Health insurance is undeniably one of the most important insurance policies in the current atmosphere, given the rise in the prevalence of health problems at a young age. Furthermore, the excessive expenditures on medical treatment emphasise the importance of obtaining a health insurance policy.
Unfortunately, health insurance is the most undervalued insurance in India because it pays out only if you get sick. While no one wants to get sick, it is important to recognise that health issues are an unavoidable part of life. As a result, it is critical to be financially prepared for a health problem. You can’t plan to get sick, but you can be financially prepared for the worst-case scenario.
We all want to obtain a health insurance plan that will provide our loved ones with the most coverage in an emergency. However, it can be not easy to know which one is perfect for you, with many different health insurance plans. It can be not easy to wade through many policy kinds, features, inclusions, and limits. And to escape the trouble or time restrictions, many consumers purchase a health plan without first determining whether it is appropriate for them. Here are a few pointers to assist you in selecting the best health insurance plan for your family.
Individual health plans, family floaters, and senior citizen health insurance are available in India. As a result, you must first examine your needs before purchasing a health plan.
How to choose the best mediclaim?
Choose the right policy
Several types of health insurance policies provide a particular kind of coverage. The next step includes finding the best insurance policy for yourself and your family.
Some of the most popular health plans are:
Personal health plans
Individual health insurance policies covering a single person for a single sum are covered. This is an indemnity health insurance plan in which the claim is only covered for the hospitalisation expenditures.
Tip: Looking for a plan for yourself or a single-family member? Choose this type.
Plans for senior citizens
Health insurance plans cover individuals aged 60 and up. Because this plan is designed specifically for elderly adults, it usually includes all of the essential benefits that these individuals require, such as outpatient department treatment (OPD) coverage, pre-existing disease coverage, etc.
This type of plan is appropriate for your parents.
Diseases specific plans
Certain health insurance policies cover specific illnesses and their complications, such as dengue fever, heart disease, Covid-specific, etc.
This type of coverage is usually less expensive and tailored to any specific risk. As a result, it can be combined with an indemnity health insurance plan.
Plans for critical illness
Health insurance plans cover particular critical illnesses and pay the sum insured in a lump payment if the insured suffers from one of the covered conditions, such as a heart attack, stroke, or cancer. These are usually fixed benefit plans, which means that if you are diagnosed with a critical condition, you will receive the full amount regardless of how much you spend on treatment.
Tip: Combining this plan with an indemnity health insurance plan for more coverage.
Plans for top-up and super-top-up
A deductible limit is included in individual supplemental health insurance. It covers claims that exceed the deductible limit.
Tip: It is the most cost-effective option to supplement your current coverage.
Opt for an adequate sum insured
To determine the appropriate sum insured for your health insurance plan, you must first determine the total number of people covered. As a result, you must select a sum insured that is sufficient to cover all of the family’s estimated medical expenses.
A large sum insured is desirable in light of rising medical expenditures and medical inflation. However, a large sum covered entails a large premium. As a result, if cost is an issue, you can choose top-up or super-top-up health insurance policies to increase coverage limits without paying a large premium.
Tip: The deductible of the super top-up plan should be equal to the total insured of the base policy, allowing the conventional health plan to cover claims up to the deductible. The excellent top-up coverage would take care of the excess claims.
Look for comprehensive coverage benefits
The next step in selecting the finest health plan for your family is to make sure it includes all of the necessary coverage benefits. It is critical to obtain comprehensive coverage to ensure that all potential medical bills are covered. Furthermore, you must ensure that the coverage advantages are appropriate for your needs while contemplating coverage benefits.
A newly married couple, for example, should choose a plan that includes maternity coverage and newborn baby expenses. It ensures that the plan will cover childbirth costs when you have a child, and you will not be financially disadvantaged.
Check limits and sub-limits
Some health insurance plans, particularly those with lower sums insured, have room rent sub-limits. If there is a sub-limit, the overall coverage is limited. Your inpatient claim will be proportionately decreased if you choose a room with a greater rent than the allowable sub-limit. On the other hand, plans with no sub-limits are frequently more expensive.
Similarly, some coverage benefits may be subject to limitations. The following are some common coverage advantages that may be subject to sub-limits:
Treatments with AYUSH (these include alternative medicine treatments such as):
- Ayurvedic, naturopathy-related, Unani, Siddha, and homoeopathy)
- Expenses for OPD
- Domestic therapies
- Maternity insurance
- Expenses for organ donors
Opt for coverage riders
Many optional coverage features are available in health insurance plans. Riders are optional advantages that can be purchased for an additional fee. They are optional and can be selected when purchasing or renewing your policy.
Riders provide additional coverage for a small additional fee. They are recommended for expanding the extent of a health insurance policy’s coverage. The following are some common riders:
- Personal liability insurance
- OPD protection
- Cover expenses for maternity and babies
They are a low-cost approach to boost coverage. Check the available riders before purchasing a family health plan. Choose riders relevant to your coverage needs and allow you to take advantage of discounts.
Check the hospital network for the insurance company
Health insurance policies provide for cashless hospitalisation, which means you will not be responsible for any hospital expenditures. Your insurance carrier covers such expenses. As a result, cashless hospitalisation is both easy and cost-effective. The benefit is only available if you are admitted to a hospital affiliated with the insurance carrier.
Insurance companies list the number of hospitals with which they are affiliated. The list of hospitals in your city can also be found on the insurance company’s website. You must check the list of networked hospitals when purchasing a family health plan. Check if the local hospital of your choice is affiliated with the insurer. And don’t forget to check the network strength across India.
Check the pre-existing waiting period
When purchasing a new health insurance coverage, you or a family member must disclose any pre-existing conditions. A waiting period is for the ailments to be covered because they are already present before buying the insurance. It is known as the pre-existing waiting period, and it can last anywhere from 12 to 48 months.
If you or a family member has a pre-existing condition, seek policies with a short waiting time. If no one in your family is sick and you buy the plan when you’re younger, you can choose plans with a longer waiting period.
Check the exclusion list
Regardless of how extensive a health plan is, there will still be situations when coverage is not permitted. Policy exclusions are exclusions from range, and almost every health plan has them. You must check the policy’s exclusion list before purchasing a health insurance plan for your family. Knowing the exclusions can help you understand what is not covered by the plan.
Find out the premium discount
Health insurance plans provide enticing premium discounts to help you save money on your premiums. Discounts are frequently given for the following items:
- There is no claim discount for not filing a claim in the previous policy year.
- Discount if you add two or more people to your coverage.
- Purchase a long-term policy and receive a discount.
- Discount for purchasing the coverage online
- Discount for leading a healthy lifestyle and engaging in healthy behaviours
Conclusion
When purchasing health insurance for your family, you can follow the recommendations given above to improve your coverage benefits. You’d be able to make an educated choice. Furthermore, you would not have to rush from pillar to post during the claim process.
Author Bio
Tanisha is a blogger and journalism student and writes on technology and health related topics. She has good experience across technology, consulting and marketing. She has written for Online Lab Tests – LivLong Protection & Wellness Solutions Limited.