In India, healthcare cost is increasingly exponentially year after year and has gone beyond an individual’s affordability nowadays. A health insurance policy, on the other hand, is recommended for assured protection at an affordable annual price called the premium. The availability of multiple insurers leads to a state of extreme confusion in one’s mind and one ends up purchasing a random policy. Below are top 10 easiest steps to choose the best health insurance policy in India
1. Insurance company When looking for a health insurance plan, you have a range of options in terms of insurers. These companies offer different health plans with distinctive sets of benefits. Thus, you must compare health insurance online before you purchase one for your spouse or yourself. A thorough comparison between multiple policies enables you to choose a health plan that suits your needs in the best possible way. It’s recommended to go for a company that deals in health products specifically, such as Bajaj Allianz health insurance, HDFC Ergo health insurance, Religare, Star Health etc. 2. Policy type The choice of policy is strictly subject to your marital status. For instance, if you are single, then you need to think about yourself and purchase the policy only for an individual. In contrast, you have to think about your spouse and children as well, in case you are married. Generally, it is recommended to opt for a family floater health plan if you have a family for certain benefits like no need to take overhead to purchasing multiple health plans. On the other hand, purchasing a separate health plan for an individual is prudent since there will be a fixed sum assured for the individual policyholder. 3.Policy premium The premium payable for the coverage offered by a health insurance policy is one of the major factors that affect the benefits you shall get. In general, the higher the premium the larger the coverage offered by a policy. For instance, if you pay Rs. 3, 000 as the annual premium for a health plan, then you cannot expect the coverage to be adequate, whereas you can avail the maximum health coverage at a premium price of Rs. 13, 000 or more. Thus, the coverage you get is subject to the policy premium while you can enhance the cover at renewal. 4. Network hospitals Health insurance companies tie up with various hospitals across the nation to provide cashless facility to their customers with the least hassle. If you need to undergo a medical procedure and your policy does cover that medical condition, then you can plan your hospitalization, thereby keeping your TPA informed. Any medical emergency that required immediate hospitalization if covered by the policy enables you to receive reimbursement for expenses after you discharge from the hospital. 5.Policy Sub-limits If your policy has a sub-limit clause, then you are liable to bear the expense that exceeds the limit that the insurer is liable to bear. Generally, sub-limits apply on room rent, doctor’s consultation charges etc. Suppose, if your health insurance plan has a sub-limit that says the daily room rent should not exceed 1 to 1.5 percent of the sum assured equal to 2, 00,000, then it cannot be more than 2, 000 to 3, 000. In case the daily room rent exceeds this figure, then you have to pay the exceeding amount from your own pocket. 6. Co-pay The Co-pay option in your policy document enables you to pay a lesser annual premium, subject to an agreement that says that you are going to pay a certain share of medical expenses incurred out of your own pocket. Choosing this option is recommended if you are purchasing health insurance at a young age, as you are less prone diseases then. Correspondingly, you can save in insurance premiums when you are not likely to file a claim. 7. Policy renewal The increasing age of an individual makes one more prone to diseases or illnesses. Some health insurance policies come with lifelong renewability, whereas the others cannot be renewed once you cross the maximum age specified in the documents. Needless to say, the probability of falling sick is higher at the old age (when you cross 60 years) than at the young age. Thus, make sure you purchase a policy that comes with lifelong renewability. 8. Pre and post hospitalization expenses Different health plans offer pre and post hospitalization expenses for up to 60 and 90 days respectively. If your medical condition is not good and you are planning to get hospitalized in the least delay, then you should choose an insurer that provides the maximum possible expense coverage in both the scenarios. This type of coverage is required when you are suffering from a critical illness and bed rest is recommended to you. 9. Waiting Period Insurance policies come with a waiting period of 2 to 4 years, depending upon the particular disease. In general, there are two types of waiting period. One refers to the initial waiting period that starts when you purchase the policy and lasts for up to 30 to 90 days and no coverage is offered by the insurer during this period. The second one refers to a period of 12 to 48 months (typically) after which the coverage for pre-existing diseases starts. It is recommended to go for the best health insurance policy that includes the least waiting period. 10. No Claim Bonus (NCB) Your health insurance policy allows you to file a claim or take expense reimbursement (whichever way suitable) during the policy term. On the other hand, it entitles you to receive certain benefits in terms of either discounted premium or extended cover at renewal, in case you do not claim any benefit during the policy term. The Verdict Health insurance is one of our primary needs today while most of us don’t have one. It is recommended to compare health insurance plans offered by various general insurance companies to choose the best out of them.
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