Tips to Choose the Right Health Insurance Plan in India

by Jessica Kappor Project Manager

Undeniably, health insurance is one of the most essential general insurance policies. Despite this fact, people are still hesitant about buying health insurance. There are a range of benefits of buying a health insurance & Mediclaim policy. However, the two policies are different, as a Mediclaim policy pertains specifically to hospitalization, while health insurance is a comprehensive cover.

There are a variety of health insurance plans available in India, from individual plans to family floater and critical illness insurance. Hence, it is best to assess your requirements first and then purchase a health plan. Here are some useful tips to help you choose the right health insurance plan in India –

 

·   Get the right coverage

Choose a comprehensive health plan which secures you against a wide range of health problems and provides benefits such as pre and post hospitalization, day care expenses, transportation, diseases that you may be at risk of due to family medical history, etc. Plus, when you are buying family health insurance, make sure you consider the needs of each member in your family. After considering your requirements, compare plans based on their benefits and costs, and use due diligence.

 

·   Prefer family plans over individual plans

Individual plans are work best for individuals who do not have a family to support. But, if you have family, it is always beneficial to purchase a family health plan, as it offers better coverage and benefits at a better price.

 

·   Choose a plan with lifetime renewability

When choosing a health plan, always check that for how many years the plan will cover you and whether it offers lifetime renewability or not. Obviously, it is best to go with a health plan which provides coverage during the later years of age as well. So, choose health plans which offer lifetime renewability.

 

·  Compare quotes online

When you buy health insurance & Mediclaim policy, it is better to compare different policies online, based on their benefits and coverage to ensure that it caters to your needs. You can even ‘request a quote’ by entering your details online and you would get an estimated premium for your policy. Collect the quotes and then compare them to arrive at a decision.

 

·  Network hospital coverage

Once you have made a selected list of health plans, make sure to check whether or not your preferred hospitals are included in their hospital network. Plus, prefer an insurance provider which has a wide network of hospitals across the world.

 

·  High claim-settlement ratio

Claim settlement ratio is the ratio of the number of claims settled by the insurance provider over the total received claims. Choosing an insurer who has a high claim settlement ratio ensures better efficiency of claim settlement.

 

Unfortunately, not many people buy health insurance & Mediclaim policy in India, as these policies don’t provide any benefits unless you get sick. It is obvious that no one wants to get sick; however, you need to understand that health problems are an undeniable part of our life. Therefore, it is pragmatic to stay prepared for the financial consequences of a health problem. You cannot plan and get sick, but you can definitely stay financially prepared for it beforehand.

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Created on Mar 21st 2018 02:36. Viewed 622 times.

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