Should I Buy Health Insurance Online or Through Agent?

Should you buy health insurance online or through an agent? Compare convenience, expert advice, costs, and claim support to make the right choice for your needs.

Today, buying health insurance has become easier due to the various options available. The buyer can purchase a health insurance plan through an insurance website or with the help of an insurance agent. 

Each method has its own strengths and weaknesses, depending on the buyer's insurance knowledge.

Whereas online sites are convenient and fast ways of getting a number of policies, insurance brokers can give you tailored information and even guide you during the entire process of purchasing insurance cover. The difference between the health insurance online vs agent options is worth knowing.

Understanding the Different Ways to Buy Health Insurance

Health insurance terms you must know before buying are crucial. However, multiple sources offer valid information, and you can still choose the ones that give you a better understanding. In today’s world, the sources for purchasing health insurance are many:

• From the website of the insurer
• Through various insurance comparison websites
• By using insurance agents
• With the help of insurance brokers
• With the help of PoSPs

But before moving further, understand what PoSP is. PoSP full form is Point of Sale Person. It is a licensed insurance intermediary that can help in selling specific types of insurance products.

Regardless of the source chosen, online or offline, the insurance policy will remain bound by the insurer's terms and conditions.

Buying Health Insurance Online

Comparison of Health Insurance Plans Made Easy

Users can easily compare several health insurance plans based on factors such as premiums, coverage, waiting periods, exceptions, and benefits.

Accessibility and Convenience

One does not need to visit any offices to conduct research and purchase a health insurance plan, as it can be done online from any location at any time.

Availability of Information

All the information regarding the insurance policy, including its exceptions, benefits, and conditions, is easily accessible online.

Paperless and Fast Purchase

The entire process for purchasing an insurance policy is handled from start to finish online. Doing so requires that a person first research plans, compare insurance options, pay for the chosen plan, and finally receive the insurance policy via email or from an insurance carrier's website.

Management of Insurance Plan and Payments

You can manage your insurance policy, make premium payments and access any documentation related to your insurance plan and the various controls related to your plan online.

Benefits of choosing insurance through an agent

When the doubt lingered about whether is it better to buy insurance from an agent or online, considering the offline method and its advantages can reduce the risk of unknown fear of fraud and give you a broad understanding of insurance schemes. 

Personalized Guidance

If you are buying health insurance through an agent,  you can easily get tailored advice based on family size, medical history, and financial goals. An agent simplifies the process of finding out the best policies that suit your requirements.

Clarity on Complex Terms

There are so many complex terms in health insurance, such as waiting periods, exclusions, inclusions, and the claims process.  Understanding all the complex terms of health insurance becomes easier when you buy it through an agent, helping you avoid surprises during critical times like claim settlement.

Comparative Analysis

While online tools offer comparisons, they often lack the human touch. An agent brings industry knowledge and practical experience, offering insights on which policy provides better value, covers essential benefits, and fits your long-term needs.

Post-Sale Support

If you purchase a health insurance policy, you’ll need the support of a health insurance agent for tasks like renewals, endorsements, and resolving queries. Their ongoing assistance ensures you have expert guidance at every step of your health insurance journey.

Customizable Policies

Agents have access to customised plans, unlike buying health insurance online. They can recommend additional covers such as maternity benefits, critical illness riders, or top-ups based on your individual needs.

Online vs Offline Health Insurance: Detailed Comparison Table 

The following table will give you insight into the benefits of buying health insurance online vs agent. You can weigh the pros and cons of each avenue and then decide which you prefer. 

When You Should Buy Health Insurance Online vs Through an Agent

When deciding whether to purchase health insurance via the Internet or through an agent, there are certain factors that determine how one makes their decision. Such factors include the need for medical care and understanding of health insurance.

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Buy Health Insurance Online If:

If you are below 35 years old, fit and free from any pre-existing disease. It would also suit your needs if you can compare policies on your own, need the lowest possible premium, require basic health insurance, and have time to analyse features before purchase.

Buy Through an Agent or Broker If:

If you suffer from some pre-existing diseases, are covering senior citizen parents, require maternity or critical illness coverage, lack insurance knowledge, require help in filing claims, need high-sum insured policies (above ₹50 Lakh), or need cover for a joint family.

How to Pay Health Insurance Premium Online

There are many queries from first-time policyholders on how to pay health insurance premium online.

The procedure is generally very easy:

• Log in to the insurer's website.
• Fill in your policy number.
• Select the renewal/ purchase tab.
• Make the payment via UPI, credit/ debit cards, net banking, etc.
• Get immediate confirmation and policy documents.

Also, most insurers provide the facility of automatic renewal.

Challenges of Buying Health Insurance Online

Despite these benefits, online shopping may not suit everyone. Some difficulties that people may face include:

• Difficulties in comprehending insurance jargon
• Comparison of numerous policies
• Problems in determining exclusions
• Insufficient personalised service
• Handling claims on one’s own

This is particularly so for individuals suffering from existing health conditions or older parents with more complicated medical needs.

5 Things to Check Before Buying Health Insurance

Selecting the right health insurance plan means considering many factors beyond the premium. Before purchasing a health insurance plan, consider these factors to ensure adequate financial security and a smooth claims experience.

1. Sum Insured: Select a sum insured that will be sufficient enough to handle rising medical expenses and hospitalisation expenses in case you have family members who are relying on this plan. Also, knowing the best family health insurance plans helps you understand how much financial safety you may get in medical emergencies. 

2. Waiting Period: Be aware of the waiting period for pre-existing conditions, maternity, and any other particular treatments before you can start receiving such benefits.

3. Network Hospitals: The more hospitals a plan covers, the easier it becomes to get a cashless facility. The PPN rate in health insurance ensures a convenient hospitalisation process. 

4. Claim Settlement Ratio: Check the claim settlement ratio and claims procedure of the insurer to assess its ability to settle your claims efficiently.

5. Policy Inclusions and Exclusions: Read carefully about policy inclusions and exclusions to be sure that you won’t face any problems with your claims later.

How Should One Proceed if They Are Faced With An Insurance Claim Dispute?

If one is not satisfied with the insurance company's solution to the dispute, the matter may be escalated through the Bima Bharosa portal for insurance grievances. This online platform was developed by IRDAI, where insured individuals can file their disputes and have them sorted out.

Are Government Health Schemes a Good Alternative?

In addition to private insurance, people looking for affordable coverage can consider joining government health schemes like PMJJBY/PMSBY. Such insurance is cheaper and provides you with basic cover. Nevertheless, they are not as effective as private health insurance plans since they have more limitations.

Hybrid Approach: Compare Online, Buy Through a Broker

This approach combines the best of both worlds: you can do your research online while still having professional input at the end of the process. You will be able to look at different plans, premiums, coverage, as well as how the different insurers perform, and after that, you will discuss everything with your broker or agent prior to making the final decision.

When comparing buying health insurance online vs agent, the ideal option depends on your requirements and your knowledge of insurance policies. The online option would be convenient and allow you to compare and purchase your insurance policy quickly and easily; however, an agent would guide you through the process and help you better understand the policy. Agents would also be helpful when it comes to filing claims and renewing the insurance policies.

If you wish to help your customers select the right insurance policy, you can become a PoSP insurance agent with PBPartners. With various insurance options and the support that you will receive through PBPartners, you will be able to create an interesting career for yourself. Become a health insurance advisor with PBPartners today.