How to Choose the Best Health Insurance Plan in India

• Personal health cover if you are single and working.
• A family floater plan that can include your spouse and children within a single coverage and allows multiple claims in a year. A maternity plan in case you are on your way to family planning.
• A specialised plan with critical illness cover for your senior parents, which will have a broader coverage umbrella but at a higher cost.

Do remember, the younger you are, the less your coverage costs. So be smart and start early.

Prioritise Coverage over Cost

Do not be tempted by low premiums. These plans usually have high deductibles, co-payments or capping for certain critical illnesses, which ultimately leads to more out-of-pocket expenses. Instead, check for comprehensive coverage and then compare premiums to choose the one with an optimum amount that you can afford as per your income. Premiums may also differ as per your location, as do your medical costs. An individual in an urban or metro location will require more coverage than a person from rural India. However, the coverage must include :

• Hospitalisation expenses, 30-60 days prior and 60-180 days after.
• You might not require more than 24 24-hour stay in the hospital, so daycare procedure coverage helps.
• Domiciliary treatments, especially for the aged. They may require treatment to continue at home as well.
• Critical illness coverage, like heart disease, cancer, kidney failure, etc., which may come at an extra cost, but is nonetheless essential.
• Ambulance charges, prescription drug expenditures, and doctor consultation fees also need to be taken care of. These may seem small, but they may become overwhelming when charged repeatedly.

Read the Fine Print

Keep an eye out for waiting periods, co-payment clauses, and room rent limits. Most of the plans have a 24 to 48-month waiting period for pre-existing diseases.  Try to go for a shorter waiting period so that you are covered sooner. Some policies have sub-limits on room rents. A capping may mean, you will have to pay the entire amount of room rent. The majority of senior citizen plans come with a co-payment or deductible clause. This means you will have to share expenses when the time comes. Again, another out-of-pocket expense that increases your headache. 

Do Not Ignore Benefits like No Claim Bonus and Hospital Network

In case you have not claimed a penny in a year, the insurance provider also adds a certain amount to your sum assured at the end of the year as a bonus. Consider it a reward for staying healthy. 

Check the list of hospitals empanelled with the insurer. After all, if you are investing in health, you need the best. The policy must give you access to the best doctors and hospitals across the country. 

Factors to Find the Best in the Business

How do you find the best in the business? First, check the claim settlement ratio (CSR) of the insurance provider. It is the percentage of claims that are settled by the provider against the number received. Read the online customer reviews to assess the processes and customer service of an insurance company. These come in handy when you go for the claim rather than empty promises and flashy marketing.

Compare Smart

It may seem overwhelming to compare plans, as the market is overflowing with providers and their attractive plans and promises. But technology has your back. Aggregators or websites like Jio Insurance Broking are there to ease your confusion. You can compare the best of plans in the industry based on premium amounts, benefits and features, claim settlement ratios, all under one roof. All you need to do is customise the filters, find the plans and delve deeper to make the right choice. 

Concluding facts

Do not look at health insurance as just an investment instrument. It gives you things beyond just financial stability; a safety umbrella, relief from guilt and stress, and something to hold onto when life throws a curveball. So don’t wait for a health scare to push you. Wake up, do your research, get the right information, and invest in a plan that fits your life like a glove.