7 Helpful Tips to Select the Best Health Insurance Plan

Health insurance is unquestionably one of the most essential insurance policies to have given rise to health issues occurring at a young age in the contemporary environment. Additionally, excessive medical care expenditures stress the need for health insurance plan.

But unfortunately, because it offers only rewards if you become ill, health insurance is India’s most underutilized type of insurance. Nobody likes to get sick, but you must realize that health issues are unavoidable. As a result, it is crucial to be prepared for a health issue’s financial effects. You cannot plan for illness but remain financially prepared for the worst-case scenario.

Applicability of Health Insurance Plans in India 

Health insurance plans in India are beneficial for individuals and families to protect themselves against the affordability of expensive medical care. It covers various health treatments like hospitalization, surgical procedures, medical emergencies, and more. Health insurance plans also cover preventive care services, which are becoming increasingly popular in India.

Health insurance plans apply to both employees and self-employed individuals. Employers give health insurance to their employees as part of their employee benefits package, while self-employed individuals can purchase health insurance themselves. Health insurance plans are also available for senior citizens, who can opt for plans that cover age-related health concerns.

Thus, health insurance plans in India apply to all individuals and families who want to protect themselves against the financial burden of expensive medical care. It is one of the best ways to ensure access to quality medical care and maintain financial stability in unexpected medical emergencies.

7 Guidelines to assist you in Selecting the Best Health Insurance Plan

In India, various health plans are offered, including senior citizen health insurance, family floaters, and individual policies. Therefore, you must first determine your needs before buying a health plan. The following steps help you on how to find the best health insurance.

• Find the appropriate coverage

Choose a health plan that gives benefits  like pre- and post-hospitalization, transportation,childcare costs, coverage for diseases you may be more susceptible to rooted on your family’s medical history, and protects you against various medical issues. When buying health insurance for your family, be sure to consider the needs of each individual. To choose a plan that satisfies your criteria, consider your needs, evaluate the plans’ advantages and costs, and exercise some due research.

• Maintain the price low

In addition to choosing a health insurance plan that satisfies your demands, it must also fit within your budget. When purchasing health insurance, the budget is an essential factor. But before considering the plan’s cost, you should consider its benefits. To guarantee that you are appropriately insured and that the rates are reasonable, purchasing a reasonably-cost health insurance plan at the outset is a great choice. With changing income, family size, and needs, you can review your project and extend coverage as necessary.

• Choose family health policies over individual ones

Individual plans are beneficial for those who do not support a family. To receive the most significant advantages at a more reasonable cost, consider a family health plan if you purchase health insurance with your family in mind.

• Decide on a lifetime renewable plan

It is essential to ask how long the project will cover you when you bought a health plan and whether it claims restricted renewability. Why? Thus your need for a health plan will be most excellent as you age. Therefore, choose health insurance that may be resumed indefinitely.

• Compare quotes online

You can differentiate health insurance policies online to assure you purchase a health plan that meets your necessities. You can even ask a quote online, which demands entering your information and receiving a projected premium for your insurance. Choose the finest quotes, compare them, and make a selection.

• Hospital network coverage

Check to see if your favorite hospitals and medical professionals are part of the hospital network of the health plans you’ve chosen. Always choose an insurance company with an extensive wide hospitals network. You can choose from 5,000+ network hospitals with IFFCO-Tokyo to award rapid, convenient, and cashless claims settlement!

• A high rate of claim settlement

The claim settlement ratio is the percentage of claims settled by the insurance company compared to all claims awarded. Always pick an insurer with a high proportion of claims paid. We at IFFCO-Tokyo have resolved 8.61 lakh claims in FY2019 for a claim settlement percentage of 92.6 percent. You are in good hands with us.

Use these suggestions to maximize your benefits when looking for the best health insurance. Make the most of this investment that you are making to secure yourself from the financial burden of excessive healthcare expenditures.

Also Read: What Happens If I Don’t Pay the Health Insurance Premium? Click Here!

Other Essential Covers to Check 

In India, not all health insurance plans provide the same level of coverage. To keep the project cost low, some insurance firms omit certain aspects. However, this could backfire in the long run. As a result, when selecting a medical insurance policy, it is critical to consider the following factors:

• Ambulance fees

Getting emergency transportation to the hospital is critical. However, it can also be rather costly! Given this, the finest health insurance in India will always cover ambulance costs. It ensures that, in an emergency, you can receive rapid assistance without having to worry about expenses.

