People find this always confusing when they have to choose something like the “Best health insurance in India”.
And why will they not as there are so many companies offering the same product with so many different options.
Buying a policy is not at all an easy task as there is so much detail that goes into it. This task becomes even more difficult when you have to choose something from the hoard.
Thus it is really important to understand what each and every company has to say as their product features differ a lot.
It is only after learning what they have to offer, you will be able to choose “The Best”.
Since health insurance policies come stuffed with loads of features thus here we will find:
- What different features mean to you…? And
- What makes a simple health insurance, the best health insurance in India…?
13 must have facilities that every best Health insurance in India should offer….
Though it is not a feature but before studying any company you should first look at its claims settlement record as this is by far the most important factor which will inform you about the past performance of an insurance company and how active it is in settling their claims.
The higher the claim settlement ratio the more of a probability it would be that you will receive your claim when demanded.
Thus when next time you meet your insurance agent ask about the company’s claim settlement ratio. The higher it is the more chances there will be to provide you the best health insurance in India.
2. Network of Hospitals covered:
I am sure you might be having some great hospitals in your own area. Check out whether they are covered in your policy under the head “Hospitals Network or Network of Hospitals” and in case of any doubt give a call to your insurance agent.
Why this is important, is because of the obvious reasons. If even the closest hospital is not covered then what’s the point of paying premium for policy that will make you travel around the world before you get your treatment.
Thus always look out for this option.
3. Treatment without cash:
Sometimes it really becomes difficult to arrange cash especially when an unexpected happens.
Thus opting for cashless facility in your policy will not only be a great relief to you but your family as well. As they will then be able to focus on one core thing and that is to get you treated rather than rushing around to arrange for that much needed cash.
With cashless facility you will just be handing over your policy no. and your insurance company will take care of your bills. Your best health insurance in India should comprise of this must have facility as cashless service can reap you real benefits.
4. Medical Expenses:
Your medical bills can sometimes be as expensive as hospitalization expense itself.
With cost of treatment only on the rise and medical bills touching roofs it becomes really important and more logical if you have an insurance policy that covers both “Pre and post hospitalization expenses”.
This way it will be only your insurance company that has to deal with all the expenses, leaving you with much need support of your family.
5. Ambulance charges:
Though ambulance charge is not that big of an issue but the expense can be really high if the patient’s condition demands that little extra care. Thus when you have already planned to buy a health insurance then why not let your insurance company pay for this expense and you take the full advantage of the policy cover.
Co-payment simply means that you are obliged to pay a part of the claim.
If your policy says you to Co-pay 20% then it would mean that on a claim of, Rs. 10,000 you would pay Rs. 2,000 and rest will be borne by your insurer.
It is not a necessary evil that you should opt for but is kept to save insurance companies themselves from any moral hazard.
The idea behind co-payment is that, when you know that even you have to pay for the claim demanded then you will seek less medical care and thus will claim accordingly. While in the absence of Co-pay you would demand medical care that would not be even necessary.
Thus if possible then go with the company that can offer you “No Co-pay” as this can make your simple policy “The Best Health Insurance In India” as this way you will be free from every financial obligation that will relate to your policy.
If you are already suffering from any ailment then waiting period is the first thing you should look out for, as this will tell you the time required to activate your pre-existing disease.
If the time is too long, for e.g. 4 years then it might be of no use to you as you won’t get any claim/benefit for another 4 years for your pre-existing illness.
Thus always choose the company that can offer shorter waiting periods.
Companies that can offer lifelong renewability option are considered the best among the lot as you will have the option to renew your policy, no matter what your age is.
Since our immune system only deteriorates as we age and these policies come with a limited time frame thus lifelong renewable facility will be a handy option to save and secure oneself from any unfortunate events.
9. Your Hospitals Room Rent:
During hospitalization you are always given the option of the type of room you would prefer. These options can be like:
- Shared Room,
- Private Room and
- Private Room with High class facilities.
The higher you go the more you will spend on hospitalization. Thus it’s always a good idea to check out for the room rent that your insurer would be ready to compensate. Go with the one that offers you more on the room rent.
10. Personalized services:
Inorder to give utmost convenience to their clients, insurance companies provide personalized services in the form of dedicated “Relationship Managers”. This kind of service will help you a lot in making your claims and getting it serviced as your Relationship manager will only be a call away.
