In the earlier days, buying an insurance policy was at least a one-day affair. It involved contacting an insurance agent and discussing with them essential aspects related to a medical insurance policy. It was a tedious task to collect all the necessary information and then pick the right health insurance policy.
However, since the digital revolution has taken over almost all sectors, buying health insurance has become far more manageable. If you are looking to buy a health insurance policy anytime soon, you should begin researching and comparing the various options available.
This article brings you a simple five-step formula to buy medical insurance online. So, let’s begin!
Step 1: Know Your Needs
Just like the habits and lifestyles of different persons aren’t alike, their health conditions and medical needs are also quite different. In other words, you cannot simply fit your needs in a predefined basket, and it is always better to look for a customizable option.
Therefore, you must start by ascertaining your needs from the insurance policy. You can consider various parameters while doing that, such as the size of your family, health conditions, any prolonged ailment in a family member, among others.
For example, if your parents are old, it is better to get a separate cover for them and not include them in the floatable option.
Step 2: Thoroughly Compare The Plans And Premiums
The next step involves a thorough comparison between the premium rates of the different medical insurance plans. You can do so by considering their features and coverage provided under the premium rate. Multiple health insurance companies have started providing diversified medical insurance plan variants that offer medical treatment services and cover other benefits like check-ups, vaccinations, etc.
Sometimes people get lured with the bucket of benefits and end up paying higher premium rates. Among those benefits, some generally go unused, and hence, opting for them isn’t a good idea. It is advised not to go ahead with the high-end health insurance covers to avail of the tax benefits.
Again, you should not refrain from opting for them if your needs match their coverage.
Step 3: Know More About The Insurer
Not all insurers have a good track record, and those with a low claim settlement ratio may prove troublesome in the long run. Therefore, it is essential to keep an eye on their serviceability and financial records.
An excellent way to ensure that is by considering the company’s time in the insurance business. It is a general fact that low claim settlement ratio insurers don’t last long in the industry. You can also refer to the reviews and testimonials and even consult your friends and relatives.
Finally, you can sort your preferred insurers among those which have an enriched product portfolio.
Step 4: Collect Information About Network Hospitals
All the companies that provide medical insurance online have a list of network hospitals with tie-ups, and the list is often displayed on their website. It is better to make sure that your preferred medical facility is there in the list of network hospitals.
In case you don’t have any preferred hospital, then make sure that at least one of the listed hospitals is present in your city of residence. Again, it is better to opt for an insurer that has tie-ups with the leading hospitals.
For example, Bajaj Finserv Health provides good medical insurance plans, and they have tie-ups with almost all the major hospitals in the country.
Step 5: Check For The Restore Feature And Alternative Medicine
First, it is not rare for a person to get hospitalised twice a year. What to do in that scenario when you have exhausted the entire insured sum in the first hospitalisation? Here, you will need the restoration feature. Your insured sum automatically gets restored in the restoration feature once you have spent it during the year.
Second, it is better to opt for online insurance, which provides cover with alternative medicines like ayurvedic, homoeopathic, Unani, etc. Traditional allopathy cannot treat all diseases and ailments, and many lifestyle-based conditions involve the AYUSH medicines for treatments.
Some leading medical health insurers have started including them in their coverage list. Once you have made all the considerations, you can go ahead and book your medical insurance online.
Due to the changes in lifestyle and sudden surge in the risk of deadly diseases, it is better to keep your insurance option ready to avoid facing a financial crunch while looking for a treatment.
In the steps mentioned earlier, we not only knew about the correct method to book medical insurance online, but we also discussed some tricks and tips for choosing the most suitable insurance policy for your needs.
It is recommended to check out the Bajaj Finserv Health app and its beneficial health insurance plans to cover all your needs.