Summary
A health insurance policy is a necessity for all. It gives you the financial cushion during a medical emergency and allows you to get the best medical care without worrying about depleting your savings. Read on to know more about steps to apply for the best health insurance policy online.
In the purview of the rising medical cost, it is paramount that you have a robust health insurance cover to protect your family from any medical emergency. A health insurance policy provides the necessary financial protection if you get hospitalised. Today, several insurance companies in India offer a variety of plans and choosing the best plan can be overwhelming, especially if you are a first-time insurance buyer.
But, if you have the right know-how, choosing the right health insurance policy to suit the needs of your family will be a walk in the park. Here are a few critical things you must consider while buying online health insurance.
- Assess your needs
When it comes to buying health insurance, there is no universal insurance that suits the needs for all. You must determine the medical needs of all your family members and choose a policy that meets the requirements.
For example, if you are living in a nuclear family (all aged under 40) with spouse and two dependent children, a policy with a sum insured of five to 10 lakhs would be sufficient. However, if you are living in a joint family with senior citizens, you should opt for a larger sum assured. Also, you must check if the policy covers the illness that your family members are susceptible to. For instance, if you have a family history of cancer, it would help you if you buy a critical illness cover to cover the treatment cost.
- Know about the types of policies available
Once you know your exact needs, it will help you choose the right insurance type. In India, most insurance companies offer two types of policies – Individual Health Plan and Family Floater Policy.
The individual health policy, as the name suggests, covers only a single person. Individual health policy has a cheaper premium as compared to a family floater plan, and the sum assured can be used by an individual alone. It is an ideal plan if you are alone, unmarried and have no dependents.
The Family Floater Policy covers all the family members under a single plan. It is a much better choice than buying an individual plan for different family members. The premium for the family floater plan is much higher than an individual plan, and the sum assured can be used for all the members covered under the policy.
- Network hospitals
Today, all insurance companies in India have a tie-up with a wide range of hospitals across the country, which are called network hospitals. While buying online health insurance, you must check the list of network hospitals in your locality. It is advisable to choose an insurer that has a wide range of network hospitals in your area so that you can avail cashless claim facility during an emergency.
- Consider the claim settlement ratio
This is one of the critical yet ignored aspects of health insurance purchase. Claim Settlement Ratio (CSR) indicates the number of policies the insurance company has successfully settled against the number of claim applications received in a year. Experts recommend that it is better to look for an insurer with a high CSR. Generally, most reputed companies have a claim settlement ratio of more than 70%. So, choose your insurer wisely.
Now that you are aware of the steps to apply for a health insurance policy online make sure that you choose the right plan and give your family full protection against all medical emergencies.