How to choose the right health insurance plan?

With medical inflation on the rise, it has become important to buy health insurance. Neglecting it only results in denting your savings during unexpected emergencies. Not to forget that your savings hardly suffice for such costs. So, if you have made up your mind to buy one, you might wonder how to?

There are numerous medical insurance providers with competitive offers. It can get challenging to opt for the best one meeting your needs. Being aware of these schemes and your requirements should allow you to pick the right one. Here are some tips to guide you:

Evaluate coverage

Look at the bigger picture while buying insurance. Does it offer you different options for your budget? Do you get pre and post hospitalisation facilities? Many policy providers have these facilities. You need to look for what gets covered under the plan actively. For instance, check for the diseases covered, transportation assistance, medication expenses, etc.

Choose plan type

Consider the health insurance policy type based on your needs. Note, the plan types you select affects the premium payable and the benefits. There are various types specific to multiple providers. You can opt for an individual policy or extensive for your family. So, choose wisely according to several parameters and your requirements. It enables you to finalise the ideal insurance plan that fits you perfectly.

Compare providers

Many insurers offer their personalised insurance plans, making their premium and other aspects differ. The premiums get decided based on your credentials too. Hence, it is best to compare the providers by visiting their website. Here, you enter your details and get an accurate quotation. It helps you finalise the right insurer.

Examine settlement ratio

The ratio lets you know the insurer’s previous claim settlements. You become ascertain with the chances of getting claims approved by this. Additionally, you can read reviews and consult friends and family on their experience with the insurer. It gives you enough confidence to select the right policy seller.

Analyse sub-limits

It refers to the limit on the sum assured for specific medical aspects. You get only a specific portion of the sum for each type of need. You cannot claim beyond that. Knowing this helps you weigh out different policy options. For instance, there is an upper limit for room rents, ambulance expense, ICU charges, etc., which, if exceeded, is not the insurer’s responsibility.

Check the inclusions and exclusions

Every general insurance policy has coverage terms. This is applicable for health insurance plans in India as well. The policy providers list these on their websites. It is advisable to check the inclusions like hospitalisation expenses, loyalty perks, and exclusions, including waiting period and other such facilities. It is necessary to understand this for selecting the right plan.

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