Key factors you should consider while buying health insurance plans online

Finance

After the outbreak of Coronavirus, a significant rise has been witnessed in the purchase of health insurance policies. In addition to the regular health insurance plans, there are exclusive covers for COVID-19 as well. What is important is to buy health coverage not only for oneself but for all the members of the family. And what’s more, the premium paid comes with tax benefits as well.

In fact, one should not wait for a financial emergency to strike and hence most financial planners suggest buying a health cover for self and family members even before one starts to save. The tax saving is incidental while the benefit of owning health insurance is huge as it helps in meeting medical expenses during hospitalisation and thus protects one’s investments.

One can buy health insurance plans from one’s insurance agent, from insurance aggregators such as Policybazaar, Coverfox etc or directly by visiting the insurer’s website. With most of us already familiar with the online shopping experience, buying of health insurance online has also increased.

If one is buying health plans online, there are a few important things to keep a note of. Firstly, similar to buying a health plan offline, one should disclose all pertinent information about one’s health to the insurance company. Importantly, if one has any pre-existing ailments at the time of filling the online form, it should be disclosed to the insurer.

Secondly, ensure that there is no variation in the information provided at any time while applying and at the time of hospitalisation, as it may lead to a delay at the time of claims settlement.

Thirdly, the medical underwriters may ask the proposer to undergo medical tests before issuing the policy. If one is below a certain age for example 40 or 55 years, the insurer may not ask the buyer to go for medical tests if there is no adverse medical history of the buyer.

Fourthly, while buying a health insurance plan online one should carefully go through the policy terms and benefits before taking a final decision. Make sure to go through the inclusions and exclusions of the health insurance plan. Fifthly and finally, merely paying the premium online will not be sufficient proof for tax benefit. Online purchasers need to ensure that the policy document is generated that will work as proof for tax purposes.

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