Health insurance plans are a crucial part of financial planning in this modern age of skyrocketing health costs. The medical inflation has been aggravating at its complete spree, which makes it all the more essential to purchase health insurance plans that sponsor the medical, and hospitalization treatment and bills.

It is essential to look for the following parameters in order to get the best health insurance plan for you and your family:

  •    Check for the clause of the waiting period

It is normal to feel carefree after you have got the insurance; however, the health insurance plans come with a waiting period for particular conditions. There is an initial period clause that says that any hospitalization claim can only be admissible after the 30 days of the commencement of the policy aside from accidental hospitalization.

The pre-existing conditions or diseases are also not covered instantly after you buy the insurance. There is a waiting period ranging from 2 to 4 years as per the conditions of the plan. Additionally, there are specific treatments and surgeries such as cataract, hernia, joint replacement and much more that can be treated after a certain period of waiting like a year or two.

Therefore, it is vital to check the clause for the waiting period before finalizing any decision for getting the health insurance plans.

  •    Watch out for sublimits

There are certain sublimits or capping in the health insurance plans that says that a specific kind of expense is the responsibility of the insurance company to pay up to a certain limit and beyond that, the customer has to bear on his own.

Charges per room are capped on a daily basis for health insurance plans. Some of the health insurance plans come with obligatory co-pay where the portion of the admissible claim is to be borne by the customer and the remaining are to be paid by the insurance company.

Be sure to check for sublimits in your health insurance plans in order to avoid any last minute shocks or surprises at the time of the claim.

  •    Check for the network hospitals

The insurance companies that offer the health insurance plans have a specific empanelled network of hospitals that they tie up with. Any treatment or hospitalization taken in the specified or mentioned network hospital list is done on a cashless basis subject to the conditions of the policy.

Therefore, check for the list of the network hospitals of the insurance company and make sure that you have the network hospitals of the insurer near your residence in case of an emergency hospitalization. Also, treatment in a non-network hospital may not provide a cashless option and some companies also have a non-pay clause when you take treatments in non-specified network hospitals.

  •    Check for the process of claim

Different insurance companies have different procedures for the claim. Some administer or settle claims through third-party administrators and some have their own in-house claim settlement unit in order to foster fast and hassle-free processing for the claim. You should also check for the claim settlement ratio of the insurer that you intend to purchase the health insurance plans from. This will give you a clear picture on the number of claims that will be settled by the insurer.

It is highly vital to have all the details handy for claims, and ensure a smooth and hassle-free treatment at the time of hospitalization.

  •    Compare and purchase online

It is essential to take a right purchasing decision and that can be done by comparing the available health insurance plans online at You can compare the key features, price, policy perks, value-added benefits, exclusions, eligibility, and much more of the health insurance plans to make a correct and informed decision of your own without any interference of the agents.

Purchasing online health insurance plans is a much-preferred process as it needs the least amount of documentation and follows fast policy processing. There are specific online portals that will enable you to make an easy comparison and will help you in selecting the correct insurance plan.

Online purchase of the health insurance plans is much more economical, as the companies provide discounts on the premium for buying the plan online. It is because the intermediary cost of the premium component is eliminated.

When there is no presence of intermediary in between,  the company is able to save on the commission and policy issuance cost and that is transferred to the customers.

So, it is best to evaluate your need and make an informed purchasing decision as per the stated parameters for buying the right health insurance plans.  

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