HOW TO SELECT THE RIGHT COVERAGE FOR YOUR HEALTH INSURANCE

India has a huge variety of health plans for its citizens in the insurance business. Right from individual plans to family floater insurance, critical illness plans and even senior citizen health insurance. You can choose which plan best fits your insurance needs based on your requirements assessment. It seems a daunting task, but these tips will have you to select the right coverage for your health insurance. Here are a few tips to help you choose the best health plan.

Tips To Help You Choose The Best Health Plan

Right Coverage: While selecting a health plan keep in mind to choose a plan that secures and provides protection for a broad range of medical issues along with providing additional benefits of pre and post hospitalization, day care expenses or transportation. When you compare policies look for a plan that best fits your and your family’s needs on benefits and cover.

Affordable: To have the right insurance plan is a necessity in today’s time, however it must be under your budget. It is wise to invest in a plan that is reasonably priced with affordable premiums and enough coverage. With time, you can always reassess your plan to increase coverage especially if a rise in income, family or requirements.

Assess Requirement: If you have a family, buying a family insurance plan is wiser as compared to buying individual health plans for all. Take smart decisions and purchase a family health plan so you and your family can enjoy maximum benefits at an affordable cost.

Renewability: While choosing a health insurance plan, remember to check for policies with greater or lifetime renewability so you and your family can reap the benefits and protection coverage for a long time.

Compare: While purchasing health insurance, first always keep your need as the base and then look for policies that match your needs. Always compare among a few health insurance plans to ensure you buy the one that best fits your requirements to arrive at a wise decision.

Network Hospital Coverage: With the advancement of technology today, there are insurance plans available with cashless features and benefits. Make sure you check for the network hospital coverage for plans before choosing to purchase. Check whether or not your preferred hospitals and doctors are included in the hospital network before finalizing on any health insurance plan.

Claim Settlement: While choosing a health insurance plan look for an insurer with a smooth process of claim settlement or high claim settlement ratio. The claim settlement ratio is the total number of claims settled by an insurer over the total received claims.

Additional Aspects: While choosing the right health insurance plan for yourself, always look for additional aspects of co-payment, waiting period, sum insured, no claim bonus, maternity benefits, and so on.

You can use these tips to maximize your benefits and get the right protection while purchasing a health insurance plan. To safeguard yourself from the financial burden and getting complete protection, make sure you choose the right health insurance plan for your benefit.

Add-Ons To Look For

While selecting a health insurance plan a crucial element is taking into consideration the add-ons that are part of the plan. Let’s look at what you need to review and these help to choose the appropriate insurance plan.

Critical Illness: Coverage against life threatening Critical illnesses such as cancer, stroke or heart disease is a crucial part of choosing a health insurance plan.

Ambulance Charges: While choosing an apt health insurance plan check for emergency transportation as well. It will ensure that in a critical condition, you can get prompt help without having to worry.

Day Care Procedures: Not all medical emergencies require overnight hospitalization and there are many healthcare procedures that require less than 24 hours of hospitalization. Choose a plan that can cover such procedures.

Vaccination & Health Check-up Charges: It is important to look for health insurance plans that cover such costs of vaccination and health check-ups.

Daily Allowance: Keep in mind, hospitalisation can lead to the loss of income and miscellaneous expenses can start to pile up. So, choose the best health insurance plan that will offer a daily allowance for the number of days you are hospitalized to help you cope with expenses better.

Choosing the right insurance plan is a crucial task but keep in mind these imperative facets and based on your age, income, expenses and location make the right and smart decision of selecting the appropriate health insurance plan that suits you and your family the best.

FAQs – Frequently Asked Questions

Q1. It is said that younger people need a lower sum insured. Is this true?

No, remember young people are more prone to accidents and most diseases have similar probability for a young person just like an older one. Also, when you are younger, you can reap the benefit of high sum insured without waiting periods with low premiums.

Q2. Is it always good to take a family floater health insurance policy?

No, this depends on the number of dependents you have. If your children are small then as minors, they need a parent to be insured with them, so in such a case you need a family floater health insurance policy. But as your children go age 20+ they become adults so they will need individual policies to cover their health protection needs.

Q3. Is it wise to buy a family floater health insurance plan for old aged parents in the family?

No, if you are planning to buy insurance for your old aged parents or in-laws, choosing an individual policy for them is advisable as the insurance premium is defined by the eldest member’s age.

Q4. Does a higher waiting period reduce the premium amount for a health insurance policy?

Yes, if you do not have any pre-existing disease, the best way is to go for a higher waiting period that will reduce your premium amount.