How to Find Out the Best Health Insurance Policy in India?

Are you planning on getting a health insurance policy? Well, it is a great decision. Even though we feel health insurance policies are an unnecessary added cost to our yearly expenses, it is the best way to keep ourselves financially covered in case we face any health issues or medical emergencies. But how will you understand what is the best health insurance policy for you? If you have the same question, we got you covered. In this article we will discuss how to compare plans step-by-step and the types of policies available.

How to Select the Best Health Insurance Plans?

Follow this guide to get the best health insurance plan out there:

1.     Clarify Your Healthcare Needs

Consider your medical history, healthcare expenses that you can anticipate, and any pre-existing medical conditions you have, and determine the things you may or must need coverage for. For example, among critical illness, outpatient treatment, hospitalisation, or maternity benefits choose one or a couple that you think you would need.

2.     Select the Right Insurance Provider

Now that you have a solid idea about what you need, you have to choose an insurance company from which you can get the product. Gather information from your relatives, friends, colleagues, and online reviews to find insurers with a good reputation.

3.     Compare Coverage Benefits

Once you have a number of top insurance companies in your sight it is time to compare their coverages. Look for coverages that are completely essential for you or your family. For example, a good plan should include a large sum insured, cashless hospitalisation, pre and post-hospitalisation costs, and so on.

4.     Assess Network Hospitals

Check the network of hospitals for each insurance plan. Ensure your plan has a vast network of hospitals and several of them are easily accessible from your location. This will mean you can quickly access quality treatment without any financial worries.

5.     Understand Premiums and Deductibles

Compare each plan’s premiums and how they fare with the coverage they are providing. Assess how these premiums fit within your budget. Moreover, note down the deductible amount (which you may have to pay before your insurance kicks in) and balance it with the premium to find a comprehensive yet affordable plan.

6.     Get to Know the Claim Settlement Process

During emergencies, you will want nothing but a smooth claim settlement process from your insurer’s point. To find out if an insurance company has a straightforward claim settlement process or not take a look at their claim settlement ratio. If it is higher it is indicative of a simple and hassle-free settlement process.

7.     Check Out Additional Features

Now that you have the primary essentials figured out and settled, you should look for additional features. If the premiums and main coverages are the same, a plan that offers useful additional features is the one you should choose.

8.     Go Through the Fine Print

Apart from reading both the inclusion and exclusions of each plan thoroughly, read the terms and conditions, and policy documents of each plan. Understanding the plan completely is crucial to ensure there are no expectations on your part that the company is not liable to fulfil.

9.     Consult an Expert

If you are confused about some parts of this process you should seek professional guidance. Financial advisors or insurance experts are there to offer insights and help you get the best value out of your investment in a policy.

What Types of Health Insurance is Available in India?

Before you purchase health insurance online, take a look at the various types of health insurance available to choose:

1.     Individual Health Insurance Plans

This plan usually offers health coverage for one person, however, some insurers allow policyholders to add their spouse to the policy.

2.     Family Floater Health Insurance Plans

Under this policy, one can insure immediate family members who share the total sum insured.

3.     Senior Citizen Health Insurance Plans

This is a plan dedicated to senior citizens (people above 65 years of age). If you want comprehensive coverage for elderly family members it is a great option.

4.     Critical Illness Health Insurance Plans

With this plan, you can get coverage for expensive treatments for critical illnesses like kidney failure, heart attack, major organ transplants, stroke, cancer, etc.

5.     Top-up Health Insurance Plans

A top-up health plan protects you when your basic plan reaches its limit or you want coverage after a certain expense limit is reached.

6.     Group Health Insurance Plans

With this plan, a group of people can enjoy a fixed sum insured that can be separate or fixed.

The Bottom Line

To secure your and your family’s well-being it is necessary to compare health insurance plans and choose the most suitable one. By assessing network hospitals, coverage benefits, premiums, additional features, claim settlement processes, and considering your unique situation you will be able to choose the best health insurance plan that aligns with your budget and healthcare needs. For more information on the best and affordable health insurance plans check ACKO Insurance.

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