What are the things to look for while purchasing a health insurance plan

Today, purchasing a health insurance plan is as easy as buying a gadget online. With just a few clicks, you can buy the right health plan for you and your family, right from your home.

When you purchase a laptop or smartphone, you first decide on the configuration – processor speed, OS, camera specifications, etc. Similarly, when you buy a health plan online, you need to first decide on the various components like coverage, type of policy, etc. Let's walk you through the steps of buying health insurance online.

Step 1: Members to Include

Decide if you want to purchase health insurance just for yourself or your family members as well. You can include your spouse, children, and parents under a single plan.

Step 2: Fix the Coverage Amount

The coverage amount is the maximum sum you can receive from the insurance company when you file a claim. To decide on the coverage amount, consider your family medical history, current illnesses, if any, to determine the amount you are likely to require. Also, consider other factors like – private or shared room, hospital type, etc.

Step 3: Decide on the Type of Plan

• Basic health plans – As the name implies, these plans cover only the necessary expenses like hospitalisation costs, ambulance charges, etc.
• Comprehensive health plans – These plans offer extensive coverage like cover for critical illness, private hospital rooms, and recuperation costs, etc.
• Top-up plans – These plans have low premiums. The one catch is that the insured (policyholder) has to pay a specific amount out of pocket while making a claim. For example, suppose the pre-decided amount is Rs. 1 lakh. In that case, the policyholder pays one lakh on the medical bill. The remaining amount is borne by the insurer.
• Specialised benefit plans – These plans cover only certain conditions like cancer, heart disease, etc.

The next step is to make a shortlist of all plans that meet your requirements. The final step is to compare plan benefits, coverage, and costs to choose the right one that best suits your needs. Once you have finalised a plan, visit the website of the insurer to complete the purchase.

Alternatively, you can enter your mobile number here. CreditMantri will provide you with free quotes for the best health plans that fit your requirements.