Want to Buy the Best Health Insurance Plan. Get Secret Tips

Those who do want to buy the plan find themselves in a jumble understanding the plan clauses and choosing the right medical insurance plan available in the market. Are you one amongst them? Do you know how to zero in on the right medical insurance plans in the market? Are there certain parameters which help in selecting the right medical insurance plan? If yes, do you know what these are?

Though, to an ignorant individual, every plan appears to be the same, there are certain tips that a go a long way in helping you pick the ideal medical insurance plan in the market saturated with so many choices.

So what are these stupid simple tips?

Let’s find out! Shall we?

Let Us Find Out How to Buy Ideal Health Insurance:

Cut the Frills, Go Basic – When comparing health insurance plans, don’t be wooed by the extra frills a plan promises. Look for a plan that has the basic required coverages. Look for all-inclusive day-care treatment’s list, organ donor expenses, high limits on ambulance charges, OPD expenses, AYUSH treatments, etc
Check the Pre-Existing Clause – It is no secret that pre-existing diseases are excluded from a plan’s coverage for a couple of years. So when you are all set to buy a plan, do well to check the waiting period mentioned for such diseases. The ideal medical insurance plan with the lowest waiting period should be an ideal choice, as it would provide coverage earlier
Check the Limits and Sub-Limits – Though room rent, surgery expenses and ambulance expenses are covered in most plans, some might have a limit or sub-limit against such expenses. Opt for the ideal medical insurance plan that has no sub-limits or the highest limits, so that the hospitalization bills do not give you nightmares in respect of the uncovered expenses
Spare a Thought for the Exclusions – Buying a health plan does not mean that each and every ailment or treatment would be covered. Besides the pre-existing clause, there is also an exclusion list that excludes certain ailments, instances leading to an injury and treatments. For instance, HIV/AIDS is usually a part of the exclusion list in almost every plan and so is any injury sustained due to alcohol or substance abuse. So, keep your eyes wide open regarding the exclusion list of your intended plan.

Check Insurer’s Claim Settlement Ratio and Policy – The claim settlement ratio is the proportion of claims settled by the insurer against the total claims raised. A high ratio is a good indicator of the company’s commitment to settle claims. Furthermore, the settlement policy of the company is also important. Check whether the company settles claims in a cashless manner or through reimbursement. The former is the right medical insurancechoice because it takes away the burden of meeting the huge bills initially
Cross-Reference the List of Network Hospitals – For a cashless claim, you need to be admitted in a network hospital, technically called a Preferred Provider Network. Check the list to know which hospitals are tied-up with the insurer and whether your preferred choice of hospital features in the list or not. This will help you save a lot of harassment and a substantial fortune at the time of a claim
Check for Discounts – Yes, a health plan comes loaded with different types of discounts that give you additional benefits. Apart from the universal ‘No Claim Bonus’, there may be premium discounts for buying a two-year plan, for covering family members or for having a healthy lifestyle. Even in case of a No Claim Bonus, go for a plan that offers an increase in the Sum Assured instead of a discount in the premium, because the former is more applicable in the longer run when the medical costs are expected to increase
Evaluate the Premium – Last tip in our list, but certainly not the least, is to evaluate the premium. By valuation, we don’t mean to indicate buying the cheapest plan. What we mean, instead, is to compare the plan features against its cost to determine whether you are getting a good bargain. You can compare the features required against plans of other companies to find out which plan offers the same features at the best price

So there you have it – 8 stupid simple tips that hold the best solution in helping you settle on the right medical insurance plan available in the market. Simply follow these tips and ensure that you always buy ideal health insurance.

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Disclaimer: The list mentioned is according to the alphabetical order of the insurance companies. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in

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*We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30- minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881.

*Product information is authentic and solely based on the information received from the Insurer. Policybazaar is acting only as a facilitator and claims settlement shall be at the sole discretion of the Insurer. Policybazaar does not provide any medical or surgical advice or diagnosis and is not responsible for your interactions / treatment by a medical practitioner/hospital. Please consult a registered medical practitioner for any medical or surgical advice. The Information that you obtain or receive from Policybazaar, and its employees, or otherwise on the Website is for informational purposes only. As per the Insurance guidelines, you are allowed to cancel the policy with-in 30 days from the date of Issuance of policy.This option is available incase of policies with a term of one year or more.

*All the health insurance plans cover hospitalization expenses including COVID-19 treatment cover up to the specified limits. You can also buy specific COVID-19 health insurance policies such as Corona Kavach Policy and Corona Rakshak policy.

**All savings and online discounts are provided by insurers as per IRDAI approved insurance plans. #Tax Benefits are subject to changes in tax laws. GST Exemptions depend on fulfilment of qualification criteria and submission of relevant documents.

*₹1748/month is the starting price for a 1 crore health insurance for an 18-year-old male, with no pre-existing diseases. Discount on renewal premium is subject to the number of wellness points earned in the health insurance policy. For more details about the plans, please read the sale brochure carefully to get upto 100% discount on renewal premium.

*₹400/month is the starting price for ₹ 5 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases

*₹541/month is the starting price for ₹ 10 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases

*₹762/month is the starting price for ₹ 1 Crore Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases

*₹243/month(₹ 8/day) is the starting price for a 5 lakh health insurance for a 20-year-old male, non-smoker, living in Bengaluru with no pre-existing diseases

*₹2020/month is the starting price for ₹ 1 Cr Health insurance for a 50 year old male & 50 years old female, living in Bangalore with no pre-existing diseases rounded off to nearest 10.

*₹390/month (₹13 per day) is starting price for 1 cr. Health insurance for 25 years old male, with pre-existing diseases, residing from tier 1 city rounded off to the nearest 10.

*No medical tests are required unless requested by the insurer’s underwriter. In-case of pre-existing diseases relevant medical proof would be required as per the terms and condition of the policy opted.

*The values taken for effective cost calculation are indicative values and may change as per the selected plan.

*Coverage upto double the amount of Sum Insured is available on certain covers for a minimum plan of Rs. 5 Lakh on the first claim only to an individual of upto 45 years of age with no pre-existing diseases. The benefit is available with or without extra cost depending on the plan chosen.

*Coverage of pre-existing diseases is provided by insurer as per their underwriting policy.

*The scope of coverage may vary from plan to plan.

~Source: Google Review Rating available on:- http://bit.ly/3J20bXZ

##On ground claim assistance is available in 114 cities

Tax Benefits are subject to changes in tax laws. GST Exemption depends on fulfilment of qualification criteria and submission of relevant documents as required by the insurers. For more details on risk factors, terms and conditions, please read the sales brochure and applicable rules and regulation carefully before concluding a sale.

STANDARD TERMS AND CONDITIONS APPLY. For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale.

Policybazaar is a registered Composite Broker |Registration No. 742, Valid till 09/06/2024, License category- Composite Broker| Visitors are hereby informed that their information submitted on the website may be shared with insurers.

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Secret Tips to Buy the Ideal Health Insurance Plan

Let Us Find Out How to Buy Ideal Health Insurance:

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