Over time, every industry in India has undergone a major transformation. Health insurance is no exception. The skyrocketing cost of medical care and the change in people's lifestyle have led to a rapid increase in the number of health insurance customers in recent years. Nowadays, having the right insurance policy alongside is nothing more than an advantage. As a matter of fact, health insurance is the ultimate financial and emotional savior that an individual can rely on during an unfortunate medical emergency, whether due to a sudden accident or an illness.
If you are ready to take the first step into the world of health insurance, keep in mind that it is important to expand your knowledge level before making a decision.
First, learn that the health insurance sector in India is loaded with unhealthy health insurance companies and countless health insurance policies. In the beginning, looking for a health insurance policy isn't that easy. However, with full awareness of the terms of health insurance and the things to look for in an ideal plan, you can undoubtedly end up making a perfect choice.
Listed below are 12 vital tips that will help you keep confusion at bay and buy the best health insurance policy in India:
1. Buy health insurance early:
Buying a health insurance plan, regardless of age, is a smart move to make. An investment in health insurance in the early years of life has three main purposes.
First, by enjoying the benefit of a reduced premium amount.
Second, serve the waiting period at an age in which you are in excellent health.
Finally, enjoying low rejection possibilities.
Extensive coverage options, no compensation bonuses, superior financial planning and others are also perks of buying a young age health insurance.
2. Invest in health insurance even if you have a business insurance:
Many times, people don't feel the need to purchase health insurance coverage if they own a group health insurance plan or corporate health insurance. Make sure you don't make the same mistake. Always choose an additional health insurance even if you have one from your company. This will always keep you and your family covered even if you leave your job at a certain time.
3. Find the right coverage:
Analyze specific medical requirements before starting the search for the right health insurance coverage. When exploring your options, look for a plan that covers you against a wide range of medical problems and offers a wide range of benefits.
The main benefits offered by insurers usually include hospitalization, pre and post hospitalization, coverage of day care procedures, home hospitalization, organ donor expenses, ambulance coverage, maternity coverage, expenses for babies and much more.
Compare your chosen plan and its benefits with the precise needs of each family member to find an ideal alternative. Remember, compromising your needs just because of the money won't help in the end.
4. Make a convenient choice:
It is important to consider a health plan that meets medical requirements and the budget limit. However, remember to always prioritize the benefits of the plan over the plan price. In the end, choose a reasonably priced plan with maximum benefits to ensure that you and your loved ones are properly covered in the first place. Over time, you will be free to review your plan, increase coverage, add family members, based on your changing needs.
5. Emphasize the type of policy:
If you are an individual without family responsibility, opt for an individual health insurance plan. However, if you have a family to look after, always choose a floating family policy with maximum benefits so that each member is treated during a difficult medical situation.
In case you already have a health insurance plan, but don't think it is enough to cover all your expenses, do not hesitate to buy a top-up or super-top-up plan in order to increase the total sum insured.
6. Do you prefer a policy with permanent renewal functionality:
Considering a health insurance plan that includes permanent renewability will help you and your loved ones stay covered for years to come. With health inflation in mind, it's best to choose a plan that offers lifetime renewability. This will allow you to remain free of any kind of worry during the following years.
7. Verification of network hospital coverage:
When you have a list of selected plans by your side, look for network hospitals connected with insurers. Check if your favorite hospitals and doctors are included in the list of insurance networks of insurers. Remember, choosing a health insurance provider with a large network of hospitals will help you save a great deal and a big inconvenience when making a claim.
8. Focus on the claims settlement report:
A health insurance company with a high claims settlement ratio is considered highly capable of settling claims. Choose an insurer with a high CSR so you never have doubts about the rejection of your claim. Also, don't forget to check if the insurer settles claims cashlessly or provides a refund facility. We recommend that you choose the cashless claim option to avoid paying huge bills at the time of the emergency.
9. Keep an eye on the restrictions:
Health insurance policies offer multiple benefits to the policyholder. However, a customer should always keep some health insurance factors in mind before becoming an insured. Here are some key elements you need to check before making a decision:
Pre-existing clause – Remember to check the waiting period for pre-existing diseases so that you know the exact number of years in which you will be excluded from coverage. Choose a plan with a low waiting period to take advantage of pre-existing pathological coverage in advance.
Limits and sub-limits – The plan may cover an ambulance, surgery, room rental and other expenses, but may also include a limit or sub-limit. Choose a plan that has the highest maximum limit or no lower limit, in order to avoid the expenses discovered in the hospitalization bills at the last moment.
Co-payment clause – Many health insurance policies provide the co-payment function, under which the insured must pay a pre-established amount for hospitalization. We recommend that you look for this particular feature in the plan so that you are aware of these amounts to be paid up front.
10. Take a look at the exclusions:
Each health insurance policy includes a specific list of exclusions. Always remember to check the list of exclusions so that you are aware of the specific conditions or diseases that are not covered by the plan. Keeping your eyes peeled for exclusions will prevent you from facing regret or disappointment in terms of coverage later on.
11. Check the discounts:
Health insurance policies offer numerous benefits to the insured. The best thing is that discounts are also a crucial part of the whole package. In addition to the no-claims bonus, discounts on the premium for purchasing a two-year plan, which cover 2 or more family members or following a healthy lifestyle, also add value to a plan. Make sure to consider the discounts available under several health insurance plans on your list to facilitate the selection process.
12. Compare quotes online:
You need to make a policy comparison to make a superior health insurance choice. In this attempt, you can also "request a quote" online by entering your details on the website of an insurance broker company such as InsuranceDekho to receive an estimated premium for your policy. When you receive the offers, collect them and perform a detailed comparison to arrive at a decision.
At the end
Each package of health insurance policies is different. The decision to purchase the health insurance policy will be successful if you consider every aspect of health insurance from all angles.
When making a final decision on the purchase of a specific policy, remember to provide any information to your health insurance company. The proposal form must contain a complete and accurate declaration so that there are no cases of rejection later. Don't try to hide your medical history when purchasing a health insurance policy at any cost to avoid subsequent regrets.
Before purchasing the policy definitively, examine the terms of the policy in detail.