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Written by
Alok Mishra
Insurance Writer
Alok Mishra is a Digital and Content Marketing specialist with 10 years of experience. He has spearheaded Web Content, Social Media & Branding, and Community Building initiatives to drive growth for prominent brands.
Reviewed by
Bhaskar Sinha
Insurance Expert
8+ years of experience in Life Insurance with expertise in Developing Life and Health Products, Digital Sales, Conducting effective trainings and Key Account Management.
Health insurance is an insurance product that provides coverage for medical expenses for the insured. It can cover several health-related expenditures, including surgeries, prescription medicines, admission charges, and more. When you compare health insurance policies, you will find different types of health insurance plans that offer varying features and benefits.
Healthcare can take up a significant portion of an individual's savings. Furthermore, some medical conditions require prolonged treatment, incurring enormous expenses. Unfortunately, in such a situation, even a person's entire life savings may not be enough.
That is why it is crucial to compare health insurance plans available to get the best benefits in a time of need. Some features that you must be aware of when you make a health insurance policy comparison are:
Financial assistance in a time of medical emergency can be of incredible help. It is in your best interest to consider the several health plans available to be aware of the possible benefits. The IRDAI has specific guidelines for health insurance policy contracts to standardize the procedure.
However, the benefits provided under one policy may be more beneficial to you than another. If you compare health insurance policies carefully at the appropriate time, there will be no room for dissatisfaction later.
Let's look at some of the factors you must consider when you compare health insurance policy.
Some of the standard health plans are individual, family floater, or senior citizen plans. They can cover medical expenses for you or your family members, depending on the policy terms. Once you have settled on the type of policy, you can compare similar health insurance policies by different insurance providers.
Before you compare health insurance plans to find the best set of benefits, it is vital to evaluate the suitable coverage. It is helpful to chart a plan considering the stipulated duration of coverage. The groundwork of health insurance comparison is assessing the sum assured that you require and, consequently, the premium amount.
Health policies have a maximum age limit, upto which they offer coverage for medical expenses. When you compare mediclaim policy, you will find that the maximum age of coverage varies across different plans.
The chances of encountering medical emergencies are generally higher at an older age. It is favorable to opt for a policy that goes upto a higher age, as it can be complicated to purchase a new plan.
One of the desirable advantages of a health plan is that it allows cashless treatment upon hospitalization. It means that the charges incurred during the treatment will be settled between the insurer and the hospital. However, the facility is only applicable if the insured visits a hospital which is in the list of network hospitals.
Compare health insurance policies by different providers keeping in mind their network list of hospitals. It will work in your favor if an easily accessible hospital is within your insurer's network list.
The co-pay amount of a health insurance plan is the percentage of the medical expenses payable by the insured. It is an essential factor to take into account when you compare health insurance plans.
There is a waiting period of a health insurance policy, before which the insured cannot file a claim towards settlement. Health insurance comparison will tell you of the different waiting periods associated with plans.
Compare health insurance policies to know which of them offers the best flexibility. Since a person's health needs can change over time, it is useful to have a customization plan.
Also Read: Tips to Consider Before Buying Health Insurance Policy in India
Purchasing a health insurance policy is a critical part of your financial plan. When the time comes, the benefits will surely be worth the trouble to compare health insurance plans. Let's look at the reasons why it is useful to compare health insurance.
Health insurance policy comparison will give you a more refined estimate of the coverage required for your well-being. Be sure to compare health insurance policies after analyzing the prerequisites specific to your condition.
When you make an effort to compare health insurance policy, it can bring previously unknown features into the light. The entire process of health insurance comparison can be incredibly beneficial in the long run. It will help you feel confident about the features of the plan and uncomplicate the process.
When you compare health insurance policies, the knowledge gained will help put together a plan that offers maximum possible benefits.
A vital element of the health insurance purchase process is personal satisfaction. Compare health insurance policies across various attributes to make sure you get the desired results in the future.
Insurance purchase is among the significant financial decisions in life. Yet, some may end up unhappy with their insurance plan at the precise time of need. One of the reasons for this disappointment is that they might consider it unimportant to compare health insurance policy.
Another reason to pass over health insurance comparison is the lack of awareness. It is likely that people find the insurance jargon complex for their understanding and avoid the process entirely. However, insurance providers offer appropriate assistance to ease the procedure.
Health Insurance charges will vary, depending on various elements. It relies on the amount of predetermined coverage, policy term, the age of the insured, to name a few factors.
If we consider the Axis Max Life Secure Earnings & Wellness Advantage Plan (A Non-Linked, Non-Participating Individual Life Insurance Savings Plan; UIN: 104N136V02), the minimum and maximum age of entry are 25 and 65 years, respectively. The maximum maturity age of the plan is 75 years. The insurance cost will vary when you compare health insurance factors such as age of entry, policy tenure, premium payment options, etc.
After you compare health insurance policy, the procedure to buy the plan is fairly convenient. Here are the steps to follow to purchase Axis Max Life Secure Earnings & Wellness Advantage Plan.
As a first step, you will need to provide key details such as your Name, Date of Birth, Address, Details of Lifestyle Habits such as tobacco usage, etc. These factors can have a significant bearing on your current as well as future health.
It will display the appropriate sum assured according to your profile. You can decide on the maturity age of the plan, which will change the payable premium amount. You can also select the premium payment frequency, i.e., annual, half-yearly, quarterly, and monthly.
Fill in your name and contact details and click on proceed. After that, the insurer will get in touch with you to move ahead with the plan's purchase.
ARN: Nov22/Bg/09D
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