Health insurance is one of the most important additions to your financial portfolio. With the rising medical costs in India, it is necessary to invest in best health insurance plan to protect yourself and your finances during unforeseen circumstances, such as accidental injury or diagnosis of a serious illness. Even though science has made leaps into the world of medicine, the cost of treatment is astronomically high that makes quality healthcare inaccessible to most people. However, with a robust health insurance plans in India, you will be able to get quick access to healthcare at a hospital of your choice.
But despite its many benefits, health insurance in India is often neglected and doesn’t come as a priority investment for many. Even though nobody anticipates falling sick, you must understand that health problems can happen to anyone at any time. Therefore, it is important to stay prepared for such contingencies. While you cannot plan to fall sick, you can certainly have a plan of action when you do.
There are a wide range of options available in the insurance market these days that allow you to choose the best health insurance policy as per your budget and needs. But before invest in a policy, it is important to keep the following factors in mind.
1. Choose the right coverage
When you are looking to invest in the best health insurance plan, it is important to choose the right coverage amount to ensure that all your medical needs will be covered under a single plan. You must look for a policy that offers you benefits, such as pre and post hospitalization, transportation, coverage for diseases due to family history, etc. If you are buying a health insurance plan for your family, make sure that it covers each and every family member adequately. You can use the online premium calculators to perform a thorough comparison of health insurance quotes to get an objective view.
2. Affordability
What good is the best health insurance plan if you cannot sustain for long term? That is the reason it is important to buy a health plan that meets your needs and suits your budget as well. Budget is an important factor when you are looking to invest in a health insurance. The key is to find the right balance between plan benefits and costs. At the end of the day, you shouldn’t have to compromise on either in order to get a comprehensive insurance. A good health plan is the one that covers everyone properly without burning a hole in your pocket. With time, you can review your plan and enhance coverage as per your needs, rise in income as well as responsibilities.
3. Know about plan types
Health insurance in India is available in individual plans and family plans. If you are single without any dependents or responsibilities, you can choose an individual health plan. But if you have dependents and a larger family, then you must opt for a family floater plan that covers everyone in the same policy.
4. Lifetime renewability
You need your health insurance mostly at a later stage in your life. That is why you must choose a plan that gives you an option of lifetime renewability.
5. Compare quotes online
You can compare health insurance quotes online to choose the one that gives you optimal benefit at the lowest premium. By comparing quotes, you will be able to narrow down your choices to policies that cater to all your needs. You can also ‘request for quote,’ an option that takes in all your information and calculates the estimated premium based on all the data you entered.
6. List of network hospitals
Once you have a list of potential plans, you can check whether these health insurance policies have your preferred hospital in their list of network hospitals. This is an important consideration because it gives you access to cashless treatment if you seek treatment in one of these hospitals.
7. High claim settlement ratio
The claim settlement ratio is a figure that indicates number of claims settled by the insurer against the total claims raised in a year. You must always choose an insurance provider who has high claim settlement ratio.
You can use the above mentioned tips to choose the best health insurance plan that comes with loads of benefits. Since this is a crucial investment, you must keep all these points in mind and make sure you have thoroughly researched all your options before investing. Don’t hesitate to seek professional help if you find the process of selection complicated.
