How to Choose the Right Health Insurance Plan?

Finding the right health insurance plan can save you from unexpected medical expenses while offering peace of mind. Compare coverage, premiums, and benefits to select the best option tailored to your needs. Read on to make the smart choice today!

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      Tips to Select the Right Health Insurance Plan in India

      With the wide variety of mediclaim policies available in India, it can be challenging to identify the one that best suits your needs. Therefore, to help you make an informed decision, here are essential tips to select the right health insurance policy as per your requirements.

      Choosing the Right Individual Health Insurance Plan

      The following tips must be considered while investing in an individual health plan:

      1. Choose the Right Sum Insured Amount

        At the time of purchasing medical insurance, make sure to choose a sum insured that you actually need. If you go for a higher sum insured, it will increase your premium immensely. On the contrary, if you go for a sum insured lower than you need, it will be insufficient to cover your medical expenses fully and you will end up paying from your own pocket during claim settlement.

        Alternatively, you can also go for a basic plan with a lower sum insured and additionally, buy a top-up insurance plan. The top-up plan will provide you with additional coverage in case the sum insured of your basic plan gets exhausted.

      2. Choose a Plan with Lifetime Renewability

        Make sure to select a health plan that comes with lifetime renewability. This is essential because you will most likely require a health insurance policy during your old age. But unfortunately, buying health insurance in your old age is difficult and expensive. If your existing plan comes with lifetime renewability, you can continue with the same plan even in your old age.

      3. Prefer Plans with No Sub-limits/ Co-payments

        At the time of choosing a health policy, look for any sub-limits or co-payment clauses. While sub-limits refer to the coverage limit on individual covers, co-payment is the share of the claim amount that you agree to pay during claim settlement. To evade any financial burden during claim settlement, try to pick a plan that does not have any sub-limit or co-payment clause.

      4. Check the Reputation of the Insurance Company

        Before you purchase a health plan, make sure you check the reputation of all health insurance companies in India. Doing so can help you get an idea of the after-sales services offered by the insurance company. You can check reviews of the insurance company online to get a clear idea of the services offered.

      Choosing the Right Family Floater Health Insurance Plan

      Have a glance at a few tips that you should keep in mind while selecting the ideal family floater health plan:

      1. Prefer Family Floater Instead of Individual Plans

        If you are buying insurance for family, go for a family floater plan instead of buying individual health plans for each member. Family floater plans are more affordable than buying separate policies for each member. Moreover, not everyone gets ill at the same time and thus, the sum insured available on a floater basis can be used by any family member as per requirement.

      2. Opt for the Right Coverage

        While buying a family floater health insurance policy, checking the coverage offered under a plan is important. Coverage here means the medical expenses that will be covered under your policy, like hospitalization expenses, day care expenses, ambulance charges, maternity insurance, etc.

        Analyze the health needs of your family & yourself and accordingly, choose a plan that offers you the right coverage. Do not go for a plan that offers way more coverage than you need as it will increase your premium. Instead, you can customize your plan by opting for riders as per your needs.

      3. Understanding Exclusions

        Understanding exclusions in a health insurance plan is very important because it tells you what is not covered by the policy. In other words, exclusions are specific situations, treatments, or conditions that the insurance company will not pay for. So, if an expense falls under the exclusion list of the insurer, you will have to bear that cost out of your pocket, even if you have mediclaim insurance.

      4. Compare Multiple Health Insurance Plans

        One of the best ways to pick the right family health insurance plan is to compare them on the basis of coverage, benefits and quotes. Comparison helps you to find the plan that offers the best coverage within your budget. Therefore, make sure to compare health insurance policies online on websites like Policybazaar.com to get the best deal.

      Choosing the Right Senior Citizen Health Insurance Plan

      While buying a senior citizen health insurance policy, make sure you take the following tips into consideration:

      1. Premium and Sum Insured

        Finding the right balance between affordable premiums and an adequate sum insured is essential. Senior citizens often require higher coverage due to increasing healthcare needs, so choose a plan with a sufficient sum insured to cover major medical expenses.

      2. Choose Plans with Lower PED Waiting Period

        An important thing to consider while choosing health insurance for parents or senior citizens is the pre-existing disease (PED) waiting period. The PED waiting period is the time period after which the insured can raise a claim for pre-existing diseases. Usually, the PED waiting period varies from 2 to 3 years, depending on the plan. Thus, you must opt for a senior citizen health plan with a lower PED waiting period.

      3. Go for a High Claim Settlement Ratio

        While buying senior citizen mediclaim policy, go for an insurance company that enjoys a high Claim Settlement Ratio or CSR. The CSR is the ratio of the total claims settled with the total claims received. Thus, a higher CSR indicates a higher chance of the claim getting settled.

      4. Additional Riders or Add-ons

        Riders or add-ons can enhance the coverage of a standard health insurance plan. You can consider options such as critical illness coverage, personal accident cover, or top-up plans that provide additional financial protection. These add-ons can be particularly useful for senior citizens who may face higher risks of specific health issues.

      In a Nutshell

      Buying health insurance is an important decision as it can help you prevent a financial crisis in the event of a medical emergency. In case you are not sure how to go about it, keep the above-mentioned tips in mind when choosing the ideal health insurance policy in India.

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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.

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