How To Compare Family Health Insurance Policies Online

by SMCIB on Tuesday, 27 February 2024

How To Compare Family Health Insurance Policies Online

What do you do when you buy a new car? You compare the various options available in the market and figure out which suits your needs the best. You look at the mileage, the price tag, the seating capacity so your family can be accommodated comfortably, etc.

The same applies to buying a health insurance policy. You check and evaluate the plans available to make an informed choice. A family health insurance policy will provide financial coverage for medical expenses that are incurred by you and your family.

There are many types of health insurance policies available with an array of benefits attached to them. How to pick the right one? ?

When there are so many options, it might become overwhelming to select the right policy. A family health insurance plan will provide coverage for many years and act as a shield for your and your family’s healthcare needs. And who do you think knows such needs better than you? So, compare the various plans available in the market to decide what is right for you and your family.

This article will help you with comparing various family health insurance policies online. Let’s start!

Why should you compare Family health insurance plans online?

The need for comparing health insurance policies online becomes significant especially with the wide number of options available in the market. Let us discuss some of them below:

1. Convenience
Nowadays, comparing and buying insurance policies online has become very easy. All the features, prices, and benefits of each policy are made easily accessible in the comfort of your home. You can conveniently check various aspects of available family health insurance plans via your phone, laptop, and other smart devices.

2. Value for money
To get coverage under a health insurance plan, you are required to pay premiums. And, since you are spending your hard-earned money on these premiums, you should ensure that you get a bang for your buck! The plan should be affordable and should have the features you need. When you compare the policies online, you will be able to accomplish this balance by finding a policy that fits your budget and meets all your healthcare requirements.

3. To get insurance plans that meet your requirements
Different insurance companies offer you different health insurance plans. All these plans come with a staggering variety of features and benefits. Doing your research and carefully comparing each of these plans will help you make the right decision. The plan should fit your specific set of needs and requirements. For instance, if you envision dental treatments in the future, look for a plan that covers dental expenses.

4. Make informed decisions
When you compare family health insurance policies online, you get to know the features as well as drawbacks including the waiting period, room rent limit, claim processes, etc. The more you know, the higher your chances of arriving at an informed decision.

How to compare Family health insurance plans online at SMC?

  • The first thing you need to do is visit the website and click on “Health Insurance.”
  • Then, you will need to choose the members you want to insure along with yourself - and enter their and your ages.
  • Next, enter communication details like the address, contact number, etc., and click “View Quotes.”
  • The next page on SMC will show you a list of available family health insurance policies.
  • You can customise the policy by increasing or decreasing the sum insured, policy term, selecting features, adding riders, etc. For every input you change, the premiums will keep changing accordingly.
  • You can compare the varied options and their features and select a policy that best fits your family’s medical needs.
  • Once you zero down on a plan, you can click “Buy now” to proceed with the application process.
Some important factors to check while comparing family health insurance policies

1. Cost
You buy health insurance to meet your family’s medical expenses at times of need. Hence, it is important to select adequate sum insured. Insurers will charge the premiums based on the sum insured selected by you, as well as age, medical history, lifestyle habits, etc. So, after you choose the sum insured, you should compare the cost or the premium of the various family health insurance policies offered by insurers and choose the one that is affordable.

2. Coverage
When talking about coverage, it refers to the inclusions and exclusions of the policy, features and benefits like daycare treatments, pre- and post-hospitalization coverage, etc. You should know that the level of coverage offered varies across insurers. While some policies provide comprehensive coverage, others cover specific circumstances. This is why it is advisable to make a detailed comparative analysis.

3. Add-ons
Add-ons, also called riders, can be added to your policy for extensive coverage in specified circumstances. You must be smart enough to choose an insurer that offers a number of add-ons. It will help you to extend the coverage scope of your policy in the later years as well.

4. Sub-limits
When talking about health insurance policies, one might come across the term “sub-limits''. If a sub-limit is levied on your core policy benefits or on certain treatments and procedures, you cannot claim more than that specified amount. This even includes situations where your entire medical expenses are well within the sum insured. In other words, it is a monetary cap on cover usage for certain treatments and procedures.

For example,

Say Ravi buys a health insurance policy with a cover amount of Rs. 10 lakhs, with a sub-limit of 50% on cataract treatment. The very next month he gets hospitalised for the same and incurs expenses of Rs. 40,000. In such a case, though he had an adequate sum insured, the insurer paid him only Rs. 20,000 for the treatment.

5. Network hospitals
While choosing your insurance provider, check if they have an extensive list of network hospitals. Network hospitals are those with whom the insurer has tie-ups to enhance cashless treatments. Make sure that your insurer has a tie-up with the hospitals in your locality. This will ensure that at times of emergency, you will not have to travel miles searching for that one specific hospital!

6. Reviews
Online reviews help in knowing about the insurer from the perspective of another customer. While collating information on choosing the best family health insurance policy online, check for reviews for your fellow buyers. Reading through them will make you understand the quality of customer service offered by the insurer. You will know how much they value their buyers and how effectively they resolve their concerns. This will help you make an informed choice and decide whether to choose the same provider for your policy.

To conclude

It is actually not possible to recommend one single policy that will benefit every buyer. This is because the needs of every customer vary and one policy cannot cater to all of them. It is you who should analyse your family’s healthcare needs and their associated risks to choose the best one. Comparing among policies online will help you make the right choice.

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