Factors to consider while optingbest health insurance in India

Medical costs and the complexity of diseases keep increasing day-by-day. Uncertain climate changes, hectic lifestyle, more chemical intoxicated food materials, alarming global warming conditions are some of the reasons for constant health issues amongst the people. With the rising inflation a minor surgery can cost you anywhere around 50K, while a cardiac treatment might cost you anywhere 4-5 lakh depending on the city and hospital you have chosen. One of the ways to curb these issues would be taking a medical insurance policy for you and your family.

Today, there are various insurance companies offering medical policies which are often complex in nature and one plan never fits all. Therefore, to create the best health insurance in India for you and your family you need to understand the core purpose of your policy. The article explains you few points that will help you do this.

Company

There are around 25-30 general insurance companies in India offering health plans. It is important you know the company’s background, management, network of hospitals, claim process and claim settlement ratio before choosing a suitable plan for you and your family. It is better to look for company that is purely focusing into the health insurance arena.

Inclusion & Exclusions

Pre-existing diseases are not covered during the initial years of the policy. Also, there are few medical procedures like dental surgery, hernia, etc. which are excluded in the first few years. So, before finalizing the policy check all the exclusion and inclusions.

 

Sub-limit

To tackle the rise in health care costs, insurance companies have introduced sublimit clauses. Some of the sub-limits are room rent, doctor’s fees and diagnostics. So, if you are taking a plan for a sum assured of Rs 5, 00,000, the insurer may cap the room rent to the extent of 1%-1.5% of the sum assured, or Rs 7500 per day, whichever is higher. When it exceeds the specified limit you have to pay the balance.

Co-payment

Co-payment is the fixed percentage of the total bill which you have to pay in case of a claim. The margin is already defined in the policy document. The co-payment clause is around 10% or 20% for such policies. For some policies, it can go as high as 40%.

Renewal age

Most insurance companies provide medical policies with a renewal age of upto 70 or 80 years. Disease increase with old age and so, medical costs may be higher. Hence, it is important to have medical insurance for your older age. Few companies offer senior citizen policies with lifetime renewal for which the entry age itself is 60 years.

Cost

It is advisable the cost of the policy should be given least importance while taking a medical insurance. If the policy provides you all the benefits and if the cost is a little higher, then it is good to take the benefit analysis and take the same as it is worthwhile to pay the cost for the benefit you get.These are some of the factors that need to be given a rigorous thought before you opt for the best health insurance in India for family members.