Benefits of Comparing Health Insurance Plans: 5 Vital Reasons For You!

Benefits of Comparing Health Insurance Plans: 5 Vital Reasons For You!

Bajaj Finserv Health
November 15, 20214 mins read

Key Takeaways

  • Find health insurance plans from 30+ companies in India
  • You can choose the right policy if you compare health insurance plans
  • Comparing health insurance plans helps you get the most value

There are around 30 health insurance companies in India. Each offer various options for you to choose from. From these many health insurance plans, picking the right one can be quite tricky. So, carrying out a health insurance plans comparison is important. Take the time to get this right. Not analyzing the policies before you sign on will keep you from availing benefits. Get the most of your investment from such plans so your hard-earned money is put to good use. There are many upsides to selecting the best health insurance plans for you and your family. Read on to understand the benefits you get on comparing health insurance plans.

Additional Read: 6 Types of Health Insurance Policies in India: An Important Guidebenefits of health insurance

Benefits of comparing health insurance plans

Get multiple options to choose from 

Comparing plans online allows you to assess many health insurance companies. You aren’t limited to the options offered by an agent. This puts you in the driver’s seat and allows you to shop wisely. With multiple options, you can pick and choose one that best suits your needs.

Buy the right health insurance plans 

The best insurance policy isn’t always the one that has a low premium. It may not even be the one that is advertised to have the best features. In fact, the right health insurance policy varies for each person. The one that’s truly ideal covers all your financial needs without any issues. You get benefits that ensure quality access to medical care when you need it. For this reason, do your health insurance plans comparison with an open mind. Compare the entire package and not just one component. Assess plans based on factors such as their:  

  • premium 
  • coverage 
  • inclusions 
  • exclusions 
  • waiting period
  • claim settlement ratio
  • Make an informed decision 

If you’re comparing health insurance plans yourself, take the time to learn about the product first. Know what you need, and research to see if policies offer such a provision. This is the only way to find health plans that meet your requirements. Once you know what’s on offer, start making a list of policies. Check all the aspects clearly and note their exclusions. The goal here is to make an informed decision. This is only possible if you know what you want. Compare health insurance plans thoroughly before shortlisting them. This process can save you a lot of money for years to come.

compare health insurance

Avail additional benefits 

When you compare health insurance plans, check the additional benefits offered. Policies usually have special features and perks. For instance, some health insurance plans may cover AYUSH treatment. This is a special benefit that is not offered on every policy. It may not even exist in your current policy.  

Similarly, for alternate medicine treatments, you need to select a plan that covers it. Another benefit to check is the waiting period. For preexisting diseases, some policies may have a waiting period of 4 years. Others will have just 2 years, making them more preferable. The additional benefits can make all the difference. They add a lot of value to the experience and shouldn’t be overlooked.

Choose a financially feasible plan 

The sum insured is a crucial factor. It depends on 3 main factors, which are:  

  • Age 
  • Existing health conditions 
  • Lifestyle

Younger applicants are recommended to opt for a higher sum. By doing so, the premium is lower than it would be for an older person. These premiums also vary based on the insurer. Comparing helps you find one that can assure care but is also affordable. Being able to afford the premiums comfortably is essential. So, when picking a plan, your checklist should include these pointers: 

  • Pocket-friendly premium 
  • Comprehensive coverage 
  • Adequate healthcare partner network

Wide range of benefits, such as: 

  • daycare expenses cover 
  • room rent cap 
  • pre-and post-hospitalization expenses 
  • critical illness cover
  • co-payment clause

If you can afford a higher premium, it would be wise to go this route. It is well worth it to pay for a high sum insured as medical inflation is on the rise.

Additional Read: How to Get Medical Loan if you Don’t Have Health Insurance

Now that you know the benefits of comparing health insurance plans, you should also understand what factors to think about. Take into consideration things like:  

  • Illnesses covered 
  • waiting period 
  • lifetime renewability
  • claim settlement ratio

For complete coverage, check out Aarogya Care Health Plans by Bajaj Finserv Health. These affordable health plans have a high claim settlement ratio. They also offer many benefits for individuals and families. Pick a health plan on Bajaj Finserv Health and safeguard your wellbeing in the best way possible.

Benefits of Comparing Health Insurance Plans: 5 Vital Reasons For You! banner

Please note that this article is solely meant for informational purposes and Bajaj Finserv Health Limited (“BFHL”) does not shoulder any responsibility of the views/advice/information expressed/given by the writer/reviewer/originator. This article should not be considered as a substitute for any medical advice, diagnosis or treatment. Always consult with your trusted physician/qualified healthcare professional to evaluate your medical condition. The above article has been reviewed by a qualified doctor and BFHL is not responsible for any damages for any information or services provided by any third party.

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