Health insurance policies were always there, but people didn’t realise their importance in the early years. But with the rising lifestyle diseases, expensive medical treatment, the advent of COVID-19, and other factors, people have now realised the importance of reliable health insurance.
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Even if you remove these factors from the equation, health insurance still qualifies as an excellent investment to be used as a financial tool. If you know how to use it as a financial tool, you can derive multiple benefits from your health insurance investment.
After talking to many people from all walks of life, we found that people primarily invest in health insurance plans to create a safety net they can fall back on during medical emergencies. If you are yet to secure yourself and your family members under a reliable health insurance plan, we suggest you do it at the earliest. If the availability of numerous health insurance plans confuses you, follow the below-shared tips to navigate to the best option.
- Choose the Right Policy Type
Health insurance plans are available in different variants, each with its specific type of coverage. Individual health insurance plans, disease-specific plans, critical illness plans, family floater plans, top-up, and super top-up plans are some options you can come across while searching for a reliable health insurance plan.
The ideal health insurance policy for family is the one that covers the medical needs of all family members, so choose accordingly. If you’re willing to cover yourself and your family members under a single policy, we’d suggest looking for family floater plans offering generous coverage. You can also invest in a super top-up plan to enhance the sum insured limit and the overall coverage.
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- Opt for Adequate Sum Insured
After considering every family member’s expected medical costs, you can get a nearly accurate estimate of the ideal sum insured. Even if you cannot calculate it, try to pick health insurance plans with a higher sum insured value.
If recurring high premiums prevent you from choosing a high sum insured plan, you can choose a standard one and then invest in a top-up or super top-up one. Investing in these plans will easily enhance your coverage limit without a significant premium outgo.
- Check the Available Limits and Sub-limits
A common mistake you should avoid while choosing a family health insurance plan is ignoring the available limits and sub-limits clause. Some insurance plans have a sub-limit imposed on room rent, maternity coverage, OPD expenses, AYUSH treatments, domiciliary treatment, etc., which can be especially true for plans with a lower sum insured amount.
If you don’t want to bear any out-of-pocket medical expenses during treatment, you should opt for plans that either don’t have any such sub-limits or have lower limits. It will ease the burden on the policyholder during medical emergencies.
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- Learn About the Inclusions & Exclusions
Not all health insurance plans are designed the same way, so you must check their inclusions and exclusions carefully. For example, not all health insurance plans may cover specific diseases or illnesses. They may also not cover psychiatric benefits. So if you are currently looking for such benefits, ensure the plan includes them as part of the coverage.
Similarly, check the exclusions for each policy. Check what conditions are not considered part of the coverage so you don’t encounter any unpleasant shock during claim settlement. The more the coverage, the better it is.
- Look for Policies with Affordable Premiums
Affordability is crucial when buying health insurance plans. To save your time and channel your research in the right direction, start by finalising your budget. Policies with high coverage have high premiums and vice-versa, so work on your budget and requirements accordingly. If you only want decent health insurance that offers standard coverage at affordable premiums, consider investing in an Arogya Sanjeevani policy.
- Know About the Hospitals Covered in Network List
A cashless treatment facility is available to policyholders if they get treated in one of the network hospitals listed by the respective insurance company. If you want your family members to receive the best treatment, choose an insurer with at least two multispecialty hospitals. The list of network hospitals is generally available on the insurer’s website, so check it before making any final decision.
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- Check the Pre-existing Waiting Period
You cannot avail of the insurance benefits until you complete the insurer’s waiting period. Check the waiting period if your spouse, children, or dependent parents have any specific illness. It is generally between 12 months to 48 months for most insurers. You can try looking for plans with a lower waiting period to avail of the coverage benefits at the earliest.
- Compare the Shortlisted Policies Online
If you want the best policy for your family, you should compare policies online. Comparing policies online allows people to pick plans that offer the best coverage at a relatively competitive premium.
You can either visit an individual insurer’s website to learn more about the plans or look for online resources that talk about the different health insurance plans in-depth. Taking guidance from online communities built around the Indian insurance market is also a good option.
- Search the Insurer’s Reputation
Choose the right insurer if you want a smooth and pleasant experience after buying a health insurance plan. Sometimes the only differentiating factor between two health insurance policies is the customer support offered by the insurer.
Do some research online to determine whether the insurer has a positive reputation. It will ensure you don’t have a hard time dealing with your insurance company during claim settlement or any other process.
- Check the Past Years Claim Settlement Ratio
The last thing policyholders would ever want to see during medical emergencies is rejected insurance claims. Unfortunately, some insurance companies have a terrible reputation for rejecting claim requests and making people undergo tedious claim settlement processes.
If you don’t want to land in a similar situation, always check the past few years’ claim settlement ratio before buying any family health insurance plan. The higher the claim settlement ratio, the better it is.
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Give Your Family the Gift of Good Medical Care
Family is precious, and we all strive to give them the best of everything. One of the best things to provide them is a secure and healthy future. You can ensure your family members get the best treatment when they need it with the help of the right family health insurance plan. And you can indeed find the right family health insurance plan following the tips shared in this article.
