The Complete Guide to choosing Health Insurance Plan

Your Step-by-Step Guide to Choosing a Health Insurance Plan

24 Jun 2019
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The health insurance market can be tricky to navigate, given the numerous options available in the market today. Finding the right policy is not just about comparing the policy features and premium, it is also about finding the right fit for your individual health needs. If you want to end up with the right health insurance policy, it’s important to start with the basics:

What Is Health Insurance?

Health insurance is a type of insurance policy that offers compensation for healthcare expenses incurred by the insured due to an illness or injury. A health insurance plan is usually valid for a period of one year from the date of purchase and it can be renewed every year. As of today, healthcare costs are exorbitant, which is why health insurance is the most convenient way to secure quality healthcare within your budget. Just the feeling of assurance that all your healthcare expenses will be covered will help you lead a peaceful life.

Steps To Choose the Right Health Insurance Policy

  1. Decide The Coverage Smartly –

  2. It’s best to opt for a health insurance plan that offers maximum coverage as medical care costs are inflating rapidly. So make sure that your policy offers a sufficient amount to deal with the inflation. For e.g. a simple heart surgery can cost around 4-5 Lakhs, which is quite a large figure for a middle-class family. If you have health insurance, the insurer will pay for the surgery, leaving your savings intact.

  3. Opt For A Family Floater For Your Family –

  4. If you are a family person, it’s best to opt for a family health insurance plan that covers your entire family. That way, you don’t have to buy a separate health insurance policy or pay a separate premium for each family member. Moreover, buying a family health insurance plan will be more economical than buying an individual health insurance for each family member. You can also cover the elderly in your family under a family health insurance plan by paying a slightly higher premium.

  5. Choose the Sum Insured Carefully –

  6. The health insurance sum insured is based on your age and marital status. When you are young, you may not need a high sum insured as you are less prone to illnesses at a young age. However, as you grow older, you are prone to a variety of illnesses including lifestyle diseases like diabetes, BP etc. Similarly, when you get married, you should choose the sum insured after considering the health condition of your spouse.

  7. Check the Waiting Period for Pre-existing Illness –

  8. Every health insurance provider sets their own terms and conditions regarding pre-existing illnesses. In case you are suffering from any disease before taking a health insurance plan, any claim arising due to the pre-existing illness will only be accepted after the waiting period. The waiting period for most health insurance policies ranges between 2-4 years. Hence, if you have a pre-existing illness, it’s best to opt for a policy that has a minimum waiting period.

  9. Maximum Age of Renewal –

  10. Most policyholders don’t need to make any claim when they are young. However, as you grow old, the possibility of developing diseases increases. Hence, it’s essential to choose a health insurance plan that allows you to renew until the age of 75-80 years or even higher. Some health insurance providers also offer lifetime renewability feature, provided you continue with them for a certain number of years and pay the health insurance premium regularly. If you are wondering how to determine your health insurance premiums, we can help. Use the health insurance calculator available on Finserv MARKETS so that you choose a health plan that is affordable and fulfils your medical necessities. The tool will calculate the premiums based on your preferred coverage and add-ons.

  11. Choose an Insurer with High Claim-settlement Ratio –

  12. The claim settlement ratio indicates the number of claims settled by the insurer compared to the number of claims received. The higher the claim settlement ratio, the more reliable an insurer is. So always choose an insurer who has a high claim settlement ratio.

  13. Check the Sub-limits –

  14. Most health insurance policies entail sub-limits on per day medical expenses, room rent in case of hospitalisation etc. So make sure to choose plans that offer the highest slab on room rent or other health care expenses. You can easily compare different health insurance plans online and choose the one with the highest sub-limits.

  15. Choose Plans with a Robust Cashless Hospital Network –

  16. Cashless treatment is a very convenient facility offered by most insurance companies. However, to avail the cashless benefit, you need to seek treatment from a registered network hospital of your insurance company. So, make sure to choose an insurer that has a vast cashless network of hospitals so that you don’t miss out on the cashless facility.

  17. Compare Policy Premium –

  18. An ideal health insurance policy should offer you a wide coverage for a reasonable premium. So before picking a health insurance plan, ensure that the premium is reasonable and within your budget.

  19. Go Through Customer Reviews –

  20. Reading first-hand reviews from existing customers will give you incredible insights about the various health insurance policies in the market. However, reviews are always a mixture of negative and positive opinions, so make sure to consider the points that are most relevant to you.

  21. Mind the Exclusions –

  22. Policy exclusions are the situations or conditions that will be covered by the insurance. Exclusions are a part of every health insurance policy and cannot be avoided. Most policy buyers focus on policy coverage and end up ignoring the policy exclusions. However, this can lead to problems at the time of claim settlement. Some health insurers may not cover certain diseases or treatments such as dental treatment, HIV/AIDS, eye-related healthcare, STD, cosmetic surgery etc. So make sure to choose a health insurance policy with fewer and reasonable exclusions.

  23. Top UP Plans –

  24. At times, your basic health insurance coverage may be inadequate to cover your healthcare expenses. In such cases, some health insurance companies offer top-up plans that act as an extension of your base health insurance plan. Top-up plans offer a high sum insured with a low deductible at a nominal premium. This kind of flexibility is important as you can increase your sum insured as per your requirement.

If you follow the steps listed above, you will surely be able to choose the right plan from the plethora of health insurance plans available in the market. On the other hand, if you take a closer look at health insurance plans available on Finserv MARKETS, you will find that these plans match all the criterias listed above. Moreover, by buying an online health insurance policy from us, you can enjoy exclusive benefits such as cashless treatment at 6000+ hospitals, quick claim settlement, Ayurvedic/Homeopathic coverage and much more. All you need to do is fill in a few details online and the perfect health insurance policy is just a few clicks away. To buy or know more about Health Insurance, visit Finserv MARKETS now!

 

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