Health insurance is no longer a luxury, it’s a necessity. With rising medical inflation and an alarming increase in health data that one in every two individuals has a lifestyle disorder so now investing in the right health insurance plan is crucial. So, getting health insurance at an early stage is what helps in case of unexpected medical emergencies.
In India, numerous health insurance companies offer a wide variety of plans, making it challenging to select the right one. To choose the best health insurance plan in India, it’s important to evaluate key factors such as coverage benefits, network hospital list, claim settlement ratio, waiting periods, co-pay terms, and customer service quality. A well-informed decision today can save you lakhs in the future and offer peace of mind during critical times.
Read: Top health insurance companies in India
Here is how you can choose best health plan in India
1. Make sure it's affordable
First and foremost it is important to buy a health insurance plan that suits your budget and matches your needs. Affordability is an important factor to consider while purchasing health insurance.
A great way to begin is to buy a health cover which offers reasonable coverage at affordable premiums. With time, you can upgrade your plan and increase coverage with the increase in income, family size, and requirements.
2. Choose the coverage
If you have more members in your family say dependent parents, spouse and children it is advisable to sign up for family floater plans rather than a Individual health insurance plan. Choose the best health plan that protects you against a wide range of illnesses and offers benefits like pre and post hospitalization, daycare expenses, road ambulance expense, etc. Also, opt for a plan considering other factors such as your family members’ medical history.
3. Choose your sum insured
Healthcare is getting expensive every year. That’s why it’s smart to choose a health insurance plan that gives you enough coverage and a high sum insured. This means your plan should help you pay for big treatments if you fall sick.
For example, an organ transplant can cost around ₹6 lakhs. For a middle-class family, that’s a huge amount. But if your plan covers it well, you won’t have to pay much from your own pocket. It also gives you peace of mind during tough times.
4. Check waiting period for pre-existing diseases
Every health insurance plan has its own rules about waiting periods for pre-existing diseases. This means if you already have a health condition before buying the policy, you’ll need to wait for a certain time before you can make a claim for its treatment. The waiting period usually ranges from 1 to 4 years depending on the insurer. So, it’s better to choose a plan with a shorter waiting period if you have pre- existing diseases.
Also, mediclaim policies may have shorter waiting periods, but they don’t offer as wide coverage as regular health insurance plans
Also read: Difference between a mediclaim policy and health insurance
5. Check for policy renewal age limit
Before buying a health insurance plan, check how long it will cover you. Some plans only let you renew the policy until the age of 65, while others offer lifetime renewability. Renewing your policy is very important, especially as you grow older and may need more medical care. So, choose a plan that fits your and your family’s health needs, especially if there’s a history of illness.
6. Claim settlement ratio
Claim settlement ratio is an important factor to consider before opting for any health insurance plan from an insurer. Claim settlement ratio is the number of claims settled by the insurance company over the total number of claims received by them. Higher the claim ratio, higher is the chance of your claim not getting rejected without a valid reason. Hence, always opt for health plans from the insurer who has a high claim settlement ratio.
7. Claim settlement process
After the claim settlement ratio, the next important factor is the claim settlement process. Many insurance companies have an in-house claim settlement department within them to settle the claims raised. Whereas many other insurance providers get the help of Third Party Administrators (TPA) to settle the claims.Choose that plan where the claim settlement process is smooth and make sure you get the plan that has both cashless and reimbursement claim settlement.
8. Customer reviews
While purchasing a health insurance plan, always check customer experience and the reviews. There can be mixed reviews which highlight the pros and cons of the insurer and its service. This can help you make an informed decision and choose that plan which works best for you.
Also read: Compare two health insurance plans
Summary
Investing in a health insurance plan is always a wise decision, owing to the current rate of medical inflation costs and increase in hospitalizations due to lifestyle diseases. However, there are plenty of insurance providers in the market with a ton of insurance plans, so one has to choose a plan that suits them and their family. Always make sure you check for the benefits and coverage to purchase the best health insurance policy for you and your family.
To make a smart choice, always:
- Compare coverage and benefits across providers
- Assess your family’s specific healthcare needs
- Look for plans that include comprehensive features like cashless claims, pre/post-hospitalization cover, and annual health check-ups
Choosing the right policy ensures you're financially protected and prepared for unexpected medical emergencies, without compromising your peace of mind.
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