​Initially, while performing a health insurance comparison, you might get confused about the pros and downsides of each plan. Thus, in this article, we provide you with important things to consider when comparing health insurance plans before buying.

Things to Consider for Health Plans Comparison

The following are the most critical factors that you should consider at the time of online health insurance comparison:

1. Type of Coverage

When you compare health insurance plans, start by evaluating the type of coverage offered by each plan. This step will help you select the plan that offers maximum coverage in your budget.

The most common coverage offered by medical insurance plans in India includes pre & post-hospitalisation, in-patient care, daycare procedures, OPD, doctor visits, medicine bills, diagnostic tests and more. The trick here is to pick the plan that offers maximum benefits at a budget-friendly price.

2. Premium Rate and Sum Insured

The sum insured and premium rate are other important parameters to check when making a health plan comparison. While the sum insured is the maximum financial coverage you can claim within the tenure, the premium is the amount you pay your insurer to maintain the coverage.

Before comparing plans, it is important to have a budget and sum insured figure in your mind based on factors such as age, income, medical history, location and so on. While increased sum insured will lead to higher premiums, it will make sure to provide you with 360-degree protection during a medical crisis.

3. Alternative Treatments

There are multiple effective treatments other than the modern allopathy procedures. These include ayurveda, homoeopathy, unani, naturopathy and more.

The good thing is that reputed insurance providers these days offer coverage for alternative treatments.

Choosing a plan with alternative treatment coverage will allow you to get the most effective treatment without worrying about whether or not it will be covered by your health insurance.

4. Scope of Customisation

Health insurance requirements are different for everyone. This means that a single plan may not be able to meet your coverage needs completely.

However, if the plans are customisable, you can adjust the features and benefits to enjoy personalised coverage without compromising on your budget.

Therefore, make sure to compare healthcare plans based on their scope of customisation and consider opting for the one that can be tailored to your unique needs.

5. Availability of Add-Ons

Health insurance add-ons, also known as insurance riders or covers, are paid features that can be added to your existing medical insurance plans for dedicated coverage. Some of the most popular add-ons include critical illness cover, maternity cover, personal accident cover, and so on.

You can purchase them with your primary policy based on your requirements. For example, you can purchase a personal accident insurance rider to have coverage for death and disabilities arising from personal accidents. Similarly, you can buy a maternity cover if you are planning to extend your family.

At the time of making a health cover comparison, make sure to choose a health insurance plan with the best availability of your desired add-ons.

6. Inclusions and Exclusions

Inclusions and exclusions of medical insurance plans make it very easy to compare them. These are basically the list of areas or events covered by the given insurance plan or provider.

When comparing your plans, it is ideal to select the plan that offers an extensive list of inclusions. Meanwhile, also ensure that the exclusions do not include any event you may need coverage for. In fact, pay more attention to the list of exclusions than inclusions when making plan comparisons.

7. Room Rent Limit

The room rent limit in a health insurance plan refers to the maximum charge you can claim for a hospital room.

While it may sound like a basic expense, room rent limits in some hospitals can sometimes exceed the cost of the entire treatment. Therefore, do not neglect this expense and pick a plan that offers a good room rent limit without increasing the premium cost.

8. Preventative Health-Checkups

Preventative health-checkups are an important benefit offered by insurance companies. It is a part of preventative healthcare management as it allows you to get routine check ups done to prevent potential health ailments such as heart issues, kidney issues, lifestyle issues and so on.

As you may know, the cost of such checkups can be very high. Hence, make sure to shortlist the plans that cover your major tests and diagnosis'.

9. Co-Payment and Deductibles

Co-payment and deductibles are key factors that come into play when calculating your premium cost. These basically refer to the portion of hospitalisation expenses you can pay out of your pocket without having any financial stress. The remaining larger chunk of your unforeseen expenses will be covered by your insurer.

An important point to note about co-payment and deductibles is that they directly affect your premium cost. If you choose low deductibles or co-payment percentages, your premium cost will be higher because your insurance company will have to pay most of your expenses. On the other hand, your premium cost will be low if you opt for higher deductibles.

If you are looking for lower premium rates, then look for policies with an option for voluntary co-payment and also opt for higher deductibles.

10. Coverage for Pre-Existing Diseases

Pre-existing diseases are the health problems that are diagnosed before purchasing a health insurance plan. Note that most insurance providers do not include pre-existing disease coverage with their plans.

