A lot of people face a common problem that includes- ‘how to choose the best family health insurance plan?’ Given the plethora of options available in the market, it is likely to confuse you because every insurance company claims their policy to be the best. But after you choose one, you end up incurring a heavy amount unnecessarily and experience no benefits.
Therefore, choosing the best policy involves a thorough research, weighing the extent of benefits, pros, cons, etc., and finally narrowing the top 3 family health insurance plans. To help you make an informed decision, this post will guide you in choosing the top three plans.
How to Select the Best Health Insurance Policy
You cannot choose one health insurance plan and count on it to meet all of your needs. Every policy has a unique set of advantages. You must first determine the advantages and understand what is and is not covered before selecting the top 3 health insurance plans. You can conduct some online research to determine which option best meets your needs.
Here are a few pointers to keep in mind when shortlisting the top 3 health insurance plans:
Choose Adequate Sum Insured Amount
Opt for a health plan that provides the highest level of coverage and a substantial coverage amount, enabling you to address any unforeseen medical emergencies. Given the significant rise in medical inflation, healthcare costs have surged, necessitating a substantial amount to manage the impact of inflation effectively.
Presently, a simple heart surgery can incur expenses ranging from Rs 4-5 Lakh, a considerable sum for a middle-class family. It is imperative to select a coverage amount that is sufficient to guarantee financial stability, ensuring you are well-prepared to handle potential financial emergencies in the future.
Check the Pre-existing Disease Waiting Period
Each health insurance plans establishes specific terms and conditions related to pre-existing conditions. This implies that if you have a medical condition before obtaining the plan, claims for treatments related to that illness will only be accepted after the insured individual completes a specified waiting period.
Typically, waiting periods span from 2 to 4 years in many instances. However, some premier plans, such as the Mediclaim policy, feature shorter waiting periods. When selecting a health policy, it is advisable to choose one with a shorter waiting period to expedite coverage for pre-existing conditions.
Check the Maximum Renewal Age
Renewing your health insurance policy is a crucial factor to consider when choosing coverage for your family. The majority of health insurance providers permit policy renewal only up to the age of 65. However, some policies provide the valuable feature of lifelong renewal. It is essential to select the most suitable option based on your family’s health history and other relevant health parameters.
Smooth Claim Settlement Process
The claim-settlement process is largely uniform across insurance companies, as directed by the Insurance Regulatory and Development Authority. Minor variations may exist due to differences in the company’s operations. It is recommended that you familiarise yourself with both the cashless and reimbursement claim settlement processes of your health insurance provider before acquiring the policy.
Cashless Hospitalisation
Health insurance allows you to receive treatments at network hospitals, which are a cluster of hospitals affiliated with a specific insurer. Nearly every health insurance company offers the convenience of cashless hospitalisation, eliminating the need for extensive document collection and paperwork. It’s important to note that this facility is applicable exclusively within their network hospitals.
Cashless hospitalisation streamlines the claim settlement process, providing a seamless experience for the policyholder. Nevertheless, it is recommended to verify the list of hospitals included in the network before initiating a claim.
Don’t Forget to Compare Premium
Comparing both the plans and the associated premiums is crucial. Numerous online aggregators facilitate the comparison of insurance policies, considering factors such as benefits, features, premiums, and maximum returns. Selecting a plan without thoroughly evaluating all available options in the market is akin to inviting future regret. Through meticulous comparison, you can secure all the benefits at a relatively more affordable premium rate.
Check the Reviews
Consulting customer reviews for various health insurance companies is crucial when making an online medical insurance purchase. Reviews provide a blend of both positive and negative opinions, shedding light on relevant pros and cons. This information aids you in making a well-informed and confident decision.
Final Thoughts
Selecting the optimal family health insurance plan requires a thorough evaluation of your family’s distinct requirements, coverage alternatives, costs, provider network, and overall user interface. When you compare the best features offered by your chosen top 3 health insurance plans, it will further simplify your decision. Remember, cost of premiums, benefits like tax savings, adaptability etc., are some key pointers you must consider when making a final decision.