We live in a fast-paced world where it is possible to do everything online. You can order dinner or even attend college. Needless to say, you can buy your health insurance online too. The technology has bridged the gap between a policyholder and an insurance provider by providing them with the option to buy insurance online. You can use helpful tools to compare mediclaim policy and find the one that meets your budget and needs adequately. All you need to do is enter your basic details, such as your age, name, annual income, etc., for these tools to list options offered by various insurers that you can compare with one another based on multiple factors. 

When you compare mediclaim policy, you fully understand what you are paying for and make a wise selection in terms of affordability and coverage. Therefore, these tools enable you to plan your financial goals properly. So, be sure to make a proper comparison before you buy a policy at affordable rates. 

If you haven't already bought a health insurance policy and plan to buy one, you must check the points below to know how to compare mediclaim policy and purchase the best one. 

1. Type of policy

There are two types of health insurance policies - individual and family floater. Individual plans insure the policyholder for a specific amount. However, a family floater policy will provide a consolidated coverage of a fixed sum insured to all family members.  In the case of a family floater, when the primary policyholder dies or reaches a certain age, the policy is terminated for all family members. There is no option to renew this policy either. However, an individual is insured on different criteria. So be sure to compare mediclaim policy based on these benefits. 

2. Coverage amount 

When choosing a coverage amount, you must consider various factors, such as the cost of healthcare, inflation, etc. Moreover, if you live in a city, hospitalization will also be much higher. Sum insured should be enough to pay for your medical needs and your loved ones when the need arises. So, when you compare mediclaim policy for benefits, make sure the coverage amount offered by the insurers covers all your needs. 

3. Co-payment clause

Almost all medical plans come with a co-pay clause. According to this clause, the policyholder must pay a certain amount of their hospitalization bills before the insurance provider can pay the remaining. Therefore, you must compare Mediclaim policy based on this clause and choose the one that offers you the lowest co-payment obligation. 

4. Exclusions 

All Mediclaim plans are customized to suit the medical risk and needs of the policyholder. However, certain exclusions are either covered after completing the waiting period or not covered at all. For example, diseases such as HIV infection, harm caused due to suicide attempt, alcohol addiction, etc., remain outside the ambit of a mediclaim policy. However, diseases like gall bladder removal, maternity benefits, hysterectomy, etc., are covered after a certain period.

5. Network Hospitals

One of the most important benefits of choosing a mediclaim policy is the ease of the cashless settlement of the expenses incurred during hospitalisation. Insurance provider like Care Health Insurance has network hospitals, and while seeking hospitalisation in any of such hospitals, you can avail of cashless treatment if the treatment/hospitalisation is within the coverage scope. This aids in getting financial relief at the most crucial and critical times. Therefore, you must check out the network hospitals near your area, which have tie-ups with the insurance provider you want to purchase the policy from. 

6. Renewability Age

Although the policy offers coverage for one year only, in reality, it is a relationship between you and the insurance company. So, your health Insurance policy should cover as you age because it is tough to get insurance at that age. But, on the other hand, if your policy doesn't provide you coverage at that time, buying such a policy will not give you peace of mind.

7. Pre-Existing Disease

This is relevant only if you have a pre-existing disease at the time of taking the insurance plan. It also covers those diseases which might arise from a pre-existing disease. For example, if you have diabetes when taking the plan and later develop a heart problem, then even the heart problem will be considered a pre-existing disease. Almost all insurance companies have a clause stating that a pre-existing disease will be covered only if the plan has been renewed for a certain number of years. A best mediclaim insurance plan covers pre-existing diseases as soon as possible.