Last Updated on February 28, 2023 by Hassan Abbas
Best health insurance plans You can’t do without a health insurance plan in a world where medical expenses are soaring almost daily. The right policy can make a big difference in the quality of service and benefits you derive from it. While a mediclaim policy can offer tax benefits, that shouldn’t be the sole reason for choosing it.
However, if that motivates you to invest in a health insurance plan, so be it, as a health insurance policy is indispensable. You would need to select an appropriate medical insurance plan that provides comprehensive coverage for you and your family. Here are a few things to consider when choosing a health insurance policy.
Tips for selecting the most viable health insurance policy
Identify your need and check the amount of cover offered
Choose a health plan that secures you against a wide range of medical issues. Consider your requirements and compare health insurance plans across parameters of costs and benefits. You should look for a policy that provide benefits of pre-and-post-hospitalization, transportation, daycare expenses, critical illnesses, and so on. If you are buying health insurance for your family, check if it caters to the needs of all family members covered under it.
Budget vis-à-vis pricing
Affordability is essential when buying the personal accident insurance , as you need to consider the premium you will have to pay. Reasonably priced plans ensure you are covered well and that the premium is affordable. You can review your plan when renewing and increase cover accordingly.
Choose an inclusive family policy against an individual one
While individual plans are good if you are single and not married, a family health insurance policy can be beneficial in the long run as it can offer optimum benefits at a relatively more affordable price. You can also invest in personal accident insurance as it covers medical expenses arising from an accident and compensates the policyholder or their family in case of a disability or death caused by accident.
Before purchasing a plan, you can compare your policy with a few other top-rated mediclaim policies in the market. With most insurers accessible online, you can request a quote from all your shortlisted insurance companies. Or you can simply enter your details on their respective website to get an estimated premium for your policy. Compare your policy benefits and premium before arriving at a decision.
Check out the network hospital coverage
To avail of speedy, convenient and cashless claim settlements, choosing a best health insurance policy plan that provides an extensive list of network hospitals is ideal.
The settlement ratio is the number of claims settled by the insurance provider over the total claims received. Higher the settlement ratio, you can be assured of your insurance being in safe hands.
Other important aspects to consider when choosing a health insurance plan
It can cover the cost of your transportation to the hospital. You can watch out for a policy that covers the cost of ambulance.
As not all medical emergencies require overnight hospitalisation, look for a policy covering procedures that require less than 24 hours of hospitalisation.
Vaccination and health checkup charges
A health insurance policy can also cover your vaccination and health checkup costs.
A daily allowance component in your health insurance plan can take care of your miscellaneous expenses for all the hospitalisation days.
If you aren’t sure about which plan to buy, the above-discussed tips can help you choose the best health insurance policy.
Health insurance protects you from paying for big-ticket expenses like hospitalization or surgery. It also covers routine doctor’s visits, prescription and preventive care. Health insurance premiums vary based on your health profile and family size, so it’s important to shop around to find a policy that meets your needs.