How To Choose The Best Health Insurance

How To Choose The Best Health Insurance – Even the healthiest of us can get sick. You can’t plan for your illness, but you can always prepare financially for such unexpected events. Due to the increase in illnesses and medical expenses, health insurance has become a true necessity. Reports show that more than 930 million people spend around 10% of their total income on healthcare [1]. But Indians pay more out of pocket for their medical needs than anywhere else in the world! To reduce financial stress, a health insurance policy is essential.

There are 33 health insurance companies offering various health plans in India [2]. With so many types of health insurance policies available, choosing the one that best suits your needs can seem like a challenge. Here are 12 things to consider to choose the right health plan for you and your family.

How To Choose The Best Health Insurance

How To Choose The Best Health Insurance

Planning and budgeting are essential for financial stability. When shopping for health insurance, choose premiums that fit your budget. However, do not compromise on the total benefits and cost of insurance. Consider your financial and health needs accordingly to choose the best health insurance plan. You can start with affordable health coverage and gradually increase it as you earn more and grow older.

How To Choose The Best Health Insurance Plan

You can choose individual health insurance plans if your family already has insurance or does not need insurance. But choosing a family floater plan instead of an individual health plan is better to cover the entire family. You get your husband, dependent children and even parents. The premium paid for family health plans is much cheaper compared to purchasing an individual health policy for each family member.

Your health insurance is usually most useful in the later years of your life. Therefore, when looking for a health insurance plan, choose a policy that offers a longer term. It is always better to choose a health insurance policy that provides life insurance. This way, you will have medical insurance that will cover your medical expenses at all times.

Buy health insurance that provides financial protection against various health problems and diseases. It should include pre-hospital, post-hospital expenses and hospital coverage. Check if the health plan covers childcare, room rental, ambulance fees, pre-existing conditions or risky illnesses. Also, choose the sum insured based on the medical expenses of the diseases you may be prone to.

Health insurers are associated with hospitals. These are known as network hospitals. If you receive treatment at any hospital that has a national network, you can receive a non-cash payment. Non-cash claims do not require you to pay out of pocket since the health insurance pays the bill directly with the network hospital. This can be a big advantage, so choose an insurance company with a large number of such partners.

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Health insurance with many features does not mean it is worth buying. You may not receive claim benefits due to the low claim payment rate. This is the number of claims the insurer pays out in a financial year. The higher the payout ratio, the more likely you are to benefit from coverage.

Every health policy has a waiting period before covering pre-existing conditions. This usually takes between two and four years. It is very interesting to choose a health plan with a minimum waiting time. This way, you can start enjoying the benefits of the area immediately. Also, check if the pre-existing conditions that you or your family members have are covered under this plan.

You are not doing yourself justice if you do not compare health policies before purchasing. Don’t choose a health plan just because it looks good or because your agent or friend recommends it. There are many companies offering health insurance plans in India. Take the time to know your needs and finalize the best policy. Digitally, comparing health insurance policies online has become easier and more convenient. This way you can make an informed decision. Some things to check in the insurance policy process. Choose a simple process and a company with good customer service.

How To Choose The Best Health Insurance

Long bureaucratic procedures and long queues are a thing of the past. Many major health insurance companies have improved their services. Nowadays, taking out health insurance has become a matter of minutes. You can take out a health policy from the comfort of your home by checking all the relevant details online.

Choose The Best Health Insurance Plan

Be careful to know what is excluded from health insurance instead of finding out later. Make sure you read the fine print and understand the terms and conditions before signing the policy. Also check the reliability of the warranty. You can read online reviews and do some research on the company. There are many health insurance policies available in the market and Ayushman Health Account is one of them provided by the government.

Make sure you buy the right health insurance policy that provides high coverage for your entire family and has the highest payout rate. Explore the complete health solutions offered by Bajaj Finserv Health. These plans provide medical coverage of up to Rs 10 lakh for you and your family. You don’t need a medical exam to purchase these plans and there are no hidden fees. Purchase this plan and enjoy preventive health checkups, pre- and post-hospitalization coverage, in-network discounts, and more.

Please note that this article is for informational purposes only and Bajaj Finserv Health Limited (“BFHL”) takes no responsibility for the opinions/advice/information expressed/provided by the author/reviewer/producer. This article should not be taken as a substitute for any medical advice, diagnosis or treatment. Always consult a trusted doctor/qualified healthcare professional to evaluate your medical condition. The above article has been reviewed by a qualified doctor and BFHL is not responsible for any damage to the information or services provided by third parties.

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On the other hand, something serious like heart treatment can cost between Rs 3,000,000 and Rs 5,000,000, depending on the hospital and city.

With the increasing medical expenses and burden of diseases, it is very important that you purchase the best health insurance plan for all members of your family.

How To Choose The Best Health Insurance

In India we have more than 25 companies offering health insurance policies, but the biggest problem is the problem with these policies.

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In such a case, it is very important to understand the need to choose the right system.

To choose the right company and the right plan, you need to do some research and know the background of the company, hospital network, decision-making process, company management, claim settlement rate, etc.

Additionally, you should choose your health insurance with a general insurance company rather than a company that provides general and life insurance.

The reason why the cost of health insurance provided by life insurance companies is higher than that of general insurance companies.

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The company is assumed to have fixed the room rent at 1% of the guaranteed cost or Rs 3,000 per day (whichever is higher).

If your parents belong to the senior category, choose a separate citizen policy for your parents.

Basically, the cost of a family float is decided based on the oldest member of the family and if you have taken out your insurance with your parents, who are elderly, your cost will increase significantly.

How To Choose The Best Health Insurance

Generally, people living in Tier 1 cities must have a household capital of Rs 10,000,000 or more, while those living in Tier 2 cities must have a minimum coverage of Rs 5,000,000.

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People, in general, have a tendency to focus more on money but it should be given less importance.

Choosing a health insurance plan that offers all the benefits but has a slightly higher cost is a better idea than focusing on costs independently.

Most general insurance companies offer health policies with renewal ages up to 75 or 80 years.

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