Health Insurance is an insurance policy that ensures that you get cashless treatment or expense reimbursement, in case you fall ill. A health insurance policy reimburses the insured for medical and surgical expenses arising from an illness or injury that leads to hospitalization.
The insurance company provides the insured with the facility of cashless hospitalization at a network hospital or provides a reimbursement for the incurred expenses. Furthermore, health insurance cost is subsidized to the insured in the form of tax exemption under section 80D of Income Tax Act, 1961.
Compare Health Insurance Quotes & Save Big
Buy Best Health Insurance Policy
It is vital that you compare health insurance online before purchasing any plan in order to choose the best plan for your healthcare needs. As it is, it can get mind-boggling to select one as there are so many companies offering health insurance policies with features as varied as the providers.
It is no wonder that sometimes, people end up with a plan that, though costs less, has contradictory clauses, and they practically get nothing when a claim is filed. On the other hand, you end up buying a plan with a higher cost just to find out later that it has features that you did not use or might never need.
Treatment costs are increasing by the day. A Health insurance policy prevents a medical emergency from turning into a financial emergency. It makes sure that one's healthcare needs are taken care of without depleting his/her savings or compromising on one’s future goals.
Benefits of Comparing Health Insurance Online
Due to tight and hectic schedules these days, it has become quite impossible to visit different offices or branches of different health insurance companies in order to compare various medical insurance policies.
Thankfully, Policybazaar understands the dilemma of the customers and hence, has offered a platform where you can compare health insurance policies online. Which means, no more lines and no more lies. But, there is more.
Enlisted below are few of the major advantages of buying a health insurance plan online:
Access to Accurate Information:
Offers an easy access to every insurance policy available in the market. It also saves the buyers from dealing with agents who are known to provide unreliable and biased information most of the times.
Time Efficient and Convenient:
By comparing health insurance plans online, the users are able to save their time as they don’t have to keep meeting with the agents to compare and choose the best plans. Additionally, several tasks, such as paying premiums, renewing the plans, etc., are also easier via online mode.
If a customer buys a health plan via an online channel, he/she will be able to compare plans and opt for the one that fits in the budget. Also, no brokerage or agent fees are levied and hence, the buyer ends up saving a significant amount of money.
Availability of Provider/Plan Reviews:
Doing so will help you get an overall idea of an insurer’s reputation, enabling you to make an informed decision.
Focus on the Sum Assured of Your Choice
The healthcare inflation in the country is skyrocketing and is increasing at the rate of 17% to 20% annually. To cover this inflation, it’s important to look for the maximum available sum assured at the best possible rate.
Provide Complete & Correct Details
Provide accurate information regarding your health in the proposal form, as any sort of inaccurate or mismatched information can make the insurer reject your claim form.
Keep in Mind the Factors That Influence the Premium
A few factors that influence the premium of a health plan include the proposer’s life history, family health history, lifestyle, smoking habits, etc. These are taken in account before the premium amount is determined.
Check the Credibility of the Company
Do go through the history of the insurance company you are planning to buy the plan from. You should select a company based on the following parameters:
ICR: Incurred Claim Ratio or ICR, is the most important parameter to check for when comparing health insurance companies. Each year, it is calculated using the following formula: