Buying Health Insurance Online - Is it the Right Choice for You?

Health insurance has become indispensable in today’s world with rising medical costs. Many people are now looking to buy health insurance online because of its convenience and options. However, is buying health insurance online the right choice for you? This blog examines the pros and cons to help you decide.

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The Benefits of Buying Health Insurance Online

More Choices and Customisation

When you buy health insurance online, you get access to many more insurance providers and plans compared to dealing with just one local agent. This allows you to:

• Compare features and premiums across various plans
• Customise a plan based on your specific needs and budget
• Buy add-ons and specialised plans (like critical illness plans)

So you can design a health insurance plan that perfectly fits your requirements.

Convenience and Accessibility

The entire process of researching, comparing, buying, and managing policies can be done from the comfort of your home. Features like anytime access to your policy documents and hassle-free claim processing make health insurance just a few clicks away.

Easy Comparison and Informed Purchase

Online insurance platforms allow you to compare health plans using smart filters and compare tools. You can analyse coverage, exclusions, claim process, etc., across providers to make an informed purchase decision.

Things to Consider Before Buying Health Insurance Online

While buying health insurance online has benefits, some diligence is vital for a suitable purchase.

Research the Insurance Provider Thoroughly

Check the IRDAI registration, financial strength, claim settlement ratio and customer reviews of the insurance provider before purchasing the policy. This ensures your policy will be honoured when you make a claim.

Read Policy Wordings Carefully

Look out for any clauses and waiting periods for pre-existing diseases, exclusions, co-payments and sub-limits before you finalise any health insurance policy online. This ensures no nasty surprises when you make a claim.

Evaluate Network Hospitals

If you buy health insurance online, verify if your preferred hospital/doctor is on the insurer’s network panel before you buy. Also, check if the insurer has adequate network coverage in your city.

Be Realistic About Your Coverage Needs

Getting swayed by low premiums to reduce coverage may leave you underinsured. Ensure your sum insured, coverage inclusions, etc., adequately meet your needs. Also account for inflation and lifestyle changes over the long policy tenure while deciding these.

Technical Factors to Consider when Buying Health Insurance Online

Compatibility with Aggregators

Many online insurance buyers rely on aggregator websites to compare and purchase plans. Before you buy a health plan online, check if it is available on major insurance aggregators, as it allows you to make better comparisons.

Cashless Claim Process

Verify if the insurer offers a cashless claim process with preferred network hospitals in your city. The cashless facility directly pays the hospital from the insurance amount without you having to pay upfront. This can be more convenient compared to reimbursement claims.

Co-Payment Clauses

While lower premium plans may have co-payment clauses that require you to bear 10-20% of hospitalisation expenses, higher co-pays can increase your out-of-pocket costs significantly. Account for this while purchasing the plan.

Sub-Limits on Coverages

Many policies may have sub-limits on room rents, ICU charges etc. Cross-check if any coverage has disproportionately lower limits compared to your hospital preferences, as it may increase your share of expenses.

Policy Renewal Terms

Online policies often come with life-long renewal options. But some may have criteria like no claims in the first 2/3 years for guaranteed lifetime renewal. Understand such technical clauses related to renewals.

The Bottom Line

While buying health insurance online has its advantages, it requires research and due diligence from your end regarding policy features, claim process and insurance provider credentials. If you are willing to put in the effort to make an informed purchase decision, then buying health insurance online can be advantageous by giving you greater choice and convenience.

However if you are unsure about evaluating technical policy aspects, or researching new insurance providers, you may be better off purchasing from a trusted local agent who can guide you regarding suitable coverage.

So, based on your willingness to research policies and insurance providers, you can decide whether buying health insurance online meets your needs or the conventional agent-assisted route may be a better fit.

Disclaimer : The above is a sponsored article and the views expressed are those of the sponsor/author and do not represent the stand and views of The Tribune editorial in any manner.