Upgrade to the Best Health Insurance Plan: Here’s What to Do
Health insurance is a policy under which the insurer provides coverage against any medical expenses sustained by the policyholder.
Health insurance has become a necessity of the modern world. With so many diseases and accidents happening every day, it is a very difficult task for an individual to bear the high medical expenses. So, how to choose the best health insurance plan for your loved ones? The first thing you should know is the types of health insurance and what benefits does it provide?
Types of Health Insurance:
Individual health insurance: As the name suggests, it provides coverage for a single person with various benefits such as cashless hospitalization, pre, and post-hospitalization expenses, annual health check-ups, etc.
Senior Citizen health insurance: This provides coverage for people over 60 years of age. It provides all the benefits of individual health insurance with things such as day-care treatment, OPD expenses, etc. As the chances of having health-related issues increase with age, senior citizen’s insurance premium is higher than others.
Family Health Insurance: These types of insurance provide coverage for the entire family in a single policy. A single or multiple members of the family can claim against medical expenses, one or more times during the policy period.
Critical Illness Insurance: Critical insurance covers cancer, strokes, heart problems, etc. The insurance companies provide a lump sum amount for the treatment against the critical illness he/she is covered for.
Maternity Health Insurance: It provides coverage against all the maternity expenses, including hospitalization, delivery of the child, both normal and cesarean, ambulance charges, etc.
Now, that you know about various types of health insurances, you need to know, what things must be taken into account to choose the best medical insurance in India:
Sum Insured: The medical expenses can arise unexpectedly in case of an emergency. So, choose a policy that provides adequate coverage amount for you and your family.
Coverage type: Different insurance plans provide different coverage types as you have read above. A younger family should go for a family floater plan while a person with a critical illness should opt for a critical illness coverage plan.
Renewal Age: You should always check the maximum renewal age for a particular policy while buying it. Some policies provide a maximum renewal age of up to 65 years, while some provide lifelong renewal.
Waiting Period: The waiting period in case of pre-existing illness should always be considered. Some insurers have a waiting period of up to 2 years, but some policies provide a lesser waiting period than that.
The reputation of the insurer: The insurance company should have a good network of hospitals, provide cashless hospitalization, should have a smooth claim process. It should also have a high claim settlement ratio (CSR).
To choose the best health insurance plans in India, the points above should always be considered. Remember, the best policy is the one that provides you better coverage at a reasonable premium.