While health insurance policies are easy to understand, the plethora of options often makes the selection difficult. This is especially true when you are buying a plan for the first time. In this age where people hardly find time for themselves, visiting multiple insurance providers or meeting their advisors is not a practical solution.

A simple and time-efficient way to pick the right health insurance plan is by making online health insurance compare. However, this will only work when you know the factors that you should consider while comparing. Here is a list of 5 essential elements that can make the selection easier-

1. Sum Insured

The first important factor is the sum insured or the maximum amount the insurer will pay for your medical expenses in a year. Consider your age and health to select the sum insured. Go for a higher sum insured if you are already suffering from a medical condition or are looking for a family floater policy.

2. Premium

The premium of the policy should be in line with the sum insured and the benefits offered. Avoid selecting a policy only because it has the lowest premium. Apart from the premium, focus on the other aspects discussed in this post to make the right decision.

3. Pre-Existing Diseases

During health insurance compare online, you should also give special attention to the waiting period for pre-existing conditions. If you are already suffering from a medical condition, the insurer will only cover the condition after the waiting period which can be up to 3-4 years. If you have one such condition, go with a plan with the shortest waiting period.

4. Co-Payment

Most of the health plans also have a co-pay clause which requires you to share some per cent of your medical bill with the insurance provider. It can be 5%-20% of the medical bills. There are also plans with no co-pay clause. If after health insurance compare in India, you are going ahead with a policy that has a co-pay clause, go for one with minimum co-pay.

5. No Claim Bonus

You receive No Claim Bonus (NCB) every year you do not file any claims. If you already have a health plan but want to switch to a different policy or provider, see how the new policy/insurer treats NCB while making the comparison. Many of the plans only allow maximum NCB of up to 50% of the sum insured. However, there are a few policies which also allow NCB of 100% of the amount insured.

When your health insurance compare plans in India, focus on the factors listed in the post to make sure that your policy offers maximum value and benefits.

Learn more about different Health Insurance Plans here.

DISCLAIMER

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.



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