Health-related problems are increasing on a day-by-day. The modern lifestyle is responsible for this situation. However, advancements in medical science have made it possible to cure some of the most serious diseases. The challenge is that these treatments are not affordable. Buying health insurance plans can help you with the same. These cover the expenses for most medical emergencies. 

Types of health insurance plans available in India

  • Individual health insurance
  • Family floater insurance
  • Critical illness policy
  • Cover for pre-existing conditions
  • Senior citizen health insurance
  • Preventive healthcare
  • Maternity health plan
  • Personal accident insurance cover

Before you buy any of the above health insurance plans, it is important that you compare all the available options so that you can choose the one that is the most suitable for you. Here are eight tips that you must follow while comparing health insurancepolicies.

1. Pre-existing illnesses

When you buy health insurance, the insurance companies perform medical check-ups to determine if you have pre-existing diseases. The cover for pre-existing conditions is offered only after a certain duration of the waiting period is over since the commencement of the policy. It is important to compare the waiting period and the pre-existing illness covers offered by the insurers.

2. Co-payment

If you are looking for a low premium rate then the co-payment option can work for you. In case of this option, you pay a pre-decided percentage of your medical bill while the insurance company pays the remaining amount. The co-payment percentage may vary depending on the insurer. Hence, a thorough comparison is required. 

3. Room rent

When you are buying any health insurance plan, like a critical illness insurance policy, it is required to find out if the insurer provides room rent cover for hospitalization. The amount of premium you pay depends on the cover value.

4. Sub-limits

Insurance companies have sub-limits for different clauses of a health insurance plan. So, the benefits you receive come with caps on the sum assured for different parts of the cover. For example, if the room rent clause has a 5% sub-limit then the insurer will pay only that amount of the sum assured for the room at the time of hospitalization. You will have to pay the balance amount.

5. Cashless cover

If your insurer offers cashless cover then they will pay the hospital bill directly to the healthcare service provider. If you have this cover, you will not be required to pay the bill from your pocket. Make sure that your insurer has this policy.

6. Premium

Different insurers may offer the same covers for different premium values. Comparing the price is important to find the best deals.

7. Claim settlement

Make sure to check the claim settlement period and ratio of different insurers. The best insurance providers are those that have a higher claim settlement percentage along with swift claim settlements.

8. Comprehensive cover

When buying a family floater health insurance or any other policy, make sure that the insurer provides cover for a wide range of medical care expenses. Check their list of exclusions to get a better idea.

It is important to find a health insurance plan that offers you the best covers for an affordable price. Being stuck with a bad policy is more harmful than having no policy.