Guide To Find The Best Health Insurance Policy

The Covid-19 pandemic has highlighted the need for having health insurance more prominently. Health insurance has been available since a long time, but the necessity has grown much more evident since the outbreak.Many people in India are understanding the importance of having an effective health insurance plan. If we go by the records, as per MoS Finance Anurag Thakur, 30.22 cr lives were covered under health insurance between April and Sept 2020, compared to 17.83 cr during the 6 months in 2019. Also, he told the parliament that the health insurance coverage grew 69.8% in April-Sept.

More than half of the 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 know their healthcare requirements and understand the latest and upcoming trends in the health insurance market in India.

Confused??? well, continue reading to understand better.

Now-a-days, Health Insurance has become a need in an individual's life due to the 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 know the coverage offered, exclusions & the hidden clauses of their policies.

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

To make the task of buying an ideal health plan for you and your family, we at PolicyX.com have mentioned 7 factors that will act as your guide to find the best health insurance policy.

1. Evaluate Your Needs & 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 zeroing down any health insurance plan, make sure to evaluate your healthcare needs and requirements. Determine yours and your family’s primary healthcare need, analyze if you require coverage for a pre-existing condition, and then buy a plan that offers all the benefits that are crucial for you.

2. Adequate Coverage with Affordable Premiums.

   Choose a health plan that covers a wide variety of medical issues and includes advantages such as pre and post hospitalization treatment, maternity costs, transportation, and illnesses that you may be at a risk of owing 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 a low-cost health insurance plan to ensure you're fully protected and the premiums are affordable. You may evaluate your health plan and adjust your coverage as your income, family size, and other requirements with time.

3. Availability of Cashless Facility

   Having health insurance with a wide range of network hospitals can prove out to be a blessing in disguise at the time of a medical emergency. One can avail of a cashless facility by getting the treatment done in the nearest network hospital without any financial stress.

   You can now check the list of network hospitals of your preferred health insurance company with PolicyX.com as well. All you have to do is select your insurance company, your state and your city. Once done, the page will show you all the empanelled hospitals in your vicinity.

4. Choose Family Floater over Individual Plans

   Individual plans are beneficial for people who do not have a family to support. If you're buying health insurance for your family, go for a family floater as it will provide you with the most features at a lower cost.

5. Choose a Plan with Lifetime Renewability

   When purchasing a health plan, it’s important to examine how long it will cover you and whether it offers lifetime renewability or not. Why? Because you will be in need of a health plan as you become older. As a result, go for health policies that may 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 also very important because what would be the point of having health insurance if you can’t avail the facility of the same at the time of need.

   Not only it gives you the idea of how good your insurance company is with settling claims but also protects you from the unnecessary stress at the time of a medical emergency.

7. Check For the Hidden Clause

   Most health insurance policies have conditions such as Waiting periods, Co-pays and Sub-Limits. During the waiting periods, no claims will be admissible. This period might vary from 2-4 years. Therefore, it is always better to go with a plan that offers a lower waiting period.

   Whereas, in the co-pay clause, you need to pay the share of the claim from your pocket. Additionally, check for the sub-limit clause wherein the Insurance Companies apply a percentage to specific charges. Make sure you're aware of the percentage involved with your healthcare plan as well.

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

Health Insurance Companies

Summing It Up:

Before jumping to a conclusion, do your research thoroughly and check out the features you want your policy to cover. Consider your criteria, compare plans based on coverage provided and pricing, and do your homework to choose a plan that meets your needs.