If you are looking for the best health insurance policy, we recommend you consider 9 important aspects so you can pick the health plan which best suits you and your circumstances. Things like if you need the plan for a single person, a family, older members like parents, your age, risk factors such as existing disease or family history of diseases, and one of the most important- the cheapest plan that fits your budget.
When you are searching for a health policy, you will be presented with myriad choices. Choosing the most suitable policy from a slew of health plans from around 31 companies (24 general and 7 standalone health insurance companies) available in the market can be a daunting task. In the period of April 2020 to June 2020 alone the IRDAI approved about 30 new and revised plans.
For a common person, it may not be easy to find the best solution from such a complicated set of choices with different coverage options, different premium amounts, different add on benefits etc.
Here are 9 things to consider while looking for the best health insurance policy:
- Choose the right coverage that secures you against a wide range of medical problems, and provides benefits including pre and post hospitalization, daycare expenses, transportation, illnesses that you may be at risk of due to your family’s medical history, etc.
- Buy a single health plan for you and your family. Only a single premium payment is required for a family floater health plan and can secure all family members. Individual plans are good for individuals who do not have a family to support.
- Budget is an important aspect. It is a wise decision to buy a reasonably priced health cover to begin with to ensure you are covered properly and the premiums are also affordable. As time passes, you can review your plan and increase cover appropriately with the rise of income, family size, and requirements.
- Always choose an insurer that has a high claim settlement ratio. The claim settlement ratio is the number of claims settled by the insurance provider over the total received claims.
- Check the individual expense limits for different heads like hospital room rent, doctor’s fee etc. to avoid last-minute surprises.
- The best benefit from a long-term health insurance is the lowered premium rates. A long-term health insurance policy keeps you protected for a minimum of 2-3 years. During this period, you don’t have to worry about the cost of health expenditures.
- Check the riders that you can add on your basic health insurance. Riders like Critical illness policy etc. should be available.
- Check the empanelled network of hospitals to see if your preferred hospitals and doctors are included in the hospital network. Also check whether these hospitals are available in your area. The biggest benefit for checking this is cashless hospitalization which is a huge blessing. Otherwise if you have to make payment by yourself first, then reimbursement of that amount may take up to 2-3 months. You will have to physically submit the bills and prescriptions which will be verified by your insurer.
- Try to choose those insurers whose claim settlement is done by themselves and not done by Third Party Administrators (TPAs). Some insurers give contract to 3rd party to verify claims (For example: to check whether the person has actually got admitted, whether the paperwork is complete).
A health insurance policy is the most important protective cover that will defend your savings in the event of a health emergency and will let you recover peacefully. In order to unearth the best health insurance plan in India that suits you and your family, don’t forget to compare different health insurance policies on the basis of your family’s needs.