How To Find the Best Health Insurance Policy?

Everyone wants to purchase the best health insurance plan for themselves and their loved ones. After all, with the rising cost of medical treatments and surgeries, a sudden medical crisis can put a big financial burden on your whole family. With a good medical insurance policy, you can get financial aid to receive the best treatment from the best hospitals in India.

However, you shouldn’t just buy any health plan you put your sights on. You need to understand your unique medical needs, set a proper budget, and evaluate the terms and benefits of different medical plans to select the best health insurance policy. In this article, we will share a few tips that will help you choose the right health plan for yourself and your family. So, let’s dig in.

1) Make Sure That the Policy Meets Your Needs:

Before you pick a health insurance policy, you need to evaluate what you are looking to receive from the insurance coverage in the case of an emergency. In most cases, your insurance policy should cover a wide range of ailments and medical complications. It should also provide you with benefits, such as daycare expenses, pre and post-hospitalization, transportation, and protection against diseases that you may suffer from because of your medical history. If you are planning to get a medical insurance policy for your whole family, make sure that it meets the medical requirements of your family members. In short, evaluate your medical requirements and check the insurance terms carefully to choose the best health insurance plan.

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2) Keep It within Your Budget:

While it’s necessary to ensure that the medical insurance meets your requirements, you cannot ignore the total cost of the policy. Although getting a plan with maximum benefit is important, it should never put you under an irreversible financial burden. Therefore, we suggest you evaluate your financial condition and set a budget to purchase an insurance policy. After that, browse different health insurance plans (Policies that fit within your set budget) to see which policy satisfies your medical needs. This is the best way to find an affordable medical insurance plan that provides you with the best benefits.

3) Find a Plan with Lifetime Renewability:

You should always check for how many years a medical insurance plan will cover you and whether it offers a high renewal period. You will need the assistance of a health plan during the later stages of your life. And plans with a high renewal period will cover your medical cost during your old age. That’s why you should always pick an insurance plan that offers lifetime renewability or at least offers a high renewal period.

4) Go for Family Over Individual Insurance Plans:

Individual health insurance plans are good for you only if you have no other family members to support. But if you have a family, purchasing individual medical insurance plans for all family members will cost you way more than buying a family health plan.

5) Check the Quotes Online:

Most insurance companies list their insurance plans, their benefits, and the total cost of purchasing these policies on their website. You can also request a quote from their website, and they will call or text you back according to your schedule to discuss the terms and the cost of the health plans. Contact the companies and compare their quotes to find the best health insurance plans in India.

6) Choose an Insurer with a High Claim Settlement Ratio:

You should purchase your health plan from an insurer that has a high claim settlement ratio. Companies with a high claim settlement ratio have a great track record of providing financial assistance without any hassle when the policyholder makes an insurance claim. 

All the best insurance companies in India have a claim settlement ratio of over 92 percent. And you should not settle for less. Get your health plan from an insurer with a high claim settlement ratio, and you will never have to worry about getting immediate financial assistance in case of a medical emergency.

7) Check the Hospital Network:

Once you sort out a few suitable health insurance plans, you should check if your preferred hospitals and doctors are included in the hospital network of the insurance company. Always pick an insurance company that has a large network of hospitals.

Why?

Because if you have a medical emergency, going to a hospital affiliated with the insurance provider will allow you to claim the insurance immediately to get a cashless claim settlement. This way, you can get the treatment quickly and don’t have to waste arranging treatment money.

8) Other Important Health Insurance Features to Watch Out for:

Not every medical insurance policy provides you with the same amount of benefits and coverage. Some even choose to skip necessary benefits such as ambulance charges and daycare procedures to reduce the insurance premium. Buying such health insurance plans will only come to bite you back during medical complications.

Here are some of the important features that your medical insurance policy should have:

  • Ambulance Charges: It’s absolutely necessary to have emergency transportation to reach the hospital quickly during a medical crisis. However, ambulance charges can be quite expensive in India. Make sure your medical insurance plan covers ambulance charges, so you can reach the hospital without any hassle.
  • Daycare Procedures: Not all medical complications require you to stay in the hospital overnight. There are multiple treatment procedures that need less than a day to perform. But they can still be quite costly. Your insurance plan should cover a large number of these procedures.
  • Health Check-up and Vaccination Charges: Every best health insurance policy in India covers health check-up fees and vaccination charges. And your health plan should cover them too.

Conclusion:

Health insurance is one of the most important investments you will ever make. It can literally save your life by providing you with proper financial aid if you ever suffer from an accident or a medical emergency. Use the tips that we have mentioned in this guide to secure the best medical insurance policy at an affordable cost.

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