How do you know which health insurance plan is good for you, how much is enough, and when you should start investing in a good health insurance plan
In general, surprises are very exciting. Unfortunately, some surprises like an accident or an unforeseen illness can empty your life’s savings. Investing in the right Health Insurance Plan can come to the rescue by not only providing the financial aid required but will allow you to be prepared and armed for any unforeseen contingencies. Read on to know how you should choose a comprehensive health insurance policy in India.
Follow these top 7 tips to choose the right health insurance plan in India:
With medical care becoming more expensive day by day, a good health insurance plan should be able to offer valuable services, and features, help reduce your out-of-pocket expenses and provide sufficient coverage.
# Compare multiple health insurance plans
Today, we can compare different health insurance plans online based on coverage, benefits and quotes. Once you enter your details on a website, you will be able to compare various plans that fit your budget, provide you with the coverage and also cater to your needs. Therefore, make sure to compare Health Insurance Plans online to get the best deal and make an informed decision.
# Make sure it's affordable
Budget is extremely important when it comes to buying a Health Insurance Plan that meets your need and suits your pocket as well. It is always wise to consider the benefits before the price at the start to ensure you are covered properly. With time, you can review your plan and increase cover appropriately with the rise in income, family size, and requirements but make sure your policy premiums are affordable and do not become a financial burden for you.
# Choose a family health plan over an individual health plan
It is always wise to keep your family in mind if you are buying a Health Insurance Plan. A Family Health Plan or a Family Floater plan will get you more benefits at an affordable price. Also, the chances are not everyone will fall ill at the same time and hence, the sum insured available can be used by any family member as per requirement.
# Choose a plan with lifetime renewability
When you buy a Health Insurance Plan, make sure it comes with lifetime renewability. This is essential because you will require a health plan the most during old age since buying a Health Insurance Plan in your old age is difficult and expensive but if your existing comes with lifetime renewability, you can continue with the same plan even in your old age.
# Find the right coverage for your needs
Pick a Health Insurance Plan that meets all the needs of your family as well as covers a wide range of medical problems, and also includes benefits like pre and post-hospitalisation, transportation, transportation, and illnesses that you may be at risk of due to your family’s medical history, etc. and accordingly apply for a plan that caters to your needs.
# The claim settlement ratio is high
The claim settlement ratio is the number of claims settled by the insurance provider against the total received claims. Always choose an insurer that has a high claim settlement ratio (CSR). Since it is an investment that you are making to protect yourself from any unforeseen financial burden, a higher CSR indicates that there is a higher chance of your claim getting settled when the need arises.
# A network of hospitals is covered
When choosing a Health Insurance Plan, check if your preferred hospitals and doctors are included in their hospital network. These hospitals not only offer cashless hospitalisation services but they also do not require you to pay the hospital bill during discharge.
Putting it all together
If you are looking for the best health insurance policy in India, keep these tips in mind to ensure that your finances are protected from the substantial medical expenditures incurred in the future.