Finding the best health insurance plan from so many different health insurance companies can get confusing for many people. While selecting the best health insurance policy, you must look into the various factors including health insurance riders, benefits, coverage, network hospitals etc.
Why to Buy Best Health Insurance Policy?
Needless to say, it is imperative to buy the best health insurance policy, as it helps you to keep up with the ever-soaring healthcare costs and assures you and your family of a healthy future without having to worry about the medical bills and hospitalization expense. And, when it comes to buying health insurance plans, you might get confused about which plan to buy out of many.
We at Quickinsure can help you select a best health insurance plan to meet your requirements. You can compare & select the best health plan for yourself and your family that will cover medical expenses including pre & post hospitalization expenses, day-care expenses,critical illness hospitalization, etc. depending on your preferences.
Types of Health Insurance
Family floater health insurance – Such plans ensure that a single sum can be made available to all the individuals under just one policy.
Individual health insurance – This insurance policy covers the treatment expenditure of a single person.
Health insurance for senior citizens – These insurance plans can be availed by individuals above the age of 60 years and are designed to cater to the medical expenses of aged people.
Health insurance for maternity issues – Pre and postnatal medical expenditures are taken care of under maternity insurance plans.
Critical illness – Such insurance plans offer coverage to the extensive medical bills generated because of a life-threatening disease.
Group health insurance - Such plans are generally preferred by companies for their employees.
Top-up health insurance – If the expenses for your treatment have increased over time, you can go for a top-up insurance policy over your already existing one.
How To Select The Best Health Insurance Plan in India?
There are a number of factors that should be considered while buying the best plan. Below mentioned are some of the primary parameters:
Coverage Offered
An important factor while buying a health insurance plan is the comprehensive coverage that it offers. Comprehensive coverage covers the entire medical expenses and even lowers the out-of-pocket expenses. So, it is always better to opt for an all-inclusive plan. However, make sure that the coverage benefits cover only what you require so that you do not have to pay extra.
Sum insured
It is best to look for policies that offer the minimum and maximum coverage levels because you are able to choose the best sum insured to cover expected medical expenses.
Cashless hospitals
The best health insurance plan in India provides a vast network of hospitals and ensures cashless services. This can in turn ease your task to locate a network hospital in your area and benefit from the cashless claims.
Premium
The premium of the policy must be comparable enough to other insurance plans. However, evaluate both the coverage benefits and premium charged to decide the premium rate.
Pre-existing waiting period
In the event that you or a member of your family has a preexisting illness, then it is wise to choose a plan with a shorter waiting period in order to receive coverage for such illnesses as soon as possible.
Add-on riders
Many plans let you add optional riders to your policy in order to improve the coverage. So, look for plans that have the option of adding extra riders and customise your coverage based on your needs.
Additionally, you can also look for monthly health insurance plans if you want to save on health insurance premium.
Factors Affecting Your Best Health Insurance Plans Premium
Listed below are some factors affecting your choice of best health plan premium:
Age: An important factor influencing the premium is age since older people have a higher chance of falling ill, as per the rule of thumb.
Past Medical History: In case you have a pre-existing medical illness, then your insurance premium may get affected and up the cost.
Policy Duration: The policy tenure is another factor that affects the premium. The longer the plan will have the lesser the premium, so buy accordingly.
Injurious substances: It is common for insurers to raise their premium rates for their policies if the insured smokes, chews tobacco, or snuffs, as they are more concerned if the insured gets cancer diseases.
Nature of Profession: High-risk jobs such as construction, or working in hazardous environments with radiation and chemicals, may require higher premiums since accidents and cardiovascular diseases are more likely to occur.
How to Compare Health Insurance Policy Online?
Here are some important tips that will help you make an informed decision while you compare health insurance plan:
1. Choose an Appropriate Sum Insured: Considering the annual inflation rate for healthcare, you must choose a health insurance policy with sufficient sum insured. It is true that health insurance plans with higher sum insured come at higher premiums but to save on that, you must not compromise with the sum insured.
2. Provide Correct Details to The Insurer: You must reveal all the details as asked, about your health in the proposal form. This because any misrepresentation of information can lead to trouble at the time of claim settlement. The insurer may also reject your form if complete information is not provided by you.
3. Consider Factors Affecting Health Insurance Premium: There are several factors that affect premium for health insurance policy. These include number of members covered under the policy, sum insured chosen, policy term chosen, claim settlement ratio of the insurance company, add-on benefits, premium, and inclusions and exclusions. It is found that health insurance for senior citizens is generally higher as they are more prone to falling ill.
4. Reviews: Apart from checking insurance company’s credibility by checking its Claim Settlement Ratio and Incurred Claim Ratio, you must also check how the policy buyers are liking the policy. At Quickinsure, you can check numerous reviews for different health insurance plans by people who are already covered under it. This will help you make an informed decision.
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