Guide to Choose Health Insurance
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  • Family floater health plans
  • Broader coverage health insurance
How to Choose Health Insurance?
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How do I choose a health insurance plan in 2024?

Vikrant and his family lost their inheritance and all the property they had from their ancestors during the COVID pandemic. There is a chance that you also have seen tragedies during that time. Some of us have lost our loved ones, some of us have lost our health and the motivation to stand up again. After the end of the COVID-19 pandemic, there was suddenly a rise in the insurance sector. The reason? People got very conscious and concerned about their health and financial well-being.

The reasons might be countless and problems are never-ending. But what's the solution for it? The solution to your health worries lies in a perfect health insurance plan for you and your family. It will save your day and prevent you from any challenges that could come up due to uncertain mishaps in the future. But, there might be confusion about 'how do I choose a top health insurance plan', among most people. So, we are here to give you some important points to keep in mind while buying health insurance.

This article covers the meaning of health policy and the vital criteria to consider to decide which health insurance is the best to buy in India.

How to pick a health insurance plan for you and your family?

Buying a health insurance policy is not an easy task in itself. However, smartly exploring the specifics and policy terms of a plan can fulfil the task. Keep these pointers in mind before investing in any kind of health insurance policy for you and your family:

  • Sum insured
  • Affordability of premiums
  • Coverage benefits
  • Waiting period
  • Add-on riders
  • Claim settlement record of the insurer
  • Pre & post-hospitalization
  • Customization and ease
  • Pre-existing conditions
  • Co-pay & sub-limit clause
  • Cashless facility
  • Coverage against critical illness
  • Automatic restoration benefits
  • Maternity & newborn cover
  • Ambulance services

How to Select the best health insurance plan in India

Here's your answer to "How do I choose a health insurance plan". Below are some of the most important points to consider when buying one:

  • Sum insured

    A plan that has a high sum insured say more than 1 or 2 crore is considered an ideal health insurance to cover your health requirement, so choose it accordingly.
  • Additional riders

    Check if you can add benefit riders to your health insurance policy for extended medical support. In case your base policy is not sufficient after a point in time.
  • Flexibility to customize

    A plan must be customizable to be ideal which gives you the freedom to stretch on the sum insured, riders, add more family members, and even restoration benefits, payouts, and so on.
  • Waiting period

    An ideal health insurance policy must have a low waiting period as it makes sure you receive timely health support.The maximum waiting period for a pre-existing condition or special treatment should be less than or equal to 30 days and not more than that.
  • Claim settlement ratio

    A high claim settlement record of an insurer speaks much of the policy's worth as it enhances the chance of your claim to get accepted.
  • Lifetime renewability

    You need to be stress-free about renewing your policy every year, for which choosing health insurance with a long renewability period is suggested.
  • Cashless treatment facility

    You must go for the cashless treatment at networking hospitals of your insurer where you need not worry about daily medicare expenses.
  • Co-payment clause

    If you are capable of bearing a bare minimum of the total medical expense, choose a co-payment clause (usually 10-20%). However, getting a plan without co-payment is also suggested if you don't want to spend anything from your pocket.
  • Pre-existing conditions

    Pre-existing conditions can be one of the concerns in your future, so it would be a great idea to get a plan with this coverage. If your health insurance plan covers a pre-existing medical condition, be thoughtful of which of those should be covered in it.
  • Room rent limit

    Choosing a plan that covers most of the charges related to room rent capping and has minimum sub-limits. Also, check if the plan gives you the freedom to choose a room type.
  • Automatic restoration

    Going with a plan that fulfils the exhausted sum insured to ensure continued medical support is a big plus while buying a health insurance policy.
  • Ambulance services

    Check if your health plan covers road ambulance expenses, air ambulance or a special category of ambulance services that you may require in an emergency.
  • Critical illness coverage

    If any disease runs in your family's medical history, then pick a health plan that offers benefits for a particular critical illness that you need cover. Otherwise, it can become a challenge for you to manage the expenses related to its treatment.
  • Networking hospitals

    Having a good number of networking hospitals with health insurance providers is a mandate that you must check for. What if, you can't get your treatment done satisfactorily in case your insurer has no renowned hospitals under its network? So, always choose an insurer that has some of the best hospitals under its banner.
  • Comparing various plans

    Before investing in any health insurance policy, it's critical to take notes of how it can justify your expenditure. Today, money is a focal point of life, especially in the case of healthcare. Only after comparing several plans available in the market, and picking the best one out of all can get the job done. So, buying a plan after a mindful comparison should be the ultimate goal.

*(All these pointers mentioned above are just a few tips that you can consider while buying a policy. We understand that the need for health insurance varies from person to person. Coverage benefits are subject to the precision of your policy, your requirements and your insurer. So, you must consider your needs first.)

Connecting the Dots

These pointers are the tips based on which you can decide which health insurance suits your needs the best. It's important to know beforehand that a plan is adequately covering all the medical needs required by you or your family members.

Remember, these are only the basic requirements you should mark out. Create a checklist of your own that has pre-set boxes for your insurance requirements. Use this article as a reference point. For any further information about how to choose a health insurance plan, you can contact our customer support at PolicyX via phone or email.

How to Choose Health Insurance?: FAQ's

1. How do I choose the best health insurance policy?

The points you should check while buying health insurance are:

  • The amount of sum insured that covers your health needs
  • Coverage benefits that fulfill all your requirements
  • High claim settlement record of the company
  • Flexibility of adding up more benefits
  • Longer renewal years for your policy (say, 3 years)

2. Which health insurance plans in India have the highest sum insured?

Health insurance companies that provide high-sum insured health insurance plans are listed below:

  • Care Advantage- Up to 6 Cr.
  • HDFC ERGO: Optima Secure- Up to 2 Cr.
  • Care Global- Up to 2 Cr.
  • Star Health Assure- Up to 2 Cr.
  • Aditya Birla Activ Health Platinum Enhanced- Up to 2 Cr.
  • ManipalCigna Lifetime- Up to 2 Cr., etc.

3. Are there any challenges in buying health insurance in India?

No. Buying health insurance has nowadays become easy and convenient. Every health insurance company provides online health insurance which you can buy from their official website. You can also buy health insurance according to your suitability from PolicyX.com. The advantages that you get buying from us are proper consultation and continued guidance from our expert advisors among many others.

4. Is there a drawback if I do not choose a good health policy?

If you don't choose an appropriate health policy for yourself or your family, it may not provide the benefits that you might need coverage for in coming years. Also, the treatment cost may exceed your budgeted expenses or even your savings.

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Simran Nirala

Written By: Simran Nirala

Simran has an experience of 3 years in insurance content writing. She transitioned from hospitality to the insurance industry after her emerging interest in how vast insurance is. With her ability to write complex insurance concepts in a simple, relatable manner she keeps her audience hooked and solves their doubts smoothly.