Guide to Buying Health Insurance Online

With the increasing development and discoveries in the medical field, the cost of availing medical treatment for many health issues has reached a new peak. This compels you to get your health insured so that you don’t have to worry about covering payments for treatments in the future.  Now, insurance companies along with the traditional method of selling the policies have also established a presence on the world wide web.

The Internet has made it easier to compare the various insurance policies and this makes it easier for you to make an informed decision. You no longer have to rely only on your agent to tell you about the policies. You have all the information you need a click away. The Internet has made the complete process easier and convenient for you. Here is a guide for buying Health Insurance online and terms you should be aware of.

Steps to buying health insurance online

  1. Go to the insurance company’s website and click on the button that says health insurance.
  2. Choose your plan type.
  3. Enter the details asked for. Commonly- Name, Age, Annual Income, No. of people in the family, etc. is asked for.
  4. Check the premium amount for your chosen plan.
  5. Make the payment.
  6. Voila! Your health is now insured.

It takes only 6 steps (or a few more depending on the insurance company) to get yourself a health insurance policy. 6 steps to prepare yourself for any kind of health emergency.

Terms to be aware of

1.Waiting Period

The waiting period refers to the period of time between the moment you get your health insured and the time when it is actually valid. It is the duration after the ailment gets effectively covered. There are three types of waiting periods- initial waiting period, waiting period for pre-existing illness, and the waiting period for a specific illne

2.No-Claim Bonus

It is the cumulative sum the insurer gives for every year you don’t file a claim. Generally, the sum insured is increased by 5% up to 50% every year.

3.Cashless claim

If you get admitted to a hospital that is a part of the network of hospitals covered by the insurance policy or the company then you can avail of this feature. Cashless claims allow the insurer and the hospital to settle the bill among themselves so that you don’t have to part with any sum of cash. This is very convenient if the cost of treatment is very high.

4.Deductible

A deductible is the insured part of your claim amount. It is the amount that you have to pay before the insurance company comes into the picture. Such an amount is decided when you buy the policy.

5.Exclusions

Exclusions are certain situations, diseases or conditions that are not covered under the policy you applied for. They are of two types- ‘Permanent’ which are exclusions that will never be covered and ‘First year’ are exclusions that are not covered in the first year of the policy but are available from the second year.

So, you have now seen how to buy a health insurance policy online and some important terms relating to it, which will help you decide on the policy that best suits your needs. What are you waiting for? Get your health insured now!

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