Guide to Find the Best Health Insurance Policy

Guide to Finding the Best Health Insurance Policy

The COVID-19 pandemic has prominently highlighted the need for health insurance. While health insurance has been available for a long time, its necessity has grown much more evident since the outbreak. Many people in India are now understanding the importance of having an effective health insurance plan. According to MoS Finance Anurag Thakur, 30.22 crore lives were covered under health insurance between April and September 2020, compared to 17.83 crore during the same six months in 2019. He also informed the parliament that health insurance coverage grew by 69.8% in April-September.

More than half of Indians agree that health insurance is a necessity. However, is it enough to just have a health insurance policy?

No, it's not. Along with health insurance, one should thoroughly understand their healthcare requirements and the latest trends in the Indian health insurance market.

Why Health Insurance is a Necessity

Nowadays, health insurance has become a necessity due to prevailing environmental conditions, the dangerous nature of various professions, and continuously rising healthcare expenditures. However, merely buying a health plan is of no use if one doesn't understand the coverage offered, exclusions, and hidden clauses of their policies.

From individual plans to family floater and senior citizen health insurance, a variety of health plans are available in India.

To simplify the task of buying an ideal health plan for you and your family, PolicyX.com has outlined seven key factors to guide you in finding the best health insurance policy.

7 Key Factors to Guide You in Finding the Best Health Insurance Policy

1. Evaluate Your Needs and Requirements

   With so many health insurance companies available in India, choosing an ideal health insurance policy often gets very confusing. There are health plans available for students, families, individuals, older citizens, those with heart disease, diabetes, and even people who have been diagnosed with cancer.

   Thus, before finalizing any health insurance plan, make sure to evaluate your healthcare needs and requirements. Determine your and your family's primary healthcare needs, analyze if you require coverage for a pre-existing condition, and then choose a plan that offers all the benefits crucial for you.

2. Adequate Coverage with Affordable Premiums

   Choose a health plan that covers a wide variety of medical issues and includes benefits such as pre- and post-hospitalization treatment, maternity costs, transportation, and illnesses you may be at risk of due to your family's medical history, among others. Ensure that the health policy you are buying covers the healthcare requirements of each family member. Also, make sure that the plan you've chosen comes with affordable premiums.

   It is wise to start with an affordable health insurance plan to ensure you're adequately protected. You can evaluate your health plan and adjust your coverage over time as your income, family size, and other requirements change.

3. Availability of Cashless Facility

   Having health insurance with a wide range of network hospitals can prove to be a blessing during a medical emergency. You can avail of a cashless facility by getting treatment at a network hospital without any financial stress.

   You can now check the list of network hospitals of your preferred health insurance company on PolicyX.com. Simply select your insurance company, state, and city to view all empanelled hospitals in your vicinity.

4. Choose Family Floater Over Individual Plans

   Individual plans are beneficial for single individuals. If you're buying health insurance for your family, opt for a family floater plan as it typically offers more features at a lower cost.

5. Choose a Plan with Lifetime Renewability

   When purchasing a health plan, it's important to examine its coverage duration and whether it offers lifetime renewability. This is crucial because your need for health coverage increases with age. Therefore, choose health policies that can be renewed indefinitely.

6. Do Not Forget to Check the Claim Settlement Ratio

   Yes, checking the Claim Settlement Ratio of your preferred health insurance provider is very important. What would be the point of having health insurance if you can't avail its benefits when needed?

   It not only gives you an idea of your insurance company's claim settlement efficiency but also protects you from unnecessary stress during a medical emergency.

7. Check for Hidden Clauses

   Most health insurance policies have conditions such as waiting periods, co-pays, and sub-limits. During waiting periods, no claims will be admissible. This period might vary from 2-4 years, so it's always better to choose a plan with a shorter waiting period.

   With a co-pay clause, you need to pay a portion of the claim from your pocket. Additionally, check for the sub-limit clause, where insurance companies apply a percentage to specific charges. Ensure you are aware of the percentage involved with your healthcare plan.

   Also, do not forget to consider the exclusions, which are medical illnesses or healthcare costs that your health plan does not cover.

Summing It Up

Before making a decision, research thoroughly and identify the features you want your policy to cover. Consider your criteria, compare plans based on coverage and pricing, and choose a plan that best meets your needs.