• Day Care Procedures

Not all medical situations necessitate overnight hospitalization. Various expensive healthcare procedures need fewer than 24 hours of hospitalization. The best health insurance plan in our country will involve more of these operations. In this regard, our policies cover operations lasting more than 160 days. 

• Vaccination and health check-up costs

It is critical to get health insurance in India that covers these expenses. Our plans not only cover vaccination fees but also healthcare costs!

• Daily Allowance

Hospitalization can result in income loss. In this instance, miscellaneous expenses might quickly add up! Given this, India’s finest health insurance plans will include a daily allowance for the number of days you are hospitalized. It will help you better manage your finances! Our family health insurance plans provide daily allowances of up to Rs 1,000 per day!

Remember Add-ons!

It is another crucial consideration when selecting a health insurance plan in India. Add-ons are optional extras that broaden your policy’s protection to meet your coverage needs better. The following are some of the more frequent add-ons from which to choose:

Critical illness insurance is one of the most essential health insurance add-ons. It provides additional peace of mind regarding the financial impact of life-threatening conditions such as cancer, stroke, heart disease, etc. So, if you’re looking for the best health insurance plan in India, ensure it has this benefit.

Also Read:  Concept of Deductible and Co-Payment Insurance under Insurance Click Here!

Which Insurance Plan is best for me?

India has a wide range of health insurance plans available designed to meet the needs of individuals and families at different price points. To find the best health insurance plan, consider age, health status, budget, and coverage needs. Here is a look at some of India’s best health insurance plans and explain their features to analyze the better option.

ICICI Pru iProtect Smart (CIBIL Score-Based Health Insurance Plan)

This plan offers comprehensive coverage for critical illnesses and hospitalization, with additional benefits such as annual health check-ups and a health bonus. It is an affordable plan with a flexible premium payment option and a high claim settlement ratio.

MediBuddy Comprehensive Family Health Plan

This plan offers comprehensive coverage for hospital expenses, critical illnesses, and preventive health check-ups. It has an extensive network of hospitals and clinics and covers pre-existing conditions after waiting.

SBI Health Insurance Plan

This plan offers comprehensive coverage for hospitalization, critical illnesses, and daycare procedures. It has a network of over 1,200 hospitals and a cashless claim settlement process.

HDFC Ergo Health Suraksha Plan 

This plan offers comprehensive coverage for critical illnesses, hospitalization, and daycare procedures. It has a network of over 22,000 hospitals and clinics and covers pre-existing conditions after a waiting period.

These are just a few examples of India’s many health insurance plans. It is essential to compare programs based on your proper needs and budget to select the best one for yourself. Additionally, it is always best to consult with a licensed insurance advisor or broker to ensure that you are making an informed decision.

Also, Read ‘How to maximize your tax saving by choosing the right insurance policy for yourself & family?’ Click Here!

A Brief Reference Guide on Purchasing Health Insurance

• First, get a basic indemnity policy. Other plans, such as critical sickness and disease-specific, can provide additional protection.
• Carefully read the policy’s inclusions and exclusions.
• Check the specific expense restrictions for different categories, such as hospital room rent, doctor’s fees, and so on, to discover what is covered.
• Determine whether any treatment-specific caps limit the amount you can ask for specific treatments, such as those for pre-existing conditions.
• Examine the plan’s portability or whether the policy allows you to switch providers without losing continuity benefits.
• As you get older or have more dependents, you may need to increase your sum assured.
• Most crucial, purchase insurance as soon as possible to take advantage of affordable costs.
• With these considerations in mind, you should be able to enjoy 5-star comfort during your hospitalization while only paying the rates of a cheap hotel. Get that plan together straight away.

EndNote

In summary, choosing the best health insurance plan is a crucial decision. To make an informed decision, it is essential to consider your unique needs and budget. Understanding the plan features and benefits, the deductible, co-insurance, and the out-of-pocket maximum are imperative. It is also crucial to get quotes from multiple insurers and compare them based on cost, coverage, and quality of care. Additionally, seeking professional advice from a licensed insurance advisor or a financial advisor can help you select the best plan that fits your needs. By taking these steps, you can make an intelligent choice and protect yourself and your loved ones from the financial issues of unexpected medical expenses.