11 Ways to Select Best Health Insurance Policy in India

Today people are suffering from many health problems and many times these problems can take one to hospitalization. Due to the emergency problem, the cost of medical care and treatment may go very up drastically which can ruin you financially.

Thus, one should choose the best health insurance plan, which can result in a Boon for you in case of avoiding the financial impact of such problems. The trend which prevails in society is somewhat like the following;

  • Consumers are getting aware of health insurance constantly day by day.
  • Individuals are provided with knowledge about the importance of health insurance policies by insurance companies.
  • Insurance companies reach each and every corner of the world.
  • It is necessary because the best medical treatment becomes difficult without spending large (due to rising medical costs).

Below mentioned are some reasons why a person really requires the best health insurance plan;

  • Protect you from high costs and unseen medical expenses.
  • Low premiums need to be paid for health insurance plans.
  • Good health insurance uses to cover complete medical expenses.
  • Reputed as well as trusted health insurance companies do not neglect your claim in any case or reason.
  • When you or your family is hospitalized, a good health insurance plan can ensure you with a little claim process.

11 best ways to choose a good health insurance plan

  1. Maximum Coverage Amount
  2. Maximum Age Renewal
  3. Pick a Right Sum Insured
  4. Policies having sub-limits
  5. Low waiting period for pre-existing diseases
  6. Prefer Family Floater Health Insurance Plan
  7. High Claim Settlement Ratio
  8. Network Hospital Coverage
  9. Compare Premium
  10. Read what others are saying
  11. Co-Pay and Deductible
  • Maximum Coverage Amount: The health insurance plan that offers you the maximum coverage amount is considered to be the best plan. A person should prefer to take a high-risk coverage health insurance plan, depending accordingly on their need. Because medical expenses are increasing day by day or year on year. A simple surgery on the brain or heart can cost up to Rs 10 lakh.
  • Maximum Age Renewal: choose the health insurance policy which can renew you till the age of 75 or above. The best plan is that only which serves you at the time of old age because when a person is young he/she suffers from fewer problems as compared to the old ones.
  • Pick the right sum insured: Marital status and person’s age are based on considering the right sum insured. Young people had fewer chances of getting ill or suffering from any disease whereas old people have large chances. Generally, a person who crossed the age of 40 years had prone to many serious diseases that are as Diabetes, Cancer, Heart Diseases etc. After getting married, the consideration should also be increased according to your spouse’s health.
  • Policies having sub-limits: A person could easily avoid paying additional costs from his/her pocket by taking a medical claim or a medical aim policy. This policy offers you the highest room rent and other many expenses like per day expenses etc.
  • Low waiting period for pre-existing diseases: A person should start taking a medi-claim policy that has a low period to cover pre-existing diseases because many health insurance plans cover pre-existing diseases between the periods of 2-4 years.
  • Prefer Family Floater Health Insurance Plans: Family Floater health insurance plan is for those persons who have a family after them. These plans are the plans which cover the entire family and also with low premiums because individual plans suit single individuals only.
  • High Claim Settlement Ratio: this claim settlement ratio is the ratio of claims which get settled over the total claims received. A high claim settlement ratio is the facility that an insurance company provide by taking health insurance, as it would help an individual and his/her family to avoid any rejections of or against your claims.
  • Network Hospital Coverage: A person should consider taking a policy which has a large area network especially when he/she is taking it for family members who live in rural areas. In metro cities, most of the insurance companies offer network hospital coverage for several hospitals.
  • Compare Premiums: a person should choose a policy with fewer premiums because there seems to be no benefit of taking an insurance policy which has all the features except the premium feature means a low premium. So, it is also one of the methods to choose a health insurance policy. There are generally high benefits for a high premium.
  • Read what others are saying: one of the oldest ways to choose the best health insurance policy is that also to read the reviews about the different plans because many positive and negative views about one policy will help you to decide whether to take the policy or not.
  • Co-Pay and Deductible: Co-pay means that the policyholder has to pay a certain percentage of the total amount of expenses incurred on the treatment. Deductible means somewhat similar to Co-pay i.e. the policyholder has to pay a fixed amount of the expenses incurred. The policyholder has to bear these expenses out of his own pocket, the insurer will not pay for this.

These are all the ways through which one can choose the best health insurance plan for protecting himself and his spouse.

Don’t forget to read the tax benefits of the Health Insurance Policy here.

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