Life is precious and we all take immense care to maintain a healthy body and mind. From eating healthy to regular exercising, we do everything we can to ensure good health, not only for us, but also for the sake of our loved ones. However, the unpredictable nature of life often leads to situations that can lead to severe illnesses, and even untimely death.
Now, health insurance policies are increasingly becoming even more popular, thanks to the efficiency and effectiveness in providing financial protection in times of need. Although there are scores of health insurance plans available in India, not all of them can be considered to be best-suited for you. Every individual health insurance policy has different criteria to be eligible to buy it, and the benefits each offer may also vary vastly.
However, there is no need to worry as our insurance experts have enlisted the important aspects to look for in any potential insurance policy and the tips to help you buy the best health insurance policies in India.
Why should I buy Health Insurance Policies?
These are the 6 simple reasons to convince you to buy health insurance policies in India:
- Security against unforeseen expenses for medical treatments
- Aids in bearing expensive medical and hospital costs
- Low premium with higher returns for better efficiency
- Provides optimal cover for your health and medical expenses
- Protects you, and your family, against financial stress from hospitalization expenses
- Provides swift claim-settlement for immediate financial aid in case of emergencies
How do I buy the best Health Insurance Policies in India?
Before choosing or selecting any potential list of candidates for the companies you can buy health insurance policies from, here are a few important things to consider first:
Things to consider before buying Health Insurance Policies
Keep in mind these important factors that will make it easier to select the best provider of health insurance policies in India:
- What is the premium cost?
- Do they provide NCB (No Claim Bonus)?
- What is the waiting period for serving pre-existing medical conditions?
- Is there an option available to make co-payments?
- Is there a specific waiting period for certain medical conditions?
- How good is the insurance provider’s claim-settlement ratio?
- What is the maximum age required for renewing insurance policy?
- Are there any options for add-ons to cover critical illnesses?
- Which network of hospitals is covered under the insurance policy?
Tips to decide the best Health Insurance Policies
Once you have considered the above-given points then you should have a short-list of insurance providers that offer health insurance policies which are at par with your requirements.
Next, you need to ask yourself these 8 questions and the answers will help you to determine the best-suited Mediclaim policy provider for you:
1 Is the Coverage Amount sufficient?
Make sure to choose the Mediclaim policy which offers you the best returns on your premium amount. Ensure to keep in mind the rate of medical inflation and increasing expenses of healthcare before determining the most suitable insurance policy for you.
2 How much Sum Assured you require?
It is important to determine the specific amount of Sum Assured you would require. This can be decided by considering your age and your marital status easily. The risk factor begins to increase in proportion to your age, hence when you buy health insurance policies at a young age, the premium amount is more affordable. Also you have better chances of acquiring add-ons and other benefits at a younger age which at an old age you may not be able to avail.
3 Is there a Family Floater Plan available?
Health insurance is not just good enough if you are the only one getting covered under it. An ideal Mediclaim policy should be able to provide a coverage to your family along with your individual insurance policy. A family floater health insurance plan is an excellent way to cover your loved ones with the protective insurance blanket, without having to buy individual policies for each member of your family.
4 What is the maximum age at which the insurance policy can be renewed?
Although you may not feel the need to buy health insurance policies when you are considerably young, the need is certainly felt as you grow older. This is because advancing age tends to develop medical ailments and other conditions that may require regular or expensive treatment. Hence, any Mediclaim policy which offers you insurance cover till the age of 75-80 years is considered a better choice.
5 What is the minimum waiting period for pre-existing medical conditions?
There are specific terms and conditions that determine the eligibility and benefits of each health insurance policies. This holds especially true when it comes to covering pre-existing medical conditions. Pre-existing conditions are those medical disorders/ailments that you already are suffering from before buying the insurance policy. Normally, the insurance provider requires the policyholder with certain pre-existing conditions to wait for a certain amount of time before providing insurance cover to treat the pre-existing medical condition. Mostly, this waiting period can vary between 2 years and 4 years although there are some insurance plans that require lesser waiting time to cover pre-existing medical conditions, especially the Mediclaim policy.
6 What is the Ratio of Claim-Settlement of the Insurance Provider?
The number of claims settled by the insurance provider against the number of total claims received from policyholders determines the claim-settlement ratio. Always choose the insurance provider with the higher claim-settlement ratio since it ensures that your insurance claim will likely be accepted and settled at a faster pace. It is important to attach all relevant documents for a successful claim settlement when applying for an insurance claim.
7 What are the Sub-Limits of the Insurance Policy?
Leading insurance companies, such as Bajaj Allianz in India, offer higher limit on the sum assured provided to cover regular medical or hospital expenses, such as the rent of hospital room, daily drug expenses, etc. The reliable insurance provider always offers a higher slab to cover regular healthcare expenses efficiently.
8 Is the Rate of Premium affordable?
Last, but not the least, you need to consider the premium cost for all potential insurance providers from whom you consider buying the medical insurance from. Carefully consider the cost-effectiveness of each premium from the individual insurance provider, based on factors such as total benefits provided, the features of the Mediclaim policy, the amount of returns, etc.