, age, pre-existing ailments, genetics, the responsibility of dependents etc. These factors are considered with utmost care to ensure a sound decision. 

For instance, you might need an individual health insurance plan if you are young and unmarried. But as you grow older and start your own family, you might buy a family floater health insurance plan that covers all family members. Therefore, according to personal healthcare requirements and other crucial factors, it becomes essential to compare health insurance plans to find a perfect one that matches your needs.

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Medical treatments cost a fortune, so having a health insurance plan in place allows you to be stress-free with a sense of security that if any untoward incident were to happen, your medical bills wouldn’t burn a hole in your pocket. 

Importance Of Comparing Health Insurance Plans

It is essential to compare health insurance offered by different insurance providers for the following reasons:

  1. To save on finances as much as possible, linked to healthcare treatments and hospitalization
  2. To reap maximum benefits offered by various health insurance schemes
  3. To ensure an easy claim at the time of a health emergency
  4. To customize plans best suited to one’s needs with diverse services and add-on benefits offered by various insurance providers 
  5. To decide on a plan that fully caters to one’s changing medical requirements according to the individual’s age, income, pre-existing illnesses etc. 

How To Compare Health Insurance Plans

Comparing healthcare policies is an easy task. You just have to comprehend your health necessities and financial constraints and combine them with the health insurance plans available in the market. One has to be fully aware of their financial stability and health requirements before making up their mind on buying a particular policy. Here’s what you should consider important when comparing health insurance plans:

Cashless Facility at Network Hospitals

The cashless feature provides ease in availing a health insurance claim as the insurance provider covers the expenses incurred by the insured individual. The medical bill is settled directly between the network hospital and the insurance company, so you can focus on the well-being of the ailing person without stressing about the hefty amounts payable. Therefore, it is crucial to look for a cashless feature along with a vast range of network hospitals. 

Brand Comparison 

There are so many insurance companies that compete by offering various health insurance plans. Choosing the right company is necessary, so you should always go for renowned and trusted insurance providers like TATA AIG, who have been in the industry for more than 20 years. They offer comprehensive coverage so that you are insured for almost all types of health emergencies and more. 

Ease Of Renewal

It is possible that your health requirements have changed in the course of a policy year, so renewing your policy would require a total change in your plan. Always ensure that renewal clauses allow for some flexibility so that you can customize your plan according to your needs.

Claim Settlement Ratio

CSR is the rating given to different insurance companies for settling successful claims in a policy year compared to the claims filed. Therefore, it is necessary to check the percentage of CSR as the higher the number, the more chances you have of receiving your claim. 

Add-on Benefits

Apart from the standard hospitalization charges, always look for the extra benefits covered when you compare health insurance.  These include:

  • AYUSH Benefit
  • Consumables Benefit
  • Restore Benefit
  • Pre & Post Hospitalization Benefit
  • Daily Cash Limit
  • Cumulative Bonus

These points should be assessed properly by making personal pros and cons list for insurance policies that you find best suited for your needs. Credible insurance providers like tataaig.com can save you from such hassles as they have 24×7 assistance available so that you can ask away all your queries. You can visit their website to know more. 

Author: Amara Etter

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