11. Family Floater:
It’s an add-on to your health insurance that you may or may not buy. But it is always advisable to go for a plan that you can alter later with a family floater.
What it means is that the policy holder will have the option to get his full family covered under a single health insurance plan. Thus under the same sum assured you get your entire family covered.
The most beautiful thing about these floaters is that you will not only be able to cover new born’s but a person as old as 60 years of age.
Before you jump in to see the availability of family floater in your chosen company don’t forget to look out for size of these floaters as well. As every company has a different family floater size, for e.g. Star Health includes a family floater size of 4 which includes 2 adults and 2 kids.
12. Bonus for “No Claims”:
If you can take the full advantage of your insurance policy then it can’t get better than this.
Some insurance companies provide the policy holder with “No claim benefits” where he gets the benefit of making no claims in a given year.
Thus when opting to choose the best health insurance company in India it totally makes sense to check out for this facility as companies pass this benefit either in the form of discount in premium or raising the entire sum assured by a certain percent. Thus it can act as a highly lucrative option when buying that best health insurance in India.
13. Tax Relief:
This is something that is common for all policies. If you are paying a premium then you are ought to receive a tax rebate under section 80D of Income Tax Act. This is max of Rs. 25,000 for people in the age range of 18 to 50 years and max of Rs. 30,000 in case of senior citizens.
Since now that it’s clear what your best health insurance in India should include, thus now let’s check out:
What are the major different types of health insurance plans in India….? so that you can make a smart choice for yourself.
Since there are so many health insurance out their thus every plan can be categorized into following 4 types:
Types of Health Insurance In India….
1. Individual Health Insurance:
These plans give you financial protection against any illnesses covered in the policy plan.
These are kind of the policies that you buy on your own and have nothing do with the health plan that an organization bought for you out of employer employee relationship and is more often called as Group insurance plan.
Thus if you plan to buy a health insurance even for someone in your family who is depended on you then you will go with Individual health insurance.
2. Family floater Health insurance:
These are the plans meant for the entire family as a whole. Thus under single sum assured you can cover your whole family. The sum assured is then shared by everyone.
Thus a family of 7 if takes a cover of Rs. 5 lacs then the entire family can claim up to Rs. 5 lac only and no more than that.
Family floater can also be said as an Individual health insurance plan with an add-on feature of adding your family in the plan.
Before buying a family health insurance you should look into the factors like:
|Factors||What they mean…?|
|Health Coverage||What facilities your insurer covers under family health plan.
If you are planning for a baby then look out whether the policy covers insurance for a new born baby.
|Till when you can Renew your policy||Some companies provide lifelong renewability option and others set the age limit like till 65 years of age.
Thus it will be a good idea to look the max age till you can renew your policy.
|Flexible sum assured||As you will have new members in your family, the cost of living will rise. Thus ask your insurance agent whether you will be given an option to increase the sum assured later in life.|
|Cashless Hospitalization||What’s the point of paying premium if you can’t avail cashless facility when the need arises?
Even check whether the nearest hospital to your house is also being covered or not, as this will provide a lot of convince to you later on.
Your family health Insurance can provide a lot of benefits when compared to individual health plans as they are:
- Lot convenient to handle: As you won’t be maintaining many records.
- Lot easier to add new members:
- You can include extended family members too (if you want) like your In-laws.
- Maternity benefits: Which otherwise you might not get in Individual health plan.
3. Critical Illness Health insurance:
What it really is….?
It’s a policy that covers only life threatening diseases. These diseases can sometimes be very limited in no. in the list of your health insurer. Thus before buying make sure that the problem you are suffering with is even covered in their plan or not, as this is the only way you can take advantage out of this plan.
Thus check the list to find what they cover before buying.
This policy takes care of the financial aspect of critical ailments that one might face in his or her life.
Critical illness policy can either be taken individually or as a rider of a health insurance plan.
The basic difference between the two is:
- Health insurance covers the cost of hospitalization.
- Critical illness covers the cost of critical diseases where the claim can be paid either lump sum or reimbursed.
4. Health insurance for senior citizens:
Many companies are providing tailored made services in the insurance sector thus to beat and filter out the competition further they have even come out with insuring senior citizens as well.
Since people always face some or the other kind of issues in their old age thus a policy like such can save you from a serious financial setback.
If you plan to secure health of someone in your family over 60’s then is the policy you should be looking out for.