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Not everyone has the financial ability to afford hospitalization bills during medical emergencies. That is why you need to buy a health insurance plan that will cover you and your loved ones against the treatment costs of serious illnesses and injuries.

But buying a policy is as important as buying the right one. That is the reason you must compare health insurance plans before investing. Insured by a robust policy will help you protect your family as well as your savings. 

An ideal health insurance plan is designed in such a way that it gives you access to the best medical care without putting a dent in your savings account. There are two ways to buy this policy - you can either buy as an individual or choose a family floater plan. Both the policies provide you coverage for medical costs, such as diagnostic tests, room rent, consultation fee, medicines etc. Moreover, when you seek treatment in one of the hospitals in your insurer's network, you can avail their cashless facility. 

However, everyone knows that buying a health insurance policy can be quite complex for someone who is buying it for the first time. That is why financial experts recommend you to compare health insurance plans before investing. 

This article, will tell you how you can compare health insurance plans before making a purchase. 

1. Read about the co-payment clause

When choosing between various health insurance policies, the co-payment clause remains one of the most important differentiating factors. Co-pay means you will have to pay a certain amount of the claim before your insurer can release the remaining funds. For instance, if your policy has a co-pay clause of 10%, then you would have 10% of the claimed amount, and the 90% will be paid thereafter by your insurer. So as you compare health insurance plans, be sure to read up about the co-payment clause. 

2. Sub-limits on medical treatments

Some insurers will put a limit on expenses incurred on certain treatments. The idea behind putting these limitations is to prevent hospitals from overcharging the insurer. Therefore, you need to compare policies based on these limits and choose the one with the lowest sub-limit. You must also check the diseases that your insurance provider caps. This information will help you make a sound investment decision and avoid the policies that have put a cap on your pre-existing illness. 

3. Waiting period

This period may vary from insurer to insurer. In most cases, insurance providers will start covering you for certain diseases only after you have completed the waiting period. You will also have to maintain your policy with the same insurer without any breaks throughout the waiting period for these diseases to be covered. So when you compare health insurance plans, choose the one that has the lowest waiting period. 

4. Coverage for pre-existing illnesses

If you have a pre-existing disease, your risk coverage will only begin after completion of 1-4 years. If you have a health-related issue before buying the policy, you must look for a plan with the least waiting period to ensure that you are eligible to apply for a claim when you need it. 

5. Renewability

This is one of the most important factors that you need to consider when buying a health insurance plan, especially if you buy for a senior citizen. Health insurance policies in India usually allow renewal up to the age of 65 to 70. Once you have crossed that limit, it may not be possible to renew your policy anymore. But if you are buying a health insurance plan for your elderly parents, you must look for one that offers lifetime renewability. 

When you want to compare health insurance plans, you can use online calculators to assess the policy benefits against their features. All the renowned insurers, such as Care Health Insurance, have incorporated these comparison tools on their websites that help policyholders make informed decisions.