Read How To Choose Health Insurance When Medical Emergencies Became A New Normal
- IWB Post
- January 7, 2022
Health insurance is one of the essential insurance policies that you need to have right now as the Covid Pandemic continues to rage around the world. With growing instances of severe lifestyle disorders in young individuals and rising costs of healthcare in India, it has become necessary to protect yourself and your finances from any kind of medical emergencies. That is the reason you need to start looking for the best health insurance in India if you haven’t done that already.
However, finding health insurance plans in India are easier said than done. With so many insurers claiming to give you the best health insurance, it can be tricky to find the one that is indeed the best.
Factors to consider
Here are some factors that you need to keep in mind when you are looking for a health insurance policy.
Age plays a central role in determining the coverage you need. Young people can opt for lower coverage and then increase it gradually over the years as their probability of health-related problems increases.
Health is an essential indicator in gauging your insurance coverage. If you are a healthy individual, then low coverage will suffice. But if you are someone with a pre-existing condition and require more care, it is better to opt for higher coverage.
The city you live in also plays a massive role in choosing the best health insurance. Medical costs in Delhi or Mumbai can be costlier compared to tier two or three cities. Therefore, keep that in mind when looking for a policy.
Don’t choose a plan whose premium you cannot afford in the long run. Keep your income and existing expenses in mind before investing in health insurance.
Tips for buying a medical insurance policy
With so many options available in the market, you need to know precisely where to look. In this article, we will share some tips to help you look in the right direction.
Even the best health insurance will fail to do its job if you do not choose the proper coverage. Your health plan should protect you against all kinds of medical problems, provide pre and post-hospitalization benefits, cover transportation costs, give you a cashless facility, etc. If you are purchasing health insurance for your family members, you need to make sure that all the members are being adequately covered by the policy. Don’t forget that health insurance comparison at this stage is significant because you need to compare policies on the basis of costs, benefits, etc. You must also perform thorough due diligence in choosing a plan that meets all your needs.
Don’t think that the best health insurance has to be very expensive. You can find good plans at an affordable premium as well. If you know what you need from your policy, you can avoid buying unnecessary riders or spending extra money on features that you don’t even require. For example, if you are a single woman who doesn’t plan motherhood, you don’t need medical insurance with maternity benefits that are slightly expensive than the one without it. Your policy premium should be sustainable in the long run. You must also review your needs over time to add or remove certain features from your health insurance to keep it relevant and affordable.
Invest in family floater plans
If you don’t have any family to support, then individual plans make sense for you. But if you want to secure your entire family, then you need to look at family floater plans that cover all family members under a single policy.
When you buy a health insurance policy, you need to check the number of years the plan will cover you or whether you have the option of lifetime renewability. This is important because you need a health plan during your older age more than you need it in your younger years. That is the reason many health insurance plans in India come with lifetime renewability these days.
Before you buy health insurance, be sure to compare quotes online and check for benefits and features against the premium you are paying. Collect the best quotes from the list of options and choose the one that gives you maximum value for your money.
Once you have a list of potential health insurance plans, you need to check if your preferred hospitals and practitioners are included in their network. Always choose a policy that has a vast network of hospitals for a convenient cashless claim.
Claim settlement ratio
This number indicates the number of claims settled by an insurer against the number of claims received. A reliable insurance provider will always have their settlement ratio above 90%.
Keep these tips in mind if you want to maximize the benefits of your health insurance policy. It is a substantial investment that requires you to take a number of factors into consideration. These tips discussed above can be treated as a jumping-off point in your attempt to find the best policy that covers you and your loved ones against all sorts of medical emergencies, making quality care accessible when you need it the most.