Friday, December 2, 2022

How to Choose the Best Health Insurance Plans in India

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Everyone wants the best medical insurance policies for themselves and their family members. After all, when the medical crisis hits, these health insurance plans will provide you with appropriate financial aid to get the best treatment possible. However, choosing a health plan that covers all your needs is not an easy job. You have to consider the policy features, terms, limitations, inclusions, and many other elements that can literally give you a headache. But there is no need to worry. In this article, we are going to talk about seven essential factors you should consider to buy the best health insurance plan in India. Let’s dig in.

Choose the Right Coverage

You need to inspect and understand insurance coverage details before buying best mediclaim policy. And when we say coverage, we mean every aspect covered by the medical plan, including the cost of treatment, hospitalisation, transportation charges, maternity expenses, daycare, and even the post-treatment diagnosis fees.

You need to understand your medical and financial needs to choose the proper coverage. Analyze your medical history and consider your pre-existing ailments. Also, take unforeseen accidents and possible health risks into account. It will help you calculate your financial requirements and choose a plan with optimum premium. If you have any other requirements, you can talk to your potential insurer and get a customised health insurance plan.

Find a Plan with Lifetime Renewability

You should always try to find a medical insurance policy with lifetime renewability. If that’s not possible, you must try to get a health plan that has enough validity to stretch to your old age. Why? Because, more often than not, you would require your health plan in the later stages of your life.

That’s why you must get a medical plan with lifetime renewability. This way, you can continue using the same insurance policy without purchasing a new one after crossing a specific age limit. For example, if you purchase a plan with an age limit of 50 years, you need to buy a new plan after you cross this age limit. And this is going to cost you a lot more money. So, get a plan with lifetime renewability and forget all the extra hassles.

Go for a Family Floater Plan

Are you looking to buy medical insurance plans for your whole family? In this case, instead of buying individual plans for each family member, you should go for a family floater plan. Buying a health plan that covers your whole family will be more affordable than purchasing individual plans for everyone.

The family floater plans cover the medical requirements of every single family member. It allows you to make claims without any hassle when anyone from your family requires medical attention.

Check the Claim Settlement Ratio

You should always check the insurer’s claim settlement ratio before purchasing a health plan. The claim settlement ratio is the ratio of the number of claims the insurer has settled or paid for and the total number of claims the insurer received. Naturally, you should always pick an insurer that has a high claim settlement ratio.

The best health insurance companies have a claim settlement ratio of over 90 per cent. Meanwhile, some companies that go above and beyond have a claim settlement ratio of over 95 per cent. When you are planning to buy a health plan, consider insurers with a claim settlement ratio of at least 90% to stay on the safer side.

Check the Hospital Network

If you are planning to buy a health plan, make sure you get it from a company that has an extensive hospital network. If you are admitted to a hospital that is a part of your insurer’s hospital network, you can enjoy cashless claim settlement directly through the hospital. This way, you don’t have to worry about arranging money before starting the treatment.

Some of the best medical insurance companies in India have a hospital network of over 5,000 hospitals that offers instant cashless claim settlement. So, when you are browsing medical insurance plans, make sure you shortlist the ones from insurers with an extensive hospital network.

Choose a Plan with Shorter Waiting Period for Pre-existing Diseases

Generally, the health plans that cover pre-existing diseases come with a waiting period. During this waiting period, you cannot make any claims if you suffer from health complications due to the pre-existing conditions mentioned in your policy terms.

In most cases, even the best medical insurance policies come with a waiting period of at least 2 years for any pre-existing diseases. For other health plans, the waiting period can be a lot longer. So, before you choose a medical plan, shortlist the ones with a shorter waiting period for the pre-existing diseases concerning you and your family.

Check the Co-payment Clause (If There is Any)

Some health insurance plans have a co-payment clause in the policy terms. It simply means that the insurer expects you to pay a particular portion of the total treatment cost from your pocket. For example, if a policy has a 15% co-payment clause, the insurer will only pay for 85% of the total treatment cost when you make a claim. The remaining money has to be paid from your pocket.

 To avoid such financial burdens, you should always try to select a plan with no co-payment clause when you buy health insurance online or offline. If such a thing is not possible, get a policy with the minimum amount of liability.

Conclusion

Getting the right health insurance plan can help you with proper financial assistance during the time of a medical crisis. It can also take a huge financial burden off your family and keep your life’s savings safe. And to enjoy these benefits, you must carefully evaluate every single insurance plan. Use the tips mentioned above to shortlist the best medical insurance policies. This way, you can choose the best health plan that fits your family’s medical and financial requirements.

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