And even if they do, they require you to serve longer waiting periods and pay higher premiums.

If you are suffering from any major health condition, opt for a plan with pre-existing coverage benefits and shorter waiting periods.

11. Cashless and Reimbursement Claims Settlement

Next crucial factor to check when making a health plans comparison is the claims settlement process. There are two ways in which insurance companies settle the claims raised by the policyholders: cashless claims settlement and reimbursement claims settlement.

With a cashless claims settlement option, you can get cashless treatment with minimal out-of-pocket expenses in the form of deductibles and voluntary co-payments.

With reimbursement claims settlement, you can claim reimbursement of the healthcare expenses incurred due to a covered event.

When you compare health insurance plans, choose the best health coverage insurance with an efficient claims settlement via both ways.

12. Claims Settlement Ratio

Not just the type of settlement, it is also essential to compare medical insurance plans based on their claims settlement ratio and turn-around time for fair resolution of claims raised by you.

It goes without saying that you should choose a plan that offers a higher claims settlement ratio and an easy claims settlement process.

For example, with Reliance General Insurance health insurance plans, you get a 100% claims settlement ratio with super simple online claims processing. You can easily file your claim and settle it via our website or Self-i mobile application.

13. Network Hospitals

While the latest IRDAI regulation allows you to get cashless treatment at any hospital across the country, it is ideal to get the required treatment at the insurance provider's network facility for a quick and hassle-free settlement.

These network hospitals generally have a dedicated claims department that ensures a smooth, hassle-free and fast cashless claim settlement.

Thus, When making a health plan comparison, make sure to choose a provider with an extensive list of network facilities spread across the country, especially the city/state of your residence.

14. No-Claims Bonus

Medical insurance plans in India are bundled with several bonuses and discounts that allow you to enhance your coverage while lowering your premium rates. One such important benefit is the no-claims bonus, which is offered when you do not make any claim during your policy tenure.

This reward is generally given in the form of an exclusive discount that you can use to lower your premium or increase your sum insured at the time of policy renewal. For instance, if your existing sum insured is ₹5,00,000 and NCB is equivalent to 50%, your sum insured for the next tenure will be ₹7,50,000 for the same premium rate.

Whenever you compare healthcare insurance plans, make sure to pick the one with the most benefits.

15. Customer Reviews

Nothing reflects the services of an insurance provider like their customer reviews. By comparing the ratings and reviews of different healthcare insurance plans, you can easily select the most reliable one. Alternatively, you can also get suggestions from your friends and colleagues using the plans you have shortlisted.

Conclusion

While we all understand the significance of having a health insurance plan, many of us often miss out on the intricacies involved at the time of buying one. As a thumb rule, do enquire about all the above-mentioned points while looking for a health insurance policy for you and/or your family.

Ensure the health insurance plan you choose does not exceed your budget. Remember, health insurance plans are not meant to put you under financial stress but protect you from financial contingency-like situations in times of medical emergency at home.

Buy Reliance General Health Insurance for All-Round Coverage at Premiums Starting @238/month**

Conducting research and health plan comparison is critical to buy the best health insurance policy and ensure adequate coverage. However, if you want to save some time and effort, explore our tailored health insurance plans online at Reliance General Health Insurance.

From extensive coverage and affordable premiums to plenty of benefits and features, you can get everything with our health insurance plans.

Whether you are looking for a reimbursement or cashless health insurance, we have you covered. We offer 100% claims settlement and have more than 10,000 network hospitals where you can avail best-quality treatment in a nearly cashless manner. For reimbursement claims, we offer prompt claims processing to help you balance out your finances by getting reimbursed as soon as possible.

For more information, contact us!

Frequently Asked Questions

What are the benefits of comparing healthcare insurance plans?

A healthcare plan comparison allows you to select a health insurance policy that offers the most features and benefits within your budget.

Which policy is right for me: an individual or family floater plan?

Both individual and family floater plans serve different purposes. If you are a single individual with no dependents, then an individual health insurance plan is a good option for you.

However, if you have multiple members in your family who are not yet insured, consider buying a family-floater plan for comprehensive coverage.

Where to find affordable health insurance plans?

The best way to find an affordable health insurance plan is online. You can easily find multiple health insurance providers that offer excellent discounts on purchasing their policies directly from their websites.

 If you don't already know, you can get up to a 40% discount on Reliance General Health Insurance plans online.​