6 Important Tips to Consider When Comparing Health Insurance Plans

long term insurance plans

Indians are now viewing health insurance as a vital part of their personal finance toolkit, especially after the pandemic. It is one of the most significant policies to purchase, considering the increasing medical inflation and the rise in health problems at an early age.

The insurance sector is also reflecting this increase in adoption of health plans, with reports stating that retail health insurance is set to become a $25[N1]  billion market during the next five years. A health plan’s necessity is undeniable considering that it protects your finances and helps you take care of your health with perks like free consultations and test packages.

With numerous healthcare insurance companies and policies flooding the market, choosing a specific plan can be daunting. From individual plans to family floater policies, the options are endless. All you need are some quick and easy pointers to keep confusion at bay and choose the right plan.

Read on to understand the factors that can help you zero in on the right health insurance cover.

Choose the right coverage

Analyse the inclusions offered in a specific health plan, as this varies across policies. Check if your plan covers a few essentials such as:

·         Hospitalisation expenses, including both pre- and post-hospitalisation costs

·         Day care expenses

·         Maternity coverage

·         Ambulance charges

·         Critical illness coverage

By jotting down the health requirements of your family and yourself, you can choose a plan offering comprehensive coverage that works for you. Instead of choosing a plan that has more coverage that you need and paying higher premiums, you can also think about adding the ideal riders that you need. This can help you get a more affordable plan.

Select family floater plans over individual ones

When you choose individual health plans, you will have to purchase separate plans for each and every member of your family. This can increase the overall cost and shoot up your budget. A family floater can be the perfect choice here, as you can cover your immediate family members under a single premium.

These plans are more cost-effective than buying a separate policy for each family member. The best feature of a family floater plan is that the total sum insured can be used for any family member at any given time, depending on your requirements.

Check the list of network hospitals

When comparing various health plans, assess whether or not your preferred hospital is included in the insurance provider’s list of network hospitals. This helps you not only avoid delays in the medical treatment process, but also lets you enjoy cashless hospitalisation services. By choosing a plan that includes reliable hospitals in your area, you will not need to pay out of pocket for treatment.

Select an insurer with a high claim settlement ratio

The claim settlement ratio implies the total number of claims honoured by a health insurance provider out of all the claims received. A higher ratio means there are higher chances of your claim being settled by the insurer. This helps you manage medical emergencies without straining your finances. Make sure to follow this tip when comparing various healthcare plans in the market.

Opt for a health insurance plan having a lifelong renewability option

Choosing a policy with lifelong renewability ensures that you and your loved ones stay insured seamlessly now and in the future. Considering the rising cost of medical services, this is a smart strategy to help you combat healthcare expenses. This type of plan covers health-related expenses even during old age when buying a new plan can be difficult or more expensive.

Go for plans with a shorter waiting period

Health insurers set a waiting period for pre-existing diseases. This simply means you can raise a claim only after the specific period is complete. So, if you have any illness when purchasing the plan, you can enjoy coverage for its treatment only after completing the waiting period. Despite most healthcare plans having waiting periods ranging from 2 to 4 years, it is ideal to choose a plan with the shortest waiting period to relieve your finances.

Considering these tips can help you choose a health plan at affordable premiums. With all the various options available, comparing different types of healthcare plans after evaluating your options is critical.

To zero in on the right plan with ease, download the Bajaj Markets App. This financial marketplace offers insight into plans from top insurers and makes it easy for you apply for a plan right from your smartphone. Install it from the App Store or Play Store and pick the right health policy that best suits your and your family’s requirements.