At times, diseases and illnesses that strike you may be severe and need immediate medical care leading to immediate hospitalisation. With the costs of medical treatment and care touching all-time highs, you will be stunned to realise just how much money you can lose by merely visiting hospitals. In certain cases, you may find yourself helpless when it comes to dealing with finances even as you are grappling with your physical ailments. What do you do?
Fortunately, there are several health insurance companies in India that come to your rescue with a vast range of products. For instance, Star Health & Allied Insurance Company Limited, Max Bupa Health Insurance Company Limited, ICICI Lombard General Insurance Company Limited, and Bajaj Allianz General Insurance Company Limited are among the best health insurance providers in the country.
With a plethora of health insurance products available for grabs, it is natural for insurance buyers to get confused with regards to picking the best plans. Here are important tips that will help you find the best health insurance plan that’s suitable for you.
Which Is the Best Health Insurance Policy?
As you search for the best health insurance policy on web insurance aggregator and comparison websites like Coverfox.com, you will come across some common threads to assess the most appropriate plan for yourself.
1. Maximum Coverage Amount
Go for the health insurance plan offering the maximum coverage amount at the most affordable costs. With inflation impacting healthcare day by day, even a simple heart surgery may cost you INR 5 Lakhs plus. Given this scenario, the best health insurance plan would be the one that takes care of your needs without exceeding your budget and provides the appropriate coverage without making you break the bank.
2. Family Floater Plans for Health Insurance
Individual health insurance plans are helpful for single individuals. In case you have a family to care for as well, consider researching upon family floater health insurance plans pertaining to health insurance. They feature lower premium costs but provide cover for protecting the health risks of all family members.
3. Sum Insured
Consider purchasing the sum insured on the basis of your marital status and age. If you are still young, the chances of you getting ill will be lower. The health insurance company chosen by you will be at a lesser risk while selling its products to you, thereby offering lower premiums and better deals for the sum insured.
On the other hand, if you have crossed 40 or are older, chances are that you may be prone to ailments like diabetes, cardiac diseases etc. – the sum insured will vary accordingly for the same premium amount. The best health insurance plan for you would be the one that provides a low-period cover for pre-existing illnesses.
4. Maximum Age Renewal
As you get older, it is important to have a health insurance that has the age renewal clause fitted in. This feature will help you renew your health cover to the maximum age of 75 years or less in most cases.
5. High Incurred Claim Ratio
The incurred claim ratio pertains to the ratio of claims that have been settled over the total number of claims received by any given health insurance company. Consider health insurance attributed to an insurance provider with a high ICR. The act will come in handy as you or your family members will not have to face a rejection of your claims.
6. Network hospital coverage
A majority of health insurance companies provide network hospital coverage encompassing several hospitals in large cities. In case you are buying a policy for parents/family members living in rural areas, it is recommended to go for the plan that boasts of a wide hospital network in their area.
What Is the Right Way to Get A Health Insurance Policy?
You have a bigger chance of getting the perfect health insurance plan if you compare the features, inclusions, exclusions, and coverage benefits of the policies shortlisted by you beforehand. Once you have matched these factors of consideration with your health coverage needs and budget, go for the plan that provides the highest coverage at affordable costs.
Log into Coverfox.com to purchase the best health insurance plan from a company of your choice. Remember to check the terms and conditions of the policy to avoid any claim settlement related hassles in the future. With the best health cover in place, you can be assured of peace of mind as you go about your daily life.