The health insurance industry has numerous providers and plans. When you start looking for the best health insurance policy for you and your family, there is so much to choose from that the task seems overwhelming. Yet, there are many benefits of health insurance that make it a necessity in today’s times. But, how does one find the perfect policy? Here are ten tips to help you choose the best health insurance plans for you and your family.
10 Tips That Will Help You Choose the Best Health Insurance Policy
Here are ten tips to help you choose the best one for you and your family:
High Sum Insured
A health insurance policy protects you financially from unexpected medical costs. Hence, in the event of a medical emergency, the insurer takes care of the hospitalisation and associated bills. However, the extent of the coverage offered by the insurer is limited by the sum insured. Therefore, when you buy medical insurance plans, make sure that you opt for one with a high sum insured.
Use Add-Ons Or Riders
While insurance providers offer a range of plans, they also offer riders or add-on covers to help you customise the plan according to your needs. While these riders are available at an additional cost, they help create a comprehensive cover that takes care of all your expected medical needs. So choose the riders to get the most out of your health insurance policy.
Opt For A Family Plan
If you want a health insurance plan for your spouse, children, and parents, then it will be financially prudent to opt for a family plan as opposed to buying individual plans for each of them. This is because the total premium of all these plans will be much higher than that of a family plan. Also, your family members will have access to a higher sum insured in a family plan as opposed to an individual plan.
Research The Insurer
The insurer can play a pivotal role in ensuring that during a medical exigency, the reimbursement process is seamless and hassle-free. Hence, it is important to look for one with a reputation for being customer-centric and having a strong service team so that you can receive good health insurance in India.
Claim Settlement Ratio (CSR)
All insurers display their claim settlement ratios on their websites. This is a simple ratio of the number of claims settled as opposed to those received within a year. This gives you an idea of the insurer’s settlement process. Look for an insurer with a high CSR.
Go through the plans offered by your shortlisted insurers and compare the features, inclusions, and exclusions of the policies. You can download the policy wording from their websites and create a comparison chart. This can help you weed out plans that don’t meet your requirements.
In a health insurance policy, the age of the insured person plays a huge role in deciding the premium. Many insurers do not allow policy renewal once the insured crosses a certain age. Try to look for insurers that offer lifelong policy renewals without any age limitation.
While the sum insured might be high, some insurers create sub-limits on various compensation heads like ambulance charges, room rent, etc. For example, the insurer might limit the ambulance charges compensation to one per cent of the sum insured. This means that if you spend more on ambulance costs, then the additional amount will have to be borne by you. Ideally, look for an insurer that has low or no such sub-limits.
Wide Network of Hospitals
Most health insurers offer cashless treatments at their network hospitals. This is preferred by many policyholders as it saves them the hassle of paying first and claiming reimbursement later. Make sure that you look at the list of network hospitals of the insurer before choosing a plan. It should include your preferred hospitals and other options close to your place of residence.
Read the Fine Print
Insurers specify all the terms and conditions, inclusions and exclusions of the policy in the policy document. Make sure that you read the document carefully and understand all the clauses. This can help ensure that your claims are not rejected and that you have a smooth experience with the insurer.
Now that you know how to choose health insurance, you should never rush while buying a health insurance policy. You pay a premium to get coverage against a range of diseases and illnesses. Haste can result in you missing out on some important aspects and ending up with a policy that does not offer coverage when needed. Hence, make sure that you follow the tips mentioned above and choose the policy carefully. Good Luck!