Access to quality healthcare has always been essential, yet it remains an often-overlooked aspect. According to records, 95% of the Indian population is still uninsured, despite the government’s efforts to expand health coverage benefits. With rising medical costs and stressful lifestyles, having a health insurance policy is no longer optional—it’s a necessity.
Those who wish to buy health insurance online for the first time, online purchase is a convenient as well as affordable option. This article breaks down the process into manageable steps to help individuals buy their first health insurance online. Read on for a detailed insight into it!
What are the Steps to Buy Health Insurance Online?
Buying a health insurance policy online is a straightforward process that enables individuals to stay protected from health issues without leaving their comfort zone.
Though the step for online purchase varies from one provider to another, here are some of the basic procedure steps to complete one’s health insurance purchase online:
- Step 1: Log in to the preferred insurance provider’s website
- Step 2: Click on the “Buy Now” option
- Step 3: Enter your name, contact details, and PIN code to proceed
- Step 4: Provide your health-related details
- Step 5: Select a suitable policy and the sum insured amount
- Step 6: Verify the insurance premium and proceed as per instructions
Factors to Consider While Buying Health Insurance Online for the First Time
When buying health insurance online for the first time, consider factors like coverage, waiting periods, network hospitals, and claim process. Using a health insurance premium calculator helps you compare plans, estimate costs, and choose a mediclaim policy that fits your budget and health needs accurately.
Here are some of the crucial factors to consider while purchasing health insurance for the first time:
● Analyse Individual Needs
When purchasing an individual health insurance or a family floater plan, the first step is to determine one’s specific needs. Always opt for a policy that covers all medical expenses, such as hospitalisation, critical illnesses, transportation, etc.
Purchasing a family floater plan requires a more in-depth analysis, as one needs to consider the individual needs of each family member. When buying a policy online, one can compare multiple plans and select the one that best suits their health needs.
● Check the List of Illnesses Covered Under a Policy
A sedentary lifestyle increases the risk of serious illnesses such as cancer and heart disease. It’s essential to select a health insurance policy that provides comprehensive coverage for these conditions. It ensures that individuals are financially protected against unexpected medical expenses related to such health issues.
● Decide on a Budget
Setting a budget for health insurance is crucial, but don’t just focus on low premiums. Cheaper policies may offer fewer benefits and might not meet one’s health needs.
For proper health protection, ensure that the chosen plan balances affordability with comprehensive coverage, providing both the premium and policy benefits that meet one’s requirements.
● Check the Insurer’s Range of Network Hospitals
After selecting the top health insurance plans, check if one’s preferred hospitals are in the insurance company’s empanelled list. Getting treatment from empanelled hospitals usually means lower costs and faster claim reimbursements.
Star Health, for instance, has a wide network of over 14,000 hospitals across India, with 97% of cashless final approvals completed within 3 hours.
● Check for the Insurer’s Reputation
When purchasing health insurance online, ensure the provider is trustworthy and has a good reputation among customers. Check their claim settlement ratio and read online reviews to understand their credibility.
This research helps individuals choose a provider that is dependable and meets the expectations of policyholders, leading to a better overall experience.
What are the Benefits of Buying a Health Insurance Policy?
A health insurance policy is a crucial investment in securing the health needs of an individual and their family members. It covers the following health needs under a single insurance policy. Some of the key benefits include:
● Covers Expenses of Medical Bills
A health insurance policy covers the expenses incurred for treatment, medicines, and care before and after hospitalisation, among other related costs. With the right health insurance policy, individuals can obtain comprehensive coverage for all their healthcare needs.
● Cashless Treatment or Reimbursement
One can either bear the medical expenses and claim reimbursement from the insurance company or opt for a cashless treatment as per their plan. For cashless treatment, one needs to visit a hospital that is part of their insurance company’s network.
● Coverage for Pre-existing Diseases
Health insurance policies also cover the expenses incurred in the treatment of any pre-existing diseases after a specific waiting period. However, to avail these benefits, individuals must provide all their health-related information.
● Tax Benefits
One can get tax benefits up to ₹25,000 for individual policies against the annual health insurance premium paid. However, for senior citizens, the limit increases to up to ₹50,000.
● Additional Benefits
One can also enhance the benefits of their health insurance policy by purchasing add-ons or riders in addition to the basic plan. Insurance providers offer various riders, such as critical illness coverage, maternal coverage, and outpatient department (OPD) coverage, to ensure that all their health needs are efficiently covered.
The best health insurance providers offer low premiums, high coverage amounts, and comprehensive benefits. Buying a policy online combines these advantages with convenience, eliminating the need to visit providers or deal with agents.
This can save individuals valuable time while securing an affordable and comprehensive insurance plan that meets their healthcare needs.
