Get <strong>₹5 Lac</strong> Health Insurance starts <strong>@ ₹315/<span>month*</span></strong>
Get ₹5 Lac Health Insurance starts @ ₹315/month*
Get ₹5 Lac Health Insurance starts @ ₹315/month*
250+ Plans 18 Insurance Companies
₹ 5 Lakh Coverage @ ₹ 10/day
7 Lakh+ Happy Customers

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Tax benefit is subject to changes in tax laws. Standard T&C Apply

Top 8 Essentials For The Best Health Insurance Plan

The escalating medical expenses have made health insurance plan an obligation in the current scenario. In case you miss out to have a comprehensive plan, you may end up with an empty and sad pocket by spending a huge amount on treatments. There is a breadth of health insurance policies available in the market, but the crucial part is to understand its need and selecting the one, which is best for you and your family. An individual needs to compare the special features available under each scheme.

 

Here are the top 8 essential points to ponder before purchasing any health insurance plan for you or your family

Pre-Existing Diseases

Health insurance companies come with a waiting period of 2-4 yrs in case of pre-existing diseases. They are not liable to approve any claim generate during this period for illness occurred because of the diseases which you had been suffering before the purchase of a policy. Hence, a customer needs to look for a plan, which has a shorter waiting period and more pre-existing illness covering.

Pre & Post Hospitalization Expenses

Pre and post hospitalization expenses are those which are accounted before and after hospitalization. The cover of every policy differs in terms of the days, where pre-hospitalization is generally counted for 30 days before hospitalization and post-hospitalization is counted for 60 days after. It is not fixed so try figuring out a policy, which offers you a maximum number of days of this cover.

No Claim Bonus

No claim bonus is the benefit provided for the year in which you don’t claim to insurance company against any illness. In many policies, it gets added for consecutively 5 years. The percentage generally varies from 10-50%.

Co-payment Discount

Co-payment means mutual payment where the insurance company and the insured share some percentage of the total claim amount. The percentage is decided earlier. This process might reduce your premium, but it is necessary to see if you can pay your part of money even during costly treatments. Wisely choose this option or else just in return of cheaper plan you might suffer later.

Network Hospitals

Network hospitals are the panel hospitals where for any treatment you don’t need to pay the bills rather you can enjoy cashless facility where there is no fuss of filing for reimbursement. All the treatment charges are settled directly between the hospital and the insurer. It is always good to go for health insurance plans with a large number of network hospitals in your area so that you can approach any of them easily.

Room Rent

Whenever there is a case of hospitalization, you have to bear a predefined room rent. Some offer a discount of 1% of sum assured in case of room charges and 2% in the case of ICU usage, whereas, few have no maximum limit for such expenses. It is always better to go with the latter scheme, thus an individual should keep a check on such features during the purchase.

Premium

Premium is an essential thing to consider but not the topmost. You must always remember that a lower premium is sure to reduce the number of benefits provided by the policy. Otherwise, during an illness, you might regret that the disease is not covered under the policy and there is no chance of reimbursement. In such cases, you will be piled up with huge bills which might severely disturb your financial conditions.

Exclusions

Last but not least is the exclusions. It is compulsory to read the exclusions, terms and conditions of every policy. Try to select a policy with the least number of exclusions so that you don’t suffer issues during the treatment of your illness or when claiming for your family’s medical expenses.

If the following 8 features are kept in mind and a calculative decision is made during the selection of the best health insurance plan, a person is sure to live a financially managed life.

Written By: PolicyBazaar - Updated: 18 May 2020
2,153,010 Confirmed Cases in India*
21,629,155 Confirmed Cases worldwide*
722,546 Confirmed deaths worldwide*
Search
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

You May Also Want to Know About

Best Health Insurance Plans in India

Best Health Insurance Plans in India

Health insurance is amongst the most intricate insurance products, as it comes with numerous riders and benefits, and hence, there are so many variants to it. The insurance marketplace nationwide is quite competitive. You must consider comparing th...
Best Health Insurance Companies in India

Best Health Insurance Companies in India

Every year, a list of top health insurance companies in India is declared which helps in taking the right insurance decision. There are few important features that help it to rate the insurance companies, such as their performances, Incurred Claim ...
Top Maternity Insurance Plans

Top Maternity Insurance Plans

Maternity or pregnancy is an important phase of life, and one needs to prepare in advance to embrace parenthood. Though rearing a child is an expensive affair and may require good financial backup to meet the requirements of a growing baby. From ho...
Top Family Health Insurance Policies in India 2020

Top Family Health Insurance Policies in India 2020

From the air we breathe to the food we eat; everything is intentionally or unintentionally subjected to adulteration. Due to this, the disease rate in India is rising drastically. Naturally, more and more people are visiting hospitals frequently. A...
Health Insurance for Parents

Health Insurance for Parents

Are you planning to buy health insurance for your parents? Well, the Indian Insurance market is currently flooded with healthcare plans specifically designed for senior citizens or elderly parents above 60 years. And many insurance providers also o...