Health Insurance is an insurance policy that ensures that you get cashless treatment or expense reimbursement, in case you fall ill. A health insurance policy reimburses the insured for medical and surgical expenses arising from an illness or injury that leads to hospitalization.
The insurance company provides the insured with the facility of cashless hospitalization at a network hospital or provides a reimbursement for the incurred expenses. Furthermore, health insurance cost is subsidized to the insured in the form of tax exemption under section 80D of Income Tax Act, 1961.
Individual Plans Cashless Hospitalization: Medical expenses are sky-rocketing! Get health insurance policies for your medical outlay. With cashless facility, stay tension-free. Approved by IRDAI, Easy Finfra helps you compare and find the best health plan.
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Importance of Health Insurance in India
Health insurance in India is one of the fastest growing industries. However, this wide scope for growth indicates the limited penetration of health insurance among the Indian populace. As per the latest report released by National Sample Survey Organization (NSSO) titled “Key Indicators of Social Consumption in India: Health”, only 20 percent of the Indian population had health insurance coverage. Additionally, only 18 percent of the total population residing in urban areas and 14 percent of the total population residing in rural areas had any form of health insurance coverage.
Thus, there is no debating the importance of having insurance in a country like India where medical expenses are sky-rocketing. Everyone must buy a good health insurance policy that includes medical costs, hospitalisation costs, medication and laboratory test costs, including critical illness. Don’t get confused with questions like – Which health policy to buy? Does it cover every eventuality? What illnesses are excluded from this cover? Easy Finfra is here to resolve all such confusions.
Compare Health Insurance Quotes & Save Big
It is vital that you compare health insurance online before purchasing any plan in order to choose the best plan for your healthcare needs. As it is, it can get mind-boggling to select one as there are so many companies offering health insurance policies with features as varied as the providers.
It is no wonder that sometimes, people end up with a plan that, though costs less, has contradictory clauses, and they practically get nothing when a claim is filed. On the other hand, you end up buying a plan with a higher cost just to find out later that it has features that you did not use or might never need.
Treatment costs are increasing by the day. A Health insurance policy prevents a medical emergency from turning into a financial emergency. It makes sure that one’s healthcare needs are taken care of without depleting his/her savings or compromising on one’s future goals.
Benefits of Comparing Health Insurance Online
Due to tight and hectic schedules these days, it has become quite impossible to visit different offices or branches of different health insurance companies in order to compare various medical insurance policies.
Thankfully, Easyfinfra understands the dilemma of the customers and hence, has offered a platform where you can compare health insurance policies online. Which means, no more lines and no more lies. But, there is more.
Enlisted below are few of the major advantages of buying a health insurance plan online:
Access to Accurate Information:
Offers an easy access to every insurance policy available in the market. It also saves the buyers from dealing with agents who are known to provide unreliable and biased information most of the times.
Time Efficient and Convenient:
By comparing health insurance plans online, the users are able to save their time as they don’t have to keep meeting with the agents to compare and choose the best plans. Additionally, several tasks, such as paying premiums, renewing the plans, etc., are also easier via online mode.
If a customer buys a health plan via an online channel, he/she will be able to compare plans and opt for the one that fits in the budget. Also, no brokerage or agent fees are levied and hence, the buyer ends up saving a significant amount of money.
Availability of Provider/Plan Reviews:
Doing so will help you get an overall idea of an insurer’s reputation, enabling you to make an informed decision.
Tips to Compare Medical Insurance in India
With more than 25 insurance companies and more than 200 health insurance products in the Indian health insurance market, comparing health plans and finding the best one is not an easy task. Enlisted below are a few pointers that can help make this process easier and smoother. One must go through these tips to make an informed decision:
Focus on the Sum Assured of Your Choice
The healthcare inflation in the country is skyrocketing and is increasing at the rate of 17% to 20% annually. To cover this inflation, it’s important to look for the maximum available sum assured at the best possible rate.
Provide Complete & Correct Details
Provide accurate information regarding your health in the proposal form, as any sort of inaccurate or mismatched information can make the insurer reject your claim form.
Keep in Mind the Factors That Influence the Premium
A few factors that influence the premium of a health plan include the proposer’s life history, family health history, lifestyle, smoking habits, etc. These are taken in account before the premium amount is determined.
Check the Credibility of the Company
Do go through the history of the insurance company you are planning to buy the plan from. You should select a company based on the following parameters:
- ICR: Incurred Claim Ratio or ICR, is the most important parameter to check for when comparing health insurance companies. Each year, it is calculated using the following formula:
When taking in account the ICR of a company, look for the average ICR of all companies on Easy Finfra and go for the one which is closest to this average for a period of few years.
- Customer Experience: You should always take heed to the mass opinion. Look for customer reviews online. If a large number of customers of an insurance company are unhappy, it may be because their customer support or after-sales service isn’t up to the mark.