Considering the astronomical medical cost and the increase in the episodes of health problems at an early age, buying a comprehensive Health Insurance plan is vital. Health Insurance not only offers value for money, but also provides peace of mind.
Further, it is important to get a Health Insurance plan that offers enough coverage in your budget. Read ahead to learn the tips to find the best Health Insurance plans in India and how to make insurance premiums affordable.
Tips to Find the Best Health Insurance Plans in India
Consider the following things before shortlisting the right Health Insurance plan for yourself or family:
- Select a plan that offers comprehensive coverage and meets all your needs. Besides covering a range of medical problems, it should include pre- and post-hospitalisation or daycare expenses.
- In addition, you can look for plans that offer enhanced coverage in the form of riders or add-ons like critical illness riders. In order to learn about the coverage offered, meticulously scan policy documents.
- Budget is also an important aspect that must be paid attention to while buying Health Insurance. You can get a reasonably priced health cover if you buy insurance at a younger age.
- Notably, any expense exceeding the sum insured will be paid out of the policyholder’s pocket. That’s why experts suggest that the sum insured must be at least 50% of your annual income. Also, it is suggested to review and increase health coverage at every stage of your life.
- If you have dependents, then you must consider buying family health plans over individual ones. This decision will help you enjoy maximum benefits at an affordable price.
- Look for flexibility to add members in the future. This saves you the cost of getting a separate policy for any new member like a spouse or newborn in the family.
- Check if your shortlisted plan has any waiting period clause. Many Health Insurance policies feature a 0-2-year waiting period when it comes to covering maternity, pre-existing diseases, or specific health conditions. It is to be noted that any claim made during the waiting period is not processed by the insurer.
- Go for Health Insurance with a low or no co-payment clause. However, the co-payment clause reduces your premium as a part of the claim is borne by you.
- Lifetime renewability is one of the essential factors to consider when listing the best Health Insurance plans in India. This provision allows you the freedom to get your policy renewed over and again and saves you from the hassle of buying separate policies in the later years of life when Health Insurance is needed the most.
- Always check the list of network hospitals, whether it has your preferred hospitals and doctors or not. This will help you avail the benefit of claiming cashless.
- It also is important to pay attention to any sub-limits or restrictions on room rent.
- Go for an insurer with a high claim settlement ratio (CSR), which means the number of claims settled against the total received claims.
- Insurers, like ACKO, let you compare different policies using online calculators, which take into account various parameters like sum insured, add-ons, premium quotes and benefits. This helps you make the right decision.
How to Save Money on Health Insurance Premiums?
Here are some tips to make Health Insurance premiums affordable:
- Buy Health Insurance early in life as the premiums are lower for younger people who fall in the low-risk category.
- Choose a plan that ensures enough coverage, including OPD expenses and doctor consultation fees
- Get a low-sum-insured plan offering good coverage.
- Make use of wellness benefits like discounts on health check-ups offered by insurers for maintaining a healthy lifestyle.
- Avail tax rebate on Health Insurance premiums.
- When it comes to comparing health insurance, it’s essential to evaluate different plans to find the right policy for your needs.
Conclusion
In order to find the best Health Insurance plans in India, it is important to first determine your requirements and then compare policies. While comparing Health Insurance plans, you must consider network hospitals, claim settlement ratio, sum insured and coverage involved. Also, you can compare premiums using online calculators like the one provided by ACKO (a reputable insurer) to get the maximum coverage in your budget.
