Considering the constantly rising healthcare costs in India, the need for medical insurance cannot be ignored. A medical insurance policy covers the expenses of your treatment during medical emergencies. Thus, while selecting a medical insurance policy, you must decide the coverage amount carefully to ensure that you are not underinsured.
Online tools available on the insurer’s website will help you determine the sum assured according to your needs and budget. Moreover, you can now easily purchase a health insurance policy online through these websites without any hassles of paperwork or long waiting lines.
Read on to learn the steps for purchasing health insurance online and the factors to consider before buying one!
What are the Steps to Buy Medical Insurance Online?
Here are the easy steps to follow while purchasing medical insurance online:
- Step 1: Visit the official website of the insurer from whom you have decided to buy the policy.
- Step 2: Navigate to the health insurance section and select a suitable plan that meets your requirements, budget, and coverage needs.
- Step 3: After selecting the medical insurance plan, choose the option to buy.
- Step 4: You can use the health insurance premium calculator at this point to determine your premium amount. Your policy type (individual or family floater) and the desired sum insured are required to accurately assess the premium amount.
- Step 5: Next, enter all your personal information, including your name, address, contact details, and medical history. If you are opting for Diabetise Insurance, disclose pre-existing conditions for accurate coverage.
- Step 6: Finally, complete the payment using your preferred payment method.
- Step 7: Download the policy number for your future reference.
What Factors Should You Consider Before Buying a Medical Insurance Policy?
Buying a medical insurance policy requires careful consideration of several key factors. Here are some of them:
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Assess Your Needs
Not every individual has the same health condition, so the coverage needs also vary based on the condition. Understand your health needs and select a policy that aligns with them.
For instance, a coverage of ₹5 lakh seems enough for a young policyholder. However, if the policyholder has elderly parents with severe health risks, an extensive family floater plan or a separate senior citizen plan is necessary.
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Compare Health Insurance Plans
Before finalising a medical insurance policy, you must check and compare the pricing, coverage, inclusions, and exclusions of various plans offered by different insurers.
Many insurers are offering a range of services, including vaccination coverage and wellness benefits, to attract policyholders. However, before selecting such a plan, ensure that you will need these benefits in the future, as they come at a price.
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Check the Insurer’s Reputation
Before buying a policy from an insurance company, check its claim settlement ratio (CSR). It is the percentage of claims paid out from the total claims a company has received. Thus, a higher claim settlement ratio speaks of the reliability of the company.
Star Health Insurance, for example, has reported a 97% rate of final cashless approvals within 3 hours, across over 14,000 network hospitals in India. This ensures a hassle-free and smooth claim settlement process when you need it most, making Cashless Health Insurance a highly valuable option.
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Network Hospitals
Selecting health insurers that partner with a vast network of empanelled hospitals guarantees simple access to high-quality healthcare. This lowers your out-of-pocket costs and offers financial assistance in times of need by enabling cashless treatment, in which the insurer pays the hospital directly.
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Add-on Covers
Health insurance riders are optional add-ons that enhance your base policy by covering specific risks and medical expenses not included in standard plans.
Common riders include critical illness, maternity, personal accident, and OPD (outpatient department) coverage. Adding these tailors your policy to your family’s unique health needs, providing extra financial security and flexibility.
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Waiting Period
A waiting period in health insurance is the time you must wait before your policy starts covering certain illnesses or pre-existing conditions. A shorter waiting period allows you to access benefits sooner, making it easier to claim for treatment without delays, especially important for managing ongoing or new health issues effectively.
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Check for Copayment Clauses
A copayment clause in health insurance means that the insured shares a portion of the cost of each medical claim, typically ranging from 10% to 30%. This lowers premiums but increases out-of-pocket expenses when making a claim.
It applies to every claim, including hospitalisation and pre/post-hospitalisation costs, so understanding this trade-off is essential before agreeing to it.
If you are planning to buy a medical insurance policy, do not ignore comparing different plans before finalising your decision. Moreover, you should follow the steps as per your insurance company’s guidelines to buy medical insurance online.
Although the online procedure has made insurance purchasing hassle-free, you should still keep a check on factors such as the insurer’s customer service, product range, and waiting period, among others.
Following all these steps and guidelines will help you make the right choice while purchasing a medical insurance policy.
