Choosing the Best Health Insurance Plan in India Just Got Easier

Best Health Insurance Plan: As a bread-earner of the family, our goal is to ensure that our family stays in the best of their health. However, diseases and accidents are not always in our control. In such instances, only the best medical care can only come to our rescue. 

Unfortunately, healthcare is not like buying any random item from the market. Healthcare is expensive, so you need to be financially prepared for it. You cannot afford to lose your savings to ensure the best medical treatment for yourself and your loved ones. Hence, it is imperative that you have the best health insurance plan in India.

The best health insurance plan in India can significantly reduce the financial burden that tags along with medical treatments. Much to the relief of many individuals, health insurance covers hospital charges and several other expenses such as prescription fees, ambulance charges, and medical bills, to name a few. In addition to it, it also comes with tax benefits. (You can use any tax calculator in India to calculate the amount you will be saving.) 

That’s why it is recommended to only invest in the best health insurance plan in India. However, now that multiple health insurance plans are offered by numerous health insurance companies, how do you choose the best? 

Choosing the Best Health Insurance Plan in India Just Got Easier

We’ll be telling you how in this article: 

1. Make Sure the Coverage is Adequate: 

A low health insurance premium does sound tempting. However, a low health insurance premium also comes with low coverage that might not be sufficient to meet you and your family’s medical needs. 

That’s why it’s essential to choose the right coverage amount. A good idea would be to calculate your yearly medical expenses before you decide on the right coverage amount. In addition to that, your past medical record, age, gender, and hereditary diseases, should also be considered while deciding the right coverage amount. 

It’s also important to factor in the right coverage type. The best health insurance plan in India should meet your requirements. For instance, if you are a female, it’s recommended that you go for a health insurance plan that has maternity cover. At the same time, if you are a senior citizen, you may require higher coverage, given the fact that old age comes with the possibility of numerous diseases. 

2. Consider the Waiting Period: 

If you decide to buy health insurance after being diagnosed with a critical illness, it’s of no use. Health insurance companies have a waiting period for pre-existing diseases. This means, you would not be able to raise any claims for an illness you are diagnosed with for a certain period of time. This duration can range from a few months to years, depending on the health insurance company. 

The best health insurance plan in India would be the one that has a minimal waiting period. Hence, when you are doing your research, and comparing number of health insurance plans, go for the one which has a minimal waiting period. 

3. Sub-Limits and Co-Payment Clauses Should not be Overlooked: 

Sub-limits and co-payment clauses are designed to put a cap on the amount and diseases you can get insured for. The sub limit clause limits the amount you can use for certain diseases and illnesses. For instance, your health insurance company can allow you to use only 50% of your coverage amount on knee-surgeries. This is just an example, but the clauses and limits differ with every health insurance company. 

At the same time, a co-payment clause sets the proportion of claims that can be settled by the health insurance company. For instance, as per some health insurance companies, the policyholder needs to pay 10% of the hospital bill, and 90% of the bill needs to be paid by the health insurance company. 

The best health insurance plan in India would not levy any such limits, if it does, the limit would be minimal. 

4. Opt for a High Claim Settlement Ratio: 

The last thing you would want is for your claim to be denied when you have made full disclosure and paid all your premium on time, without fail. That said, to avoid it from happening, it’s highly recommended that you pick health insurance companies that have a high claim settlement ratio. 

A high claim settlement ratio reflects the number of claims settled by a health insurance company as against the number of claims filed. The best health insurance company would have a claim settlement ratio of more than 90%. 

Final Thoughts: 

We hope by now, you would not find it difficult to select the best health insurance plan in India. As established before, health insurance comes with numerous benefits. This includes ensuring the best medical treatment for you and your family, as well as tax benefits. You can use an online tax calculator in India to calculate the tax benefits you can receive by buying the best health insurance plan in India.