Health & Wellness

How to Choose the Right Health Insurance Policy

choose the right health insurance policy

If there is any time to choose the right health insurance policy it is now. Today, medical costs are on a record high – the inflation in medical costs over the past year alone has gone from 6-7% to 15%. An Insurance Regulatory and Development Authority or IRDA report published back in 2011 showed that major disease medical expense claims grew by 17 percent on a compound annual basis. Thus, a good health insurance policy has become a necessity in today’s time.

A growing number of millennials are becoming aware of this. The tax benefits of health insurance are no longer the only factors people are considering. Tax benefits are a good reason for investing in a health insurance plan, but this method often leads to people investing in plans that offer maximum tax benefits, but don’t provide benefits when they need them. You should not just focus on tax benefits when making an investment decision.

Sadly, many employees in big companies feel as though their companies’ insurance benefits are sufficient, which is another problem jeopardizing the health insurance market. In turn, this causes a lack of interest in the policy. Remember, however, that corporation coverage only extends for the duration of your employment contract. It is sometimes difficult to realize this behind the smokescreen of the benefits that come with a corporate health insurance plan.

You should evaluate your personal needs and invest in a separate health insurance policy rather than relying on the office group plan.

Several companies offer you different insurance policies, each sounding more attractive than the last. A well-informed decision, however, is essential since not all that glitters is gold. Following are some pointers to help you get started. Before that let us know why is it important to choose the right health insurance policy.

Why you should get health cover

Medical inflation in India is about 17 percent annually, which is significantly higher than the general inflation rate. Selecting the ideal health coverage plan and having adequate health insurance has become increasingly important.

Even if you are doing well at the moment, health insurance is not just for illnesses. Accidents can happen at any time and to anyone. In such a case, a health insurance policy would be useful.

There is no age limit to accidents, which is a universal truth. In such a case, a health insurance policy would be useful.

In addition, certain ailments can remain undetected until their symptoms manifest later in life. The fact that one has purchased a policy at an early age and has renewed it for quite some time without any claim may lead to a better claim experience when one needs it.

9 Saviour Tips choose the right health insurance policy

Here are 9 tips to help you choose the right health insurance policy 

1. Make sure you have the right coverage

Consider a health plan that provides comprehensive coverage and includes coverage for pre and post-hospitalization, daycare costs, transportation, and illnesses that may be at risk due to your family’s medical history. You need to ensure that the policy matches the needs of every member of your family before buying health insurance. You should consider your requirements, compare plans based on benefits and costs, and do some research before choosing a plan.

2. Don’t go overboard on the price

Choosing a health insurance plan that meets your needs is important, but it is equally important that it suits your budget. When buying health insurance, budget is a crucial factor. Before evaluating the price of the plan, you should look at its benefits. Buying an affordable health cover at the start is essential for ensuring proper coverage and affordable premiums. As your income, family size, and needs change, you can revise your plan accordingly.

3. Prefer health plans for the family over the individual

For individuals who do not support a family, individual plans are a good option. However, you can take advantage of maximum benefits at a more affordable price if you purchase a family health plan.

4. Consider plans that are renewable for life

Make sure you check how many years the health plan will cover you or if it offers limited renewal. Why? It is during your later years that a health plan will be most necessary. So, choose a health plan that allows you to renew it for life.

5. Find the best price by comparing quotes online

Comparing health insurance plans online can help you find a plan that meets your needs. Even better, you can get an estimated premium by filling in your details on the website and requesting a quote. Compile the best quotes so that you can compare them.

6. Hospital network coverage

You should identify which health plans have the hospitals and doctors you want on their hospital network once you’ve selected your list of health plans. Always choose an insurance company that has a worldwide network of hospitals

7. Settlement rate of high claims

The claim settlement ratio is calculated by dividing the total received claims by the number of claims that were settled by the insurer. Make sure that you choose an insurance company that has a high claim settlement rate. 

8. Keep an eye out for details related to age

 When purchasing health insurance, check the details related to your age. Make sure the eldest and smallest family members are within the age limits. Make sure to check the maximum age for renewal. In an ideal plan, the plan would be able to be renewed for life.

9. Be sure to check for sub-limits

Sub-limits are part of a health insurance policy. It means that each component, such as your room rent and ambulance fee, has its amount. You should check your sub-limits before making a final purchase to ensure they are in your favor.

When shopping for health insurance, follow these tips to maximize your benefits. Be certain to make the most of the investment you are making to protect yourself against high healthcare costs.

Also Read: Top 10 Best Health Insurance Plans in India 2021

Hello, I'm Sejal Jain, Editor at Currently, Pursuing B.Tech in Computer Science from Medi-Caps University, Indore. I am a Tech Enthusiast and a Voracious Learner, getting my hands dirty in as many fields I can, including, Content Writing| Designing | Marketing| Develpoment. Connect to me on LinkedIn and let me know your feedback for my work. I would love to hear from you.


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