Best health insurance plans in india – 5 Steps Choose Best Health insurance
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Health insurance is a big decision, with many variables to consider. And in this post, we will present a checklist with 5 most important variables that you need to consider that will help you identify the most suitable health insurance plan.
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5 Steps Choose Best Health insurance
Health insurance in India has evolved dramatically over the last 10 years with a range of insurance products with different features and specifications. Health insurance products are suitable for students, couples, young families, senior citizens, people with heart disease, diabetics and even for those who already have Cancer has been detected.
It’s hard to get lost in the options so your first objective should be to identify your number. Is it coverage for an existing illness that you already have? Or is it coverage for maternity and childbirth because you plan to get married and have a child? Or is it the availability of treatment abroad? Once you are clear about this, you can decide on the coverage that you need. While there is no established thumb-rule, it is a good practice to go for at least 6 times your monthly salary. So if your salary is Rs 50,000 – you should consider a plan with minimum Rs 3 lakh and coverage can go up to Rs 5 lakh.
Find a cashless hospitalization network that covers the top hospitals in your city on the spot. You cannot opt for a health insurance plan that does not provide cashless service. Cashless service means that you can get your medical treatment done without paying the bills yourself and the bills are paid by the insurance company directly with the hospital. And while all insurers offer cashless service, not all hospitals are part of an insurer’s cashless network. In fact, out of the 50,000 odd private hospitals in India, insurers offer cashless service to anywhere from 4,000 to 8,000 hospitals because going cashless is a great thing and the cashless network varies from insurer to insurer – make sure you check with the insurer. Have a look through the cashless hospital list and make sure the most popular hospitals in your city are available in that list.
Remember to look for the best hospitals in the city and not just the total number of hospitals in your city because 90% of hospitalizations are planned, which means you want to go to the hospital that offers the best healthcare. Is.
Read the Fine Print and Look for the Exact Coverage Offered There are 5 main components to policy coverage
First – Inpatient hospitalization coverage, which is the reason for buying a health insurance plan, which is the maximum amount up to which you can claim for hospitalization expenses
Second – Day care treatments are procedures which take less than 24 hours in the hospital like in case of cataract, tonsils, chemotherapy, liver biopsy, kidney stone removal etc. Here, look for a plan that includes full day care treatments without restrictions. Or plans that include a large number of day care treatments.
Third – Room rent is the cost or type of room that will be allotted to you as per the plan chosen. Now, some plans have no limit on room rent, some offer a private room and some allow a limit of up to 1 or 2% of your sum insured. So on cover of 3 lakhs, 1% allowance on room rent will give you maximum room entitlement of Rs 3,000 which may not be enough. It is important to know what type of room or what is the maximum allowance on a hospital room so that you can plan your insurance needs accordingly. Fourth – refers to reimbursement of any expenses before and after hospitalization that are directly Responsible for the illness or injury for which the policyholder was admitted.
You can usually see entitlement 30 and 60 days before and after hospitalization, respectively, but some plans place limits on the coverage amount you want to check and stick with plans that allow you to do so. and lastly, your coverage may have some sub-limits. A sub-limit is a cap on how much a policyholder can claim.
For example – we saw an even limit of 1% on room rent. Similarly, some plans have sub-limits on certain procedures such as cataracts that can be as high as Rs 10,000 per eye. There is always a sub-limit of maternity expenses with a limit for normal deliveries and a different limit for caesarean deliveries, therefore, these 5 elements – inpatient hospitalization, day care, room rent, Before/after hospitalization and sub-limits of certain procedures. The basic element of your coverage that you should examine carefully when considering any health insurance plan.
Generally health insurance companies offer a lot of perks – like daily allowance, home hospitalization, companion benefit, physiotherapy allowance, etc. – but we have kept these aside as these are definitely not required coverage
Check the waiting period of the plan Co-payment and exclusion The waiting period is a type of hibernation period during which any claim made will not be admissible. The prime waiting period you need to look out for is for a pre-existing disease if and only if you have an existing disease some insurers offer a waiting period of 4 years, some 3 years and some even 2 years .
As a rule, the shorter the waiting period, the better it is to additionally pay attention to the co-pay which is a part of the claim that needs to be paid out of your pocket. Co-pays are usually triggered in senior citizen or specific need plans, so it is important to read the policy wording before purchasing a policy.
Identify the benefits that increase your sum insured The cost of medical treatment is rising and therefore, it is wise for us to look for health insurance plans that increase my coverage over time. This is done in two ways
First – No Claim Bonus or NCB as it is popularly called, is a method by which insurers reward policyholders for having a claim-free year with an increase in the sum assured by 5 to 50% on a single premium. This way you can accumulate enough No Claim Bonus to increase your Sum Assured by 100%. Different insurers have different rules for implementing NCB, but do check on it.
Another method – by which insurers increase the sum insured through a feature called restitution. Under this benefit, if you consume your entire sum assured, the insurer will add some more coverage for any claim for any unrelated illness without charging any extra premium. Like NCB, there are different rules for different insurance companies, so definitely read the policy
Use words or take the help of Insurancekesele.com to understand this concept in more depth.
Go net for policies that have a good NCB and reinstatement benefits. And there you have it.
If you base your health insurance research around the 5 steps we’ve outlined, there’s no reason you can’t have a very powerful health insurance plan. It is also important to mention a few variables that did not figure in our top 5 list such as OPD expenses, worldwide cover, wellness services, health check-ups and in-house claim settlement. These may be important in some scenarios but come into play only after the top 5 ideas are satisfied.
I think an hour of research here should be enough to arrive at which health insurance plan might be the one for you and will save you a lot of heartburn in the future. If you liked this post, hit the share button and share everything discussed in this post with your friends
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