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How to Buy Health Insurance Online: A Simple Guide

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In present times, when health issues and healthcare costs are increasing by the day, staying covered under adequate health insurance can ensure financial protection against unforeseen medical expenses. The right health insurance policy will cover a chunk of your healthcare expenses so you can opt for the finest treatment and recover sooner. If you are looking to invest in this insurance product to secure your health and finances, you can easily buy one online with minimum paperwork. Moreover, once you have made the purchase, you can instantly download the insurance policy online for quick access to coverage details. Let’s take a look at the benefits of purchasing health insurance online.

Why should you purchase health insurance online?

The following are some reasons to buy health insurance online:

• Easy for comparing plans –

It is easier to compare health insurance plans from different insurance companies online at various websites to make a wise decision.

• More Convenient –

It is more convenient to buy the policy online as you do not have to visit the branch of the insurance company or take an appointment to meet an insurance agent.

• Online offers–

It allows you to avail discount on premiums for buying the policy online.

• Lower premiums–

Health plans are accessible for a lower premium online as insurance companies save a lot on operational costs.

• Less paperwork–

The method of buying a health insurance policy online involves minimum to zero paperwork.

• Policy available 24x7–

A health insurance policy can be purchased online any time of the day, even on public holidays, which is not possible in offline buying.

• Online payment–

It allows you to use digital payments options to pay the premium online safely.

• Quick policy purchase–

A health insurance policy is issued immediately when purchased online unlike offline buying.

• Saves time–

It saves you a lot of time as the policy is issued within a few minutes of buying.

Steps to buy health insurance online

The following are the steps to purchase health insurance online —

Step 1:

One needs to log on to the internet and visit www.hdfcergo.com and navigate to the health insurance section.

Step 2:

Under the health insurance section, there are different types of policies available. One needs to carefully choose between the policies based upon the requirement and the scope of coverage that each policy extends.

Step 3:

After you have selected the type of policy that you would like to purchase, the next step is to click on the buy online tab which will direct you to a secure webpage. Continue further only if your browser is in a secure mode, as you will be providing critical information.

Step 4:

The next step will allow you to determine the insurance premium that you will be required to pay for the policy coverage. The health insurance premium calculator will require key details such as types of insurance i.e., individual/family, floater, desired sum insured, and date of birth of the applicant in order to arrive at the premium amount.

Step 5:

The next step entails the filling of personal details, such as name, correspondence address, contact details, and a history of ailments or diseases.

Step 6:

This will lead to the secure payment gateway, wherein you make the necessary payment in lieu of the policy that you have selected and Voila! You are the proud owner of a health insurance policy. You can now download insurance by the policy number and keep it handy for your reference.

Tips for Choosing the Right Healthcare Policy

If you are looking to cover yourself and your loved ones under health insurance, the following tips can help you choose the right health plan —

1. Check policy coverage:

Before zeroing in on a healthcare plan, shortlist a few and compare their inclusions and exclusions. It is wise to choose a comprehensive plan with more inclusions and fewer exclusions. A good comprehensive health insurance policy will cover your hospital bills, pre- and post-hospitalisation expenses, home healthcare, daycare procedures, organ donor expenses, alternative treatments, and more.

If you are planning to buy a family health insurance policy, keep the healthcare needs of your loved ones in mind and choose a plan accordingly. For example, if you want to cover your parents under the same policy, look for a plan that covers home healthcare bills, OPD expenses, and more.

2. Choose an affordable sum insured:

When you are buying health insurance, make sure you choose the sum insured wisely. While a high sum insured will attract high premiums, a low one may be inadequate to cover your medical bills. Hence, do your calculations and choose an amount that will help you meet your healthcare requirements without the premiums burning a hole in your pocket.

3. Opt for a family floater:

If you are looking to cover yourself and your loved ones under health insurance, choose a family floater over individual health insurance policies. A family health insurance policy can cover you, your spouse, dependent children, and parents. Since the policy covers more than one person, the sum insured is higher than individual health plans, and premiums are comparatively affordable. In case a covered family member gets hospitalised for an expensive medical procedure, the high sum insured will help you cover his/her medical bills.

4. Add-on covers:

When you’re buying health insurance, check the add-on covers your insurance provider offers and choose important ones. For example, if there is a family history of critical illnesses, you can choose a critical illness add-on with your health insurance policy for better financial security.

Some important health insurance add-ons include maternity cover, personal accident cover, hospital daily cash, room rent waiver, OPD care, and more.

