How to choose a Health Insurance plan in India?

Health insurance is gradually gaining the attention of the commoner in India, thanks to dependable insurers that ensure maximum financial coverage in times of any medical emergency. You can find a large number of policies on health insurance in India. From individual health insurance, family floater to the accident insurance policy, you can buy a policy that suits your requirements. 

While overall life expectancy in India has increased, diseases are also rising. Moreover, medical inflation has pushed the cost of accessing health amenities. People are becoming aware that not getting health insurance can eventually rob them of all their life’s savings. Hence, even the younger generation is exploring viable insurance options to better prepare for uncertain health risks. 

What is a Health Insurance policy? 

If you are planning to invest in a health insurance India plan for the first time, it is essential to understand what it is all about and how it can provide you with the required aid when you need it the most. 

Health insurance is a contract signed by two parties, i.e. the insurer and the policyholder. In this arrangement, the policyholder pays a premium to the insurer. In return, the insurance company pays for the medical expenses incurred by the policyholder during a time of emergency. It could involve anything from hospitalisation to pre and post hospitalisation, daycare, transportation to the hospital, etc. 

Health Insurance Policy: Facilities from providers

As it is a contract between the insurer and the policyholder, the provider offers different reimbursements terms. For instance, you might first pay a hospital bill and subsequently get it reimbursed from the insurance company. The other possibility is that you opt for a cashless service where the insurance company can directly settle the medical bill with the hospital. 

Of course, the terms could vary across different insurance providers. Be it a claim against an accident insurance policy, a critical illness or any other medical emergency expense you are covered for, you can be sure of the required financial backup when needed.

Things you should look for in a Health Insurance policy 

Invest in a plan that meets your needs

Health insurance has evolved over the last decade. With insurance companies launching many insurance products with different features and specifications, it is vital to select a befitting policy that caters to your requirements. You may find policies covering diabetes, heart ailments, cancer and many other diseases. You will have to understand what you are seeking the cover for; whether it is a pre-existing illness, a maternity and childbirth or availability of treatment abroad?

Experts suggest that getting a minimum coverage equivalent to six times your current salary is good. 

Find an insurer that features top city hospitals in their hospitalisation network

Be it an accident insurance policy or a family floater Health Insurance plan India policy; a cashless service means that you can avail your medical treatment without spending a penny from your pocket. The insurer settles the medical bills directly. 90% of the hospitalisations are planned, giving insured people the option to find their choicest hospital. 

Avail of In-patient hospitalisation coverage 

Hospitalisation is expensive, and an insurance cover for in-patient hospitalisation can cover all the expenses incurred when staying at the hospital for medication or treatment. Most top Health Insurance plan India companies provide high coverage up to 100% for in-patient hospitalisation. You can check out plans that give you optimum coverage. 

Know your policy well

Most educated Indians today seek to secure their finances for the future and show more responsibility to secure the health of themselves and their family members. Hence, buying health insurance comes naturally to many. 

With insurance that offers coverage for daycare treatment procedures completed within 24 hours at a hospital, you can avail of a host of treatments such as cataracts, tonsils, chemotherapy and more. Popular Health Insurance plan India policy covers a high number of daycare treatments. 

In case of an accident, you can avail of allowances under your accident insurance policy. Depending on the chosen plan, you can also seek allowance for physiotherapy or a hospital room. Some plans may not come with a capping on room rent, while others may enable a certain percentage of the amount assured as room rent. 

How does it work?

Most top-rated health insurance companies allow policyholders to propose pre-and post-hospitalisation coverage to sub-limits for certain expenses and treatments. You can contact the hospital administration to send the insurance claim to the insurance company directly. Specific procedures also have pre-approved limits as set by the insurance company.

While buying your health insurance, check for the waiting period, especially for a pre-existing illness. You can also check out the co-payment clause that allows you to share a claim you need to pay from your pocket. Make sure to check the exclusions when purchasing a health insurance plan. You can also enhance the coverage over time by either a no claim bonus or restoration.  

All these facilities and assurance are roping more people to secure their health with viable health insurance plans. 

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