Tips to choose a Best Health Insurance Plan in India
At times, illnesses may be severe and lead to hospitalization. Cost of medical care and treatment has gone up drastically that you will be stunned to find out how much just 2 days in hospital amounts to. In some cases it can ruin you financially. Therefore, one should plan and consider choosing the best health insurance plan in India to avoid the financial impact of such problems. However, with so many health insurance plans, expert comments, one can get confused about how to pick the best plan. In this article, I will share some tips on choosing a good health insurance plan.
Why do you need a good health insurance plan?
Here are some of the reasons as to why you really need a good health insurance plan.
- Protects you from unforeseen medical expenses
- Protects from high cost medical expenses.
- Health insurance plans come with low premium
- Good health insurance plans have coverage for high / complete medical expenses
- A good health insurance plan can help you with a simple claim process when you or your family, is hospitalized
- A trusted health insurance company will not reject your claims for any reasons.
12 Tips to choose a Best Health Insurance Plan in India
Here are some of the important tips on picking the right health insurance suitable for you.
1) Maximum Coverage Amount
Choose a health insurance plan that offers maximum coverage amount. These days medical costs are increasing year on year. Asimple heart surgery can cost you over Rs 5 Lakhs. Depending on your need, you should consider taking high risk coverage health insurance plan.
2) Prefer Family Floater Health Insurance Plans
Individual plans are good for single individuals, however, if you have a family, consider taking a family floater health insurance plan. These mediclaim policies come with lower premiums, but cover your entire family.
3) Pick a right sum Insured
Considering taking the right sum insured based on your age and marital status. If you are young, there are less chances that you will get ill, however, when you are older or you have crossed 40, there are chances that you are prone to diseases like diabetes, heart diseases etc., Also, when you get married, the sum insured should be increased with consideration to your spouse’s health.
4) Low waiting period for pre-existing diseases
Many health insurance plans cover pre-existing diseases between 2-4 years. Consider taking a mediclaim policy which has a low period to cover preexisting diseases.
5) Maximum age Renewal
You may not need health insurance when you are young. However, when you get older, you may need health insurance. Choose a health insurance plan which can renew your policy to the maximum age of 70 or 75 years of age.
6) High Claim Settlement Ratio
Claim settlement ratio is the ratio of claims settled over total claims received. Consider health insurance from an insurance company that has a high claim settlement ratio. This would help you and your family to avoid any rejection of your claims.
7) Policies having sub-limits
Many health plans come with sub limits on room rent, per day expenses etc., Consider taking amediclaim policy that offers highest room rent or other expenses. This would help you to avoid paying additional costs from your pocket.
8) Network hospital coverage
A majority of insurance companies offer network hospital coverage for several hospitals in metro cities. However, if you are taking a policy for your parents / family members residing in rural areas, considering taking policy which has a wide network in such area.
9) Compare premiums
One of the main criteria is to compare premiums on various mediclaim policies. There is no point in taking policies which has all the features, but has high premiums.
10) Read what others are saying
One of the best way to choose a health insurance plan, is to read the reviews about health insurance policies. They would give various positive and negative opinions. It would help you to take decision whether to buy a particular policy or not.
Many of us fail in looking at this aspect. Some of the insurance companies exclude several diseases and procedures like Cataract, Hernia, Fissures, Joint Replacement, sinusitis, Gastric, Ulcer etc. in the initial period of the policy. Some of them, exclude dental treatment, eyesight-related procedures, HIV/AIDs, Obesity, Sex transmitted diseases, cosmetic surgeries etc., Consider policies that have few exclusions.
12) Critical illness riders / accident coverage
The higher the critical illness riders, the more likely it will be that you do not ruin your finances in the future when encountering hospitalization expenses.
Conclusion: These are not standard guidelines. You can review these points and take a good mediclaim policy for family that suits you where you can get maximum coverage, less premiums, less exclusions etc.,
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Tips to choose a Best Health Insurance Plan in India
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