5. Look for a short waiting period:

The waiting period is the time for which you must wait before you can raise a claim on your health insurance policy. While the initial waiting period is 30 days, you may have to serve a waiting period of up to 3 years for pre-existing conditions and specified diseases. Hence, when you’re buying health insurance, choose one with a short waiting period for these conditions.

6. More network hospitals:

Network hospitals are healthcare establishments with which an insurance company has a tie-up for cashless treatment. It is wise to choose a reputed insurer with a long list of network hospitals in the city, with some good ones in your vicinity. If there is a medical emergency, you can quickly reach the nearest network hospital without worrying about settling the bills from your pocket.

7. High claim settlement ratio:

The claim settlement ratio is an important indicator of the insurer’s credibility and reliability. It is the total number of claims settled by the insurer out of the number of claims received in a financial year. When buying health insurance, choose an insurance provider with a high claim settlement ratio. This will ensure peace of mind and financial security, especially during expensive medical procedures.

8. No-claim bonus:

This is the bonus or reward insurance companies give to policyholders for not raising any claim during a policy year. No-claim bonuses can increase the sum insured of your health plan or reduce policy premiums by 50%. Hence, make sure you select a policy offering this benefit.

9. Check the copayment clauses:

Some health insurance policies come with the copayment clause. Although the copayment clause reduces policy premiums, it will increase your out-of-pocket expenses during expensive medical procedures. Thus, weigh the pros and cons and opt for this clause accordingly.

Common Pitfalls to Avoid

The following are the pitfalls you must avoid when buying a health insurance policy —

1. Lack of research:

Before selecting a health plan, do good research and make an informed purchase decision. Shortlist some policies offered by reputed insurance providers in your region, compare their coverage and benefits, and select the best one accordingly.

2. Choosing a low sum insured:

Keeping medical inflation in mind, choosing a low sum insured can create financial woes in case of multiple hospitalisations and expensive medical procedures. Hence, assess your healthcare needs and choose an adequate sum insured accordingly.

3. Buying health insurance late:

A medical emergency can happen to anyone at any time, and the absence of a health plan can make things difficult for you and your loved ones. Hence, it is wise to buy a healthcare policy when you are young and healthy. You can get this insurance at affordable premiums and without pre-policy medical check-ups. Moreover, if you buy health insurance at a later age, you will have to serve a long waiting period for pre-existing conditions common among the elderly.

4. Hiding medical history or pre-existing conditions:

Some prospective policyholders hide their medical history or pre-existing conditions to keep premiums affordable. However, non-disclosure of the existing health issues can lead to claim rejection in the future.

5. Ignoring policy terms and conditions:

Overlooking the fine print or not paying attention to the exclusions, sub-limits, waiting periods, claim settlement process, network hospitals, and other terms and conditions can create issues later.

Conclusion

To sum up, if you are keen to invest in a healthcare policy, you can easily compare different plans online to make a purchase in no time. After completing the purchase, download the insurance policy online and use this valuable instrument to meet your medical expenses. With a health plan handy, you can opt for cashless treatment at any network hospital or claim a reimbursement of your medical expenses. This will reduce your financial burden during medical emergencies and planned hospitalisations and save you from dipping into your savings.

FAQs

1. What are the benefits of buying health insurance online?

There are several benefits to buying health insurance online. You can compare different plans with the help of comparison tools, calculate policy premiums, read customer reviews, and buy a suitable health plan from the comfort of your home.

2. Can I make changes to my policy after purchasing it online?

Yes, you can make changes to the health plan you purchase online. For example, you can update your personal details, change policy coverage, add or remove family members, etc.

3. What should I check while buying health insurance online?

Before you choose a health plan, make sure you go through the policy’s terms and conditions minutely. Check policy inclusions and exclusions, annual premiums, the list of network hospitals, the waiting period for pre-existing conditions, etc. You must also check if the policy has a copayment or deductible clause.

4. What if I have a query while purchasing a health plan online?

In case of a query, you can get in touch with customer support through chat, phone, or email. The customer support option is usually available on the insurer’s website.

5. Should I choose copayment or deductible with health insurance?

This depends on your current health and policy premiums. If you are young, healthy, and less likely to make health insurance claims, you can choose a health plan with a copayment or deductible clause to reduce policy premiums. However, if you are likely to file health insurance claims often, you must choose health insurance without these clauses.

Disclaimer: The above information is for illustrative purposes only. For more details, please refer to the policy wordings and prospectus before concluding the sales.

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