How To Select Best Health Insurance Plan In India
In modern times a health insurance plan has become a necessity if you consider the rising medical costs against the increasing incidence of diseases. As such, more and more individuals are opting for a health insurance plan to protect their finances against medical contingencies.
Even insurers are competing against each other to offer the best health plan to customers. The market is flooded with various types of health plans and each plan offers something unique. Then, how do you select the best health plan for yourself?
Best Health Insurance Plan in India
How To Choose ?
The choice of a health insurance plan depends on a number of factors and your requirements. The factors which you should consider when buying a health insurance plan are as follows:
1. Understand Your Healthcare Needs
The first and foremost step is assessing your requirements regarding the selection of healthcare plan in India. You should understand the members who require coverage, their age and any existing diseases if any.
If you are covering your dependent parents you should understand if they have any pre-existing illnesses and then buy a plan accordingly. If you are single, an individual health plan would be sufficient. But, if you are married, you should buy a family floater plan covering your spouse and children, if any.
If you are into adventure sports or perilous activities like trekking, scuba-diving, mountaineering, etc., you should remember that injuries faced due to these activities are usually excluded from coverage of a health plan.
If you need coverage for such risky activities, you should check with the insurance company about the availability of add-on covers for the same.
2. Assess The Sum Insured You Require
Having a health plan with an optimal sum insured is essential to meet the exorbitant medical costs incurred in case of medical emergencies. For choosing the right coverage, you must assess your lifestyle expenses.
- If you are likely to seek hospitalization in an expensive hospital or in an international one, you should ensure that you have a high sum insured coverage.
- If you are employed and have a company sponsored health plan you can buy a top-up or super top-up plan to enhance the coverage at minimal premiums.
- If you have a family history of ailments, a high coverage is necessary.
- If you travel frequently, your healthcare needs are affected. You should look for plans which cover international treatments and also opt for a higher sum insured as such treatments are expensive.
So, consider all these factors, your income and expenses and select the optimal level of coverage required.
3. What Type of Health Insurance Plan Do You Need?
There are various types of health insurance plan available in India. You can buy;
- Comprehensive health plan
- Top-up or super top-up plan to supplement your coverage
- Disease-specific plan
- Critical illness plan
- Personal accident policy
A comprehensive health plan is of the utmost importance. If you have a comprehensive plan but want to enhance the coverage, a top-up or super top-up plan should be your choice.
A disease-specific plan should be your choice if you are suffering from diabetes or any heart-related illnesses. A critical illness policy should be added to your health plan as critical illnesses are increasing.
Also, you can buy a personal accident plan for covering the financial implication of accidental disability and loss of income. So, understand your healthcare needs and choose a plan.
4. Understand The Health Insurance Plan Benefits
After you have assessed your needs, the optimal level of sum insured and the type of plan, it’s time to study the benefits offered by health plans.
You should see if there are sub-limits in the plan, if the plan offers sum insured restoration feature, see if there are free medical check-ups and if there are, when should these be done.
The plan should have a low waiting period so that your critical illnesses are covered. Look for premium discounts and no claim bonus feature. All these features would ensure that your plan gives you a comprehensive scope of coverage at reasonable rates of premium.
5. Find Out The Network Hospitals
Every health insurance plan has tie-ups with different hospitals throughout the country where you can avail cashless treatments. Since cashless treatments prevent any financial strain they are always preferred.
If you want a cashless claim facility you should check the list of network hospitals and ensure that your preferred hospital is in the tie-up list. Moreover, you should also check if the network hospitals are in your vicinity for emergent cases.
6. Compare The Health Insurance Plans Before Buying
To get the best plan features and buy a plan at the best rates, there is only one way — compare the available plans before buying. You can compare the different coverage features of health plans, their premium rates, the plan reviews from existing customers and then make an informed choice.
Comparison of health plans can easily be done online. Online web aggregators and brokers facilitate online comparison which is easy and convenient.
So, to buy the best healthcare plan in India you should remember the above-mentioned points. These points serve as parameters which help you in choosing a plan most suitable to your requirements. Therefore, follow these points and get yourself the best health plan.
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