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HEALTH INSURANCE

How to Choose the Best Health Insurance Plan?

Neha Gadoo Neha Gadoo 21 September 2016

India has innumerable health insurance providers, however, there is still something that stops people from choosing the best insurance plan for their family and stay financially safe.

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Below mentioned are the main aspects of health insurance in terms of which you need to compare health insurance policy. This will help you in deciding the best health insurance plan that fits your budget and meets your needs.

Comparing Health Insurance Plans Online On The Basis Of Type

Health Insurance plans in India come in various types catering to varied medical expenses. Before opting for any particular health insurance policy you need to understand your requirements. Most of us find it nominal to pay for the consultation, medical bills, etc. What usually becomes tough to deal with is the massive hospitalization expenses. Therefore, you should choose a health plan that takes care of expenses that you can’t manage during an emergency.

Hence, your primary choice would be a basic indemnity plan that covers hospitalization expenses such as expenses before and after hospitalization, charges for surgery, day care, room rent etc. Going forward, if you or any of your family member is ailing with a serious condition, you can consider comparing health insurance plans that offer fixed benefits. There are myriads of critical illness policies in India that provide fixed benefits when the policyholders are diagnosed with any of the critical ailments covered in the policy.

At a later stage, you can also consider riders and top-up health insurance plans. These covers enhance the already existing protection at a nominal cost.

On The Basis Of Coverage on Offer

The coverage amount is also known as the Sum Insured. In simple terms, it means that up to this amount your expenses will be covered. It always advisable to choose a health insurance plan with maximum sum insured, since you cannot calculate your medical expenses 20-25 years down the line from now. You should compare the best health insurance plan in India on the basis of the sum insured and select the one which you feel is feasible for you to pay the premium for.

Some medical insurance policies tend to increase the sum insured later. However, these plans come with a lot of limitations like a medical test. It's better to steer clear of those health insurance policies and rather buy regular health policies that offer significant coverage.

Don’t Compare Health Insurance in Terms of Premiums

It makes sense to check your premium-paying capacity while looking for a policy with sufficient coverage, but the premium amount should not be a deciding factor. Health policy with low premium can let you miss out on coverage against significant expenses that may trigger an out-of-pocket expense. You may end up paying triple the amount in the time of emergency what you thought you would save by paying less premium.

Apart from the disease-specific limits, many medical insurance plans also thrust limit on room rent and many other expenses. Again, you need to compare health insurance plans online and filter out mediclaim policies with any sub-limits.

Why Is It Necessary to Compare Health Insurance?

There are multitudes of insurance providers, all of them are not equal in terms of financial strength, stability and performance in settling claims. Therefore, it is recommended to compare health insurance companies in India in terms of track record, reviews and make sure you select the most credible provider.

One of the major reason why many people avail health insurance online is to avail cashless treatment facility. However, this facility is available only in the selected hospitals in the network of the health insurance companies. If you avail a health cover that doesn’t have a network hospital in your vicinity you won’t get the cashless treatment facility.

Added Benefits and Offers

Apart from the regular coverage on the premium you pay, most medical insurance policies provide some specialized coverages and benefits like alternative treatment cover, maternity expenses cover, restore benefits, and critical illness cover. If you want to avail any of these benefits you can compare best health insurance plan in India in terms of additional services on offer. Choosing the appropriate health insurance cover is one of the most exhausting tasks. Since the medical needs vary from family to family, the choice of health insurance policies varies as well. Online health insurance comparison is the key to finding the best health insurance in India. Again, health insurance plans are detailed and require close attention to the details.

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Neha Gadoo
Written by Neha Gadoo
Daring and Bold, Neha loves philosophy, trekking and walking bare feet in the rain. Loves talking and can stare out of a car window for hours continuously.