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What is Health Insurance? How to buy Health Insurance online?

What is Health Insurance? How to buy Health Insurance online?

Health Insurance is an insurance that covers your medical expenses that arises because of an illness, expenses like medicines cost, doctor consultation fees or hospitalization charges.

Importance of Health Insurance

Your health is the greatest wealth you can possess. What better time to understand this when the world saw millions of death due to pandemics in the past year.

According to a report published by The Lancet in 2018, “An estimated 8.6 million deaths in low- and middle-income countries every year are due to conditions treatable by healthcare, of which 5 million result from poor quality of care and 3.6 million from insufficient access to care.” Let’s understand this in simpler terms.

Every year in a country like ours, 36 lacks people lose their life as they do not have access to health care which means every minute we are losing approximately 7 people because they could not afford health care. So by the time you finish reading this article, have you thought how many lives would have been lost?

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However, we tend to ignore the facts and take proactive actions. Hopefully, the current situation makes people think about the greatest asset of their life (health) and take immediate actions to get health insurance.

Benefits of Health Insurance

Safeguard your SavingsNormally when we get sick, we need to spend a huge amount which we dig out from our savings. Sometimes, we manage it at a cost of sacrificing for other important things that we had saved the money for. Sadly at other times, we end up taking loans which diminishes our future saving prospects also.

Cashless Treatment: Health insurance comes with the benefit of giving cashless treatment in time of need, so you do not hesitate to take the best possible treatment to safeguard yourself and your loved ones.

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Pre-Post Hospitalization Cost coverage: Insurance policies these days not only cover the hospitalization cost but also the cost involved in lab tests and post-hospitalization treatment. This ensures proper care of the patient without worrying about the cost involved.

Corporate Top-Up plans: If you have health insurance from your workplace, opting for top-up plans helps you to get covered for a higher amount. So if you exhaust the limited amount covered by the office, you have a top-up plan to cover you and your family further.

Tax Benefits: Investing in health insurance also helps you to save tax. Premium paid on Health insurance is tax-deductible under section 80D of the Income Tax Act.

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No Claim Bonus: Most insurance companies offer NCB (no claim bonus) policy as a reward if no claim was made during a policy year.

How to choose the right Health Insurance policy?

As there are so many options available in the market, it is imperative to select an appropriate Insurance Policy. Since each individual is different, it is important to spend some time before deciding on which policy suits your personal/family needs. Few things to look out for: 

1. Look for Policy Coverage: Compare different policies, consider your requirements, and choose a plan that provides maximum benefits. Some of the benefits to look out for are: 

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  • Sum Assured: What is the maximum amount your health insurance company will pay in case of hospitalization in a year. 
  • Pre and Post Hospitalization expenses. 
  • Room Rent capping
  • Complementary Health Insurance check-up
  • No claim Bonus
  • Ambulance charges
  • Daycare procedures covered. 

2. Consider the Cost: Though it is important to choose a plan that has maximum coverage, it is also important to ensure that it is affordable. You should be able to bear the cost of premiums that you have to pay toward the policy. 

3. Check the Cashless Hospitals Network: Also ascertain if the network hospitals are within your reach and convenient to go to in times of emergency.

4. Try to find a policy that requires minimal documentation and an easy claim process: If possible look for a digital claim policy that saves you the hassles one goes through in applying for the claim. Also ascertain how the claims would be settled. Normally a health insurance claim can be settled in the following 3 ways. 

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  1. Cashless claims
  2. Reimbursement claims
  3. Pre-approved claims with Advance Cash

5. Clarify details on Waiting Period and Pre-Existing Illness cover. Many insurance companies have a specific period before you can claim for pre-existing ailments. Opt for the one that has low waiting period. Due to this it is also important to start at a young age. 

6. Carefully ascertain the Exclusions: Many Illness are not covered under health Insurance Policy. This is something that the insurer would not inform you pro-actively Hence, it is important to learn the detailed exclusion to not get disappointed later. 

7. Ensure you will get tax benefit with the policy you choose: The insurance company should be able to provide you with the tax benefit certificate. 

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Also Read – How to apply for personal loan / personal loan eligibility

How to Buy Health Insurance Online?

Like many other sectors, insurance policy purchase has also gone to the online platform and it is for the better only. It allows you to choose from the large pool of options available. Comparison of policy becomes easier when you are buying it online. It saves time and effort to visit various health insurance providers. The application, payments, and transactions process is simple. It allows you to go through the terms and conditions at ease without hurrying up the process.

What is the process involved in buying health insurance online?

Step 1: Visit Insurance Dekho or Policy Bazaar (there are other portals also that you can choose from, according to your preference)

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Step 2: Choose your Gender and then enter other personal details like Name and Mobile Number. It leads you to request an OTP which requires to be filled up

Step 3: Click on the ‘View Instant Quotes’ button to proceed.

Step 4: Choose family members you want to add (if any) in your plan including yourself. 

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Step 5: Select the age of the chosen family members and then click on the ‘Continue’ button.

Step 6: Fill in your Email ID and City. Then click on the ‘Submit and View Quotes’ button. You will see several health insurance quotes displayed on your screen as per your selections. Select the one from them that best suits your needs.

Step 7: Select the policy period of the shortlisted health insurance policy and enter the required details.

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Step 8: Then make the payment via secured payment gateway.

Video on How to Buy Health Insurance Online

It is better to start early in investing for a health insurance rather than being a day late.

Compare Health Insurance Plans – Health Insurance Plans

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