10 Tips To Choose A Health Insurance Plan In India 2021

Medical emergencies can significantly impact your financial stability. Buying a Health insurance policy is undoubtedly the best way to ensure that you are financially sound during any medical eventualities. With a wide range of health insurance policies available in the market, choosing a comprehensive plan that suits your requirements can indeed be a daunting task. Selecting the best plan can sometimes be tricky due to the rules and criteria involved in availing the insurance policies. Insurance companies in India are keen on providing maximum benefit to the person to be insured.

Do I need Health insurance? 

And the simple answer is yes. Everyone needs health insurance since we have had a rise in quality health care expenses recently. In such a scenario, boiling down to choose the right health insurance plan can be pretty challenging. Unfortunately, In India, health insurance is generally neglected by the common public who face unexpected financial crisis at the time of medical emergencies. Health problems are crucial facts of human lives that cannot be overlooked. No one intentionally wants to fall sick but can certainly find a way to be financially secured to fight the worst. Hence it is required to compare health insurance plans before choosing one carefully.

Here are some tips to help you choose the best plan per your requirement.

Keep it affordable

Choose health insurance that effectively suits your budget. Ensuring that you pay your premium on time is essential to avoid any inconvenience while claiming the policy. Decide wisely and consider all the benefits a health insurance plan provides while buying a reasonably priced health cover.

Age criteria

Age is one of the primary factors to be considered while buying a health insurance policy for your dear ones. The premium rate significantly depends on the person’s age to be insured.

Opt for family floater plans

When you have a family to support, it is recommended that you buy a family health insurance plan. Ensure to choose a plan that provides maximum benefit to your family at an affordable price.   

Lifetime renewability

While choosing a health insurance plan, it is essential to check how many years the plan covers you and your family. Various insurance companies clearly state their terms while helping you financially fight a medical crisis. Keeping your family in mind, it is advisable to buy health insurance with lifetime renewability. 

Choose the right coverage

It is essential to choose a health insurance plan that secures you against a vast array of medical problems. It involves pre and post-hospitalization, daycare expenses, and transportation apart from covering any family’s medical history. Consider your requirements and compare health insurance before choosing the right one.

Compare prices online

Nowadays, it is pretty convenient to check for insurance policies, compare them and get quotes online. When you request a quote, you receive an estimated premium for the policy you intend to choose. After making a fair comparison of the prices, you may decide to choose one that affordably caters to your needs.

List of Network hospitals

It is essential to ensure the network hospitals can avail cashless medical services. When you take the healthcare services at a network hospital, the expenses incurred are directly settled by the insurer to the hospital. 

No Claim Bonus

It is an additional benefit provided by various insurers if you have not claimed the insurance policy in the previous year. On renewal a bonus for no claims made can be availed in the form of a discounted premium or increase in sum insured.

Claim settlement ratio

A good health insurance company will indeed have a high and effortless claim settlement ratio. Ensure that you consider this aspect of the insurance company to enjoy hassle-free policy claims during a medical emergency.

Look for a well-rounded cover

While you choose the cheapest health plan, look for a well-rounded cover. Ensure to access the convenient features, look for exclusions and check for clauses related to a waiting period. Choosing the best insurance policy that benefits yourself and your family is the right way.

Correctly analyzing your requirements and keeping your budget in mind will lead you to the right health insurance policy. Compare all the insurers based on the benefits provided and then decide your health plan.

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