6 Easy Steps to Follow While Buying Health Insurance
Undoubtedly, you need a health insurance plan. But zeroing down to the right one may be a bit too exhausting only if you have not worked diligently upon it.
So, how should one go about it?
Insurancedekho brings to you a start-to-finish guide for choosing the best from a pool of health insurance plans available in the market, suiting your and your family’s requirements.
1. Be aware of your needs
Health conditions of every individual are different from another. Thus, your requirements for the health insurance policy may vary from your neighbours. And in the process of choosing a policy for yourself, ascertaining your health requirements is the first step.
For example, a family with young members might find coverage of Rs. 5 Lakh sufficient according to their requirements. Whereas, another family that has senior citizens might prefer going for a separate senior citizens health insurance plan for the parents instead of including them in family floater plan.
2. Compare with other plans
Comparing the major feature of the plan you are interested in, with other similar plans offered by other health insurance companies is the next step. This not only helps you get clarity on what other insurers are offering but also save you from paying a higher premium with lesser benefits. Major features you should not miss out on comparing are-sum insured, waiting period, renewal policy, no -claim bonus and other benefits. But remember that going for a higher cover just to enjoy tax benefits is not a wise option.
3. Research insurer
Check out on the authenticity of your insurer. Research about the CSR (Claim Settlement Ratio) in order to get a fair idea of your potential health insurance company’s records. Also, considering an insurer’s business is a good thing to do. Going through the type of policies helps you understand the insurer’s expertise better. So, an insurer having a good portfolio of the product is the best choice.
4. Check for network hospitals
The health insurance companies have tie-ups with hospitals with the best healthcare facilities and that you would want to visit if required. See if the hospitals of your preference are impanelled with your potential health insurer or not. You can choose these hospitals on the basis of facilities, distance from your residence and other such factors.
You may also like to read-5 factors to consider while buying a health insurance plan
5. Restoration benefits
Imagine a situation where you have exhausted the SI of your plan and all you can do now is pray for your good health for the entire year remaining. Worrisome, no? So, here comes the next step. And that is, to ensure that your insurer is offering you the feature of ‘restoration’.
Under this feature, if the insured utilises the sum insured during the policy year, it is automatically restored. Which means you don’t have to worry about being hospitalised again because you have exhausted the entire sum insured. But this feature comes with some exceptions. The insurer restores the entire sum insured only when the policyholder seeks treatment for a disease other than for which he/she has been hospitalised earlier. So, while buying one, don’t miss out on the restoration benefit without any restrictions.
6. Other alternative treatments
Last but not less important thing to do is to look for health insurance companies that offer health insurance plans covering other alternative treatment such as AYUSH treatment. Currently, health insurance companies cover alternative treatment under their health insurance plans:
|Name of the Insurer||Coverage|
|New India Insurance||AYUSH treatment for up to 25% of the SI.|
|Chola Individual Healthline||Traditional treatment for up to 7.5% of the SI with 20% co-pay clause.|
|Tata AIG MediPrime||Coverage up to Rs 20,000 if the sum insured is less than Rs. 5 Lakh and Rs 25,000 if the SI is more than Rs. 5 Lakh.|
|HDFC Ergo Health Suraksha||Traditional treatment is covered.|
|Star Health Insurance||Coverage up to 25% of the sum insured.|
|Apollo Munich||Coverage up to Rs. 50,000.|
|Bajaj Allianz||It offers 100% coverage|
Health insurance comes to use in a medical emergency only if you have brought one after understanding all the aspects of the policy before purchasing one. So make sure the one you are deciding to spend on, fulfils all your requirements. If the process still seems exhausting, simply connect with us and we assure you the best health insurance plan.