Every industry in India has witnessed a paradigm shift over the last few years. Health insurance is no exception to this sweeping change. With the rising cost of medical care, it has become imperative to invest in the best health insurance in India. With a comprehensive policy in your kitty, you can not only protect yourself against the financial burden of serious illnesses but also get access to quality healthcare when you need it the most.
However, with the growing popularity of health insurance in India, there are many companies and products that have mushroomed in the market these days. Each one promising to be the best health insurance in India. So how does one choose the right policy?
In this article, we will tell you everything there is to know about buying the best health insurance in India, health insurance terms, things to look for, etc.
Here are the important tips to help you get started.
Table of Contents
Invest early
When you buy health insurance at a young age, you are able to enjoy the benefit of low premiums. Secondly, you will be able to finish the waiting period clause in the prime of your health. But most importantly, a young investor has fewer chances of claim rejection. Additionally, you can benefit from wide coverage, no claims bonus, better financial planning, etc.
Get a health insurance even if you have your employer’s insurance
If you think that your corporate health insurance will be enough to pay for your medical expenses, then you are mistaken. It is always better to identify the best health insurance plan in India and add it to your personal financial portfolio. Doing so will keep you and your family members secure in case you leave your job at some point.
Choose the right coverage
When you are investing in a health insurance plan, you must know how much coverage will be enough to pay for the expensive treatment costs. You can start by assessing your medical requirements before you start looking for the best health insurance plan in India. When exploring your options, you must look for a plan that provides you extensive coverage and a wide range of benefits. You can also use a health insurance premium calculator to see how much coverage can you afford at your current income and lifestyle. This tool can be very helpful in choosing the accurate coverage amount.
You can also use a health insurance premium calculator to compare plans while choosing one for yourself and your family. So be sure to use it adequately in the assessment of various plans and its features and benefits.
Invest in an affordable plan only
The best health insurance in India is the one that meets all your medical needs well within your budget. However, you must always prioritise plan benefits over the price of your policy. Therefore, look for a health plan that gives you maximum benefits at the most affordable premium. You can review your plan with time to see if you need to increase the coverage, add a family member, etc. as per your growing family needs.
Choose the right policy type
If you are a single person with no responsibility, you must choose an individual health plan. However, if you have a family with a partner and kids, ageing parents, etc. then you need to choose a family floater plan that covers each member of your family. If you already have a health insurance plan and feel it is not enough to cover everything, then you can also consider buying a top-up plan to increase the sum insured value.
Lifelong renewability
As healthcare inflation is at an all-time rise, you must choose the health insurance plan that offers lifelong renewability. This will keep you protected throughout the years without you worrying about the medical expenses and healthcare assistance when you need it the most.
List of network hospitals
When you have narrowed your choices for the health plans, you should start looking at their list of network hospitals. Always check if your preferred hospital is on the list or not. Remember choosing a plan that has a wide network of hospitals in its fold and also the one closest to your house so that you can get quick medical assistance when you need one. It will also save you a lot of time and money at the time of claim settlement.
Check the claim settlement ratio
The best health insurance in India will come with a high claim settlement ratio. An insurer with a high CSR value means that they settle most of their claims. Be sure to check this before investing in an insurance provider.
Know about restrictions
You should learn about document required for health insurance and restrictions like pre-existing clauses, limits and sub-limits, co-payment clauses, exclusions, etc. A policy that comes with plenty of restrictions should be avoided. Look for a flexible policy that provides you maximum coverage at the lowest premium.
Keep all these points when you are looking to invest in the best health insurance in India. These points will help out make a well-rounded investment decision.
