With the spike in health conditions in recent years, health insurances have become extremely common in today’s world. A health insurance not only helps to easily sail through astronomical medical expenses but also helps to save taxes and ensures the insurer enjoys a peace of mind.
So, What is a Health Insurance?
A health insurance is a type of insurance which enables the insurer to claim coverage against health diseases. The insurer pays a premium to the insurance company and can claim their medical expenses based on the terms of the insurer company.
Common Types of Health Insurance Plans
There are numerous health insurance plans offered by various health insurance companies in India. Most of the best medical insurance policies offer the following types of plans:
- Individual Health Insurance Plans
- Family Floater Health Insurance Plans
- Maternity Insurance Plans
- Senior Citizen Health Insurance Plans
- Critical Illness Plans
- Diseases Specific Health Insurance Plans
- Hospital Daily Cash Benefit Plans
- Group Health Insurance
How to Choose the Right Health Insurance Policy?
Check the key points mentioned below before buying a health insurance policy:
It is important to check the right coverage type for the insurance. For individuals, individual plans are perfect while family floaters offer the benefit of covering everyone with a single policy. Also, check the coverage policies like pre and post hospitalization charges, etc.
Most health insurance plans come with a waiting period clause during which the sum assured cannot be availed. This is especially important for individuals with pre-existing diseases. So, always check the waiting period of the plan. Lower the waiting period, better the plan (in general).
Sum assured is the maximum amount that can be availed during a medical emergency. For a family floater, the sum assured is shared by all the members while for individuals, the entire sum assured can be availed by the insurer. In general, the premium increases with the sum assured and the premium of family floaters is comparatively cheaper that the individual plans.
If a policy has a co-payment clause, the insurers have to bear a certain percentage of medical expenses from their own pockets while the remaining is paid by the insurance company. Most companies do not have this clause unless the plan is specially designed for a senior citizen.
It is important to choose a plan which offers the flexibility to add family members easily. Also, check whether the policy has the provision to increase the sum insured over the time.
It is imperative to choose a policy which offers lifelong renewability. There are some companies which allow policy renewal until the age of 65 years only. While companies like Care Health insurance generally offer lifelong renewability for some plans like for senior health insurance plans, etc.
Check out other benefits offered by the insurance companies in addition to the coverage of medical expenses. The add-on benefits might include annual health check-ups, no claim bonus, etc.
Network Hospitals, Cashless Options & Claim Settlements
Always look for network hospitals of the insurance company in the proximity which is extremely helpful to avail cashless treatment. Also, check the claim settlement ratio of the insurance company. In general, companies with higher claim settlement ratios offer hassle-free reimbursements to the insured.