Want to Compare Health Insurance? Check these factors to choose what's best for you

Health insurance is a medical insurance policy that offers financial coverage for medical expenses when the policyholder falls ill or meets an accident which leads to hospitalization. Health insurance companies provide the insured with the facility of cashless hospitalisation at a network hospital or provide reimbursement for the incurred expenses. Generally, insurance companies have tie-ups with leading hospitals so as to provide cashless treatment to the insured. In case the insurance company has no tie-ups, they reimburse the cost of expenses incurred. Apart from private companies, the government also promotes health insurance. Furthermore, health insurance cost is subsidized for the insured in the form of tax exemption under section 80D of the Income Tax Act, 1961.

Now that we know the importance of health insurances we also need to compare health insurance plans in order to choose the best one to meet our healthcare needs. As there are a lot of firms selling health insurance policies in India, selecting one can become a really tedious task. Apart from various plans to choose from, the policy wordings that the health insurance selling firms use add to the confusion. Given below are some of the points that will help people compare various health insurance plans and choose the best health insurance policy. 

     Efficiency of the claim process 

The simpler the claim process and faster the settlement of the claims, the better it is for the insured. Because when a person is in an emergency and has been hospitalised he will not be in a state where he can fight the insurer if the claim has been rejected without proper justification. Therefore these are two major factors one must keep in mind while selecting a health insurance policy. The person should also ensure that the insurance company offers good customer support.

     Selecting the right insurance amount 

Choosing the right amount as the sum insured is one of the most important points one must keep in mind while choosing a health insurance plan. Sum assured is the maximum amount we get as coverage in a policy year. It is the basis of all our claims. Before we select our sum assured, we should always keep in mind the rising costs of hospitalisation and treatment. If the person is from a small city then the aim of cover should at least be ranging from Rs.3 to 5 lakh whereas if the person is living in a metropolitancity then the cover should not fall anywhere less than Rs.5 to 10 lakh. The person should also put into account his age, as younger the age of the person lower the sum insured he needs.

        Health insurance for family 

When a person is thinking of buying a health insurance policy for his family he should keep in mind the family members and their ages. Before buying a health insurance plan one must consider the present ailments of his family members and also check on the family’s medical history.

       Maternity benefits   

           Now that all medical expenses have increased and pregnancy costs have also taken a high, it is important, especially for a woman that she buys a health insurance policy that offers maternity benefits as well. And for maternity benefits, one should also check the waiting period applicable for claiming maternity expenses and consider the sub-limit.

     Pre/Post hospitalisation charges 

         Before a person is hospitalised he has to visit the doctor, buy medicines and undergo various tests. And in the same way after hospitalisation and treatments, there are expenses which include follow up with the doctor, medicines and again various tests. These pre and post hospitalisation charges are also quite huge. So, while selecting on a plan one should also keep in mind that he chooses a health insurance policy that has these aspects.

     Network hospitals 

 This is also an important factor to consider if the person travels or shifts to other cities. At the time of a medical emergency or hospitalisation, the hospitals in the network offer a cashless option where the insurer settles the medical bills directly with the hospitals. Therefore, one should always go for insurers that have a higher number of network hospitals.

     Free medical check-up 

One should also look for health insurance policies that provide the policyholders with free medical check-ups. However, this does not affect the premium when thee policies undergo renewal.

     Lifetime renewal 

 Lastly, one must also look for health policies that offer lifetime renewability because there is always a higher chance to suffer from diseases when one is old compared to when one is young. Therefore, one should always go for a health insurance plan that provides them with this facility.

After considering the above points the person planning to buy a health insurance policy should ideally start by comparing plans from two or three preferred insurers. And one should also consider the inclusions and exclusions of the most basic plan being offered by them. The decisions should not be based only on the basis of the premiums, instead one should prefer simple plans with fewer conditions and restrictions. It is important because every member of the family, irrespective of their age need health insurance policies to cover the unforeseen medical emergencies that may arise anytime in the future.
Want to Compare Health Insurance? Check these factors to choose what's best for you Want to Compare Health Insurance? Check these factors to choose what's best for you Reviewed by Pravesh Kumar Maurya on October 04, 2019 Rating: 5

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