how to buy health insurance

how to buy health insurance:Healthcare is not a choice anymore, it’s a necessity now that all of us are vulnerable to numerous diseases despite living a healthy lifestyle. But when it comes to the best medical care, it’s costly; so much so that you can end up in a deep financial crisis if you are not financially prepared.

Having a medical reserve, and life savings can definitely be your saviour. However, your life savings and medical reserves are the product of your hard-earned money, and they should be channelled to other key areas.

So, what solution do we have? It’s simple, buy health insurance online if you want to be financially protected against diseases and illnesses.

What is Health Insurance?how to buy health insurance

Health insurance is a written document that puts the insurer under the obligation of providing financial cover against the financial repercussions of medical costs. In simple words, the health insurance company promises to pay the hospitalization costs, medical costs, among others of the insured when you buy health insurance online or offline.

That said, there’s no one-time cost when you buy health insurance online or offline. A health insurance policy is purchased against the premium that is paid regularly to the health insurance company Against this, the insured is paid extra financial benefit in form of health insurance cover.

Factors to Consider Before you Buy Health Insurance Online

When you buy health insurance online, you know it is not like buying any other product. There are lots of points and aspects to be mindful of to ensure that you are making a secure investment when you buy health insurance online.

Here are all the factors you need to consider before you buy health insurance online.

Policy Inclusions |how to buy health insurance

When you buy Mediclaim online, most policies cover hospitalization expenses (pre-hospitalization + post-hospitalization) and additional expenses such as ambulance charges, daycare expenses, to name a few. However, the inclusions of these expenses vary according to the health insurance company. In other words, not all health insurance companies cover the additional expenses. Therefore, it’s essential to know what kind of expenses your policy covers before you buy health insurance online.

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Sub-Limits and Co-Payment Clause

Most potential buyers are not aware of the sub-limits and co-payments clause when they buy health insurance online. The sub-limit clause puts a cap on the claim limit. In simple words, if your policy coverage is INR 50 lakh, and your sub-limit clause is 50%. It means you cannot claim more than INR 25 lakhs in one go. Alternatively, under a co-payment clause, the payment proportion is divided between the insurer and the insured. For instance, an insurer is supposed to pay 90% of the hospital bill, while the insured pays the remaining 10%. That’s just an example though, it differs from insurer to insurer.

Both the clauses exist to limit the amount the insured can claim against a health insurance policy. The clauses prevent the policyholders from exhausting their health insurance policy.

Waiting Period

A waiting period is the time window during which a policyholder cannot file a claim. A waiting period usually exists at the start of a policy or in case of pre-existing diseases. Nonetheless, it’s advisable to ensure that you do not buy mediclaim online which comes with a longer waiting period.

Advantages to Get When you Buy Health Insurance Online

Now that everything is online, it has become possible to buy health insurance online. Here are all the advantages of buying health insurance online.

No Need to Visit Health Insurance Companies

When you can buy health insurance online, you don’t need to make a hundred trips to the health insurance companies whether it is to buy health insurance or get your doubts cleared. In the digital era, healthcare is now a few clicks away.

Additionally, when you buy health insurance online, you avoid face to face interactions. This is suitable for those individuals who don’t prefer face to face conversations with the insurance company.

Comparison has Become a lot Easier|how to buy health insurance

Now that almost every health insurance company has their own website, getting all the information you need is not difficult anymore. This is beneficial for potential buyers as the comparison has become a lot easier. You can compare a policy on the basis of policy benefits, claim settlement ratio, reviews, and financial standing of the health insurance companies.

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