Health insurance is one of the most important financial tools at the moment. As we live in a highly polluted world with lots of experimental foods and bad habits, a medical emergency is normal nowadays but medical expenses are touching the sky. Any major medical emergency in the family will burn our lifelong savings, that’s why we must have health insurance to protect our self & family, and our savings too. But the next question arrives “How to choose the best health insurance” In this highly competitive market where we have thousands of health insurance policies, so here we are to help you find the best health insurance for you and your family.
How To Choose The Best Health Insurance
- Find Out your need: Sum Assured
The first and most important topic is to find out your needs about the medical expenses like if you are looking for health insurance for yourself only or with your family. An average of 5 lakh INR per year is an ideal amount a person requires in India for medical expenses. You can choose high sum assured according to your lifestyle or standard, like you are living a high standard life so you will select high standard hospitals during any medical treatment that’s cost high. So, assess your needs and choose policies accordingly.
2. Cashless Hospitals Network
In cashless services we don’t need to pay any initial amount during admission and discharge of the patient and wait for refunds, we show your cashless card and our treatment will start. We must check which company has many cashless hospital networks in your region to minimize your costs and efforts during treatment.
3. Co-Payment Clause
Co-payment means we have to pay a certain percentage of the total claim amount to the hospitals. If we choose a 30% co-payment policy, we must pay 30% of the total claim. We must opt for the policy without any co-payment clause.
4. Waiting Period
In most health insurance policies, there is a 2-3 year waiting period for any critical illness treatment. We should check this waiting period before buying the insurance.
5. Claim Settlement Ratio
Claim Settlement ratio refers to the percentage of settlements made by the insurance company against the total claim in a year. An average good health insurance company has a 95-100% claim settlement ratio.
6. Compare the premium and benefits.
Initially, it would help if you shortlisted a few health insurance policies by examining a few points mentioned above. Then, compare the premium against the benefits, and you will find the best policies from all of them.
7. Add on feature
Before confirming the policy, we should ask for an add-on feature in the future, if we want to add coverage for pregnancy in the same policy with some additional amount or add our newborn baby in the same policy with some additional amount. This feature will save you funds.
8. Exclusions
And last, we must check the exclusion of the selected policies, like some policies are not covering some specific illness or treatment so we have to check this prior.
9. Ask For No Claim Bonus.
A no-claim bonus is an additional benefit for future policies. If we do not claim an amount in a previous year’s policy, most companies will offer a no-claim bonus in your sum assured amount if you renew the policy.
10. Use your health insurance policy as a saving tool.
A health insurance policy is not just for saving a life but also for save your funds by income tax claims. You can claim some relaxation in your income tax to showcase your health insurance policy.
You can also compare Different Health Insurance Policy on Policy bazar or many different sites