Quick Guide to Help You Buy Health Insurance Online

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.

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.

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.

Some health insurers make you promises that they won’t fulfil. Ergo, instead of the spoken word, go for the written word when you buy mediclaim online. This is to say, read the policy document clearly. Ensure that whatever is written on the website, or told by the insurer is mentioned in the policy document.

Here’s a rule of thumb, always check the claim settlement ratio of an insurer. If you are comparing multiple policies, it’s suggested that you go for an insurer with a high claim settlement ratio. Choosing otherwise can put your investment at threat.

A claim settlement ratio is an indication of the claim settlement capabilities of an insurer. A high claim settlement ratio would increase the possibility of your claim settlement given that you abide by the terms and conditions.

When you buy anything online, you check the reviews. Likewise, when you buy health insurance online, it’s essential to check the reviews before you give an insurer a go-ahead. You wouldn’t want to go with a health insurance provider that has a load full of complaints against them. It’s better to avoid them to safeguard your investment.

The last thing you would want is to pick an insurer that has a poor financial record. An insurer needs to be financially sound before being able to settle your claims. Ergo, have a good look at their cash flow and solvency ratio. These two ratios indicate the financial capabilities of the insurers.

In a standard health insurance policy, the policyholder needs to pay the hospital bill first, and then they get reimbursed. While it’s convenient for some people, for most it is not owing to less or no liquidity. That said, cashless hospitalization is a benefit provided by most health insurance companies when you buy health insurance online.

Through the cashless hospitalization feature, you don’t need to pay the bill first. The insurer directly settles the hospital bill. This is only possible if your chosen hospital falls in the network of hospitals the insurer is tied up with.

So, when you are comparing health insurance online, ensure that the insurer has the hospital of your choice in their network.

No claim bonus is a benefit offered by some health insurance companies in India. No claim bonus is a bonus given if the policyholder doesn’t file a claim in a year. It’s suggested to go for a health insurance company that offers no claim bonus.

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.

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.

Most health insurance providers have now introduced premium calculators to simplify buying health insurance online. A health insurance premium calculator gives an approximate premium based on age, gender, and health condition. This approximate figure can help buyers make a sound choice when they buy health insurance online.

Thanks to the digital era, customer services have grown extremely helpful and reliable. That said, when you buy health insurance online, you can get efficient customer service to help you out when you buy health insurance online, and also when you face any difficulty throughout the policy term.

When you have compared multiple insurance policies and insurers based on the parameters mentioned above, it’s time to make the final call and choose the insurer. Once you are done choosing the insurer, visit their website to buy health insurance online.

Some health insurance providers require you to enter your personal details, such as name, age, date of birth, email id, and phone number. The insurance agent would then contact you and help you buy mediclaim online.

A lot of health insurance companies provide insurance premium calculators on their website to help individuals buy health insurance online. A health insurance premium calculator gives you a rough figure of premium depending on your age, medical history, gender, and many other factors.

If you are satisfied with the health insurance premium, you can go ahead and buy health insurance online. Just add to the cart and proceed with the payment. You will get the policy document once everything is done.