Health insurance is an important investment that one should consider in India, given the rapidly rising medical expenses and the increase in lifestyle diseases. Choosing the right health insurance policy can offer financial protection and peace of mind for you and your family. However, there are some critical points that you should keep in mind while selecting and purchasing health insurance in India.
1. Type of Plan
The first point to consider is the type of health insurance plan. There are two types of health insurance plans in India: indemnity and defined benefit plans. Indemnity plans reimburse the actual medical expenses incurred by the policyholder, whereas defined benefit plans offer fixed payouts for specific medical conditions. You should evaluate your medical needs and choose a plan that best suits your requirements.
2. Coverage Amount
The second point is to consider the coverage amount. The coverage amount is the maximum amount that the insurance company will pay in case of a medical emergency. It is crucial to choose a coverage amount that is sufficient for your medical needs, considering factors such as age, lifestyle, and medical history. If you are young and in your 20s, it is suggested to cover at least a sum of 5 Lakh Rs.
3. Waiting Period
The third point to consider is the waiting period. Health insurance policies have a waiting period, which is the duration of time after purchasing the policy, during which certain medical conditions are not covered. It is important to choose a policy that has a shorter waiting period, especially if you have pre-existing medical conditions.
4. Network of Hospitals
The fourth point to consider is the network of hospitals. Health insurance policies have tie-ups with certain hospitals, known as network hospitals. It is vital to check if the policy has tie-ups with hospitals near your residence or workplace. This ensures that you have access to quality medical care when you need it.
5. Exclusions in the Policy
The fifth point to consider is the exclusions in the policy. Every health insurance policy has certain exclusions, which are medical conditions and treatments that are not covered. It is crucial to thoroughly read and understand these exclusions before purchasing the policy. Some policies might not cover cosmetic treatments, infertility treatments, or experimental treatments.
6. Premium Amount
The sixth point to consider is the premium. The premium is the amount that the policyholder pays to the insurance company for the policy. It is essential to compare the premium of different policies and choose a policy that offers the best coverage at an affordable premium.
7. Claim Settlement Process
The seventh point to consider is the claim settlement process. The claim settlement process is the process by which the insurance company reimburses the medical expenses incurred by the policyholder. It is important to choose a policy that has a smooth and hassle-free claim settlement process. This ensures that you do not face any difficulties while claiming reimbursement.
8. Co-Payment
The eighth point to consider is the co-payment clause. The co-payment clause is a clause in the policy that requires the policyholder to pay a certain percentage of the medical expenses. It is important to understand the co-payment clause and choose a policy that has a lower co-payment percentage.
9. Renewal Process
The ninth point to consider is the policy renewal process. Health insurance policies need to be renewed annually. It is important to choose a policy that has a smooth and hassle-free renewal process. Check if the policy can be renewed online or if you need to visit the insurance company's office for renewal.
10. No Claim Bonus
The tenth point to consider is the presence of no claim bonus. It is essential to have this in your insurance. If you have not claimed insurance during the period, then the insurance company will increase your insured amount. For e.g. This year you have insured 5 lakh rs and have not claimed that then next year the insured sum will be 7 lakh rs.
10. Customer Support
The tenth and final point to consider is customer support. It is essential to choose a policy that has good customer support. Check if the insurance company has a 24/7 helpline or customer support that can be reached easily in case of any queries or concerns.
In conclusion, health insurance is an essential investment in today's world. It is important to choose the right policy that offers the best coverage at an affordable premium. By considering the above-mentioned points, you can make an informed decision while taking health insurance in India. Always remember to carefully evaluate the policy terms and conditions before purchasing the policy, and choose a policy that best suits your medical needs and budget.
You can buy Health Insurance from various providers, the easiest way to compare and purchase is the Policy Bazar. Here you can compare the majority of companies and find your ideal insurer.
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