A medical insurance policy is a must for everyone, given that medical inflation has made treatments costly. Also, with common illnesses that affect most of us, we need financial back-up to handle any medical emergency. Identifying and getting the best health insurance in India is easier than ever before, as insurance companies offer policies online.
The insurance needs of one individual or family differ from those of another. Before going ahead with selecting a policy, one should note that several factors need to be considered. A lot of planning and research about various policies helps.
So, follow these simple steps for choosing the best health insurance plan for you and your family members:
Know the type of health insurance plans
The initial most steps to get a health cover involve understanding the type of health plans that are available and which is the one that would suit your needs. The types of medical insurance plans in India include:
- Family floater health plans: A family floater plan is an affordable choice if you have a family including spouse, children, and parents. These plans have a single sum insured that each insured family member can utilize up to the maximum limit. The premium depends on the age of the eldest member.
- Individual insurance plans: In an individual health cover, each family member has a separate sum insured, and the entire amount is available for the insured person. The premium is calculated basis the person’s age.
- Senior citizen health insurance: Senior citizen health plans are the best medical insurance plans for those individuals who are in the senior citizen category and offer various policy benefits, including day care treatment, alternative treatments, and annual medical check-ups.
- Critical illness policies: These are insurance policies that provide comprehensive coverage for various critical ailments, including cancer.
- Maternity plans: Many insurers are now offering maternity insurance cover that covers a range of pregnancy-related healthcare expenses.
- Disease-specific plans: These are health plans designed to offer health cover to help individuals manage the expensive treatments for specific diseases, like cardiovascular ailments.
You can choose the best health insurance in India after accordingly assessing your needs.
Calculate premium and compare policies
Before you select a policy, it is essential that you know what the premium is and analyze if it is an affordable option for you. You can check it using an online medical insurance premium calculator, a tool that calculates your insurance premium based on the details you have entered. There are various factors on which the premium is based, including sum insured, number of insured persons, pre-existing health condition, optional covers, insured persons’ age, among many others. Compare different policies to select affordable and best medical insurance.
Check the number of cashless network hospitals
Many insurers offer the cashless hospitalization facility at their network hospitals. In this feature, the insured person can get admission using a health card and forget about bill payment. The insurer directly pays the medical expenses to the hospital, as per policy terms and conditions. When making a comparison of various health policies, check if your location has network hospitals. The more the number is, the easier your chances are to find a network hospital in your vicinity. For example, Care Health Insurance has over 8,350 network hospitals.
Review health policy benefits
Make sure you have checked the policy benefits that an insurer will offer. The best health insurance plan will provide comprehensive coverage for various expenses, such as in-patient hospitalization, pre-hospitalization, post-hospitalization, daycare procedures, and ambulance cover. Depending on the type of plan and waiting period applicable, you will also get coverage for pre-existing diseases. Other benefits include annual health check-up, no claim bonus, and lifetime renewability.
Understand the policy wordings
Every policyholder must read the policy wordings and terms and conditions carefully as the final step before finalizing a medical insurance policy. Go through the brochure and other documents. One should know about the co-payment clause, exclusions, applicable sub-limits, deductibles, and waiting period. Moreover, it is advisable to check the procedure to file a claim to avoid any last-minute worries.
Also, knowing the claim settlement ratio of different insurers will help you make the right decision about the best health insurance in India that will safeguard your family in the best way possible.