By James John
Summary
With rising expenses of medical treatment, purchasing a health insurance policy has become essential for everyone. Today’s young generation is more aware of the importance of having health insurance. Most of the youngsters buy health insurance to save on tax. But health insurance has more to offer other than tax benefits.
Today, most employers provide their employees with a group health insurance policy, but often these policies offer insufficient coverage. Hence, you should buy a separate health insurance plan to suit the specific medical needs of your family. There are various reasons why an individual decides to purchase health insurance such as to face medical emergencies, bear expensive medical treatment bills, inexpensive premiums, simple claim process, etc. You must assess your requirement before you buy a health insurance policy.
The insurance market is flooded with various companies offering different health insurance plans. The sheer number of varieties can make it challenging to choose the right plan. Hence here are some factors that will help you choose the best health insurance in India.
Consider buying a family floater plan
Every individual buying a health insurance plan must choose between an individual health insurance plan and a family floater policy. The difference between both is that an individual health insurance plan focuses only on a single person (the policyholder). In contrast, the family floater plan provides cover for your family as well under a single policy.
The premium amount differs for both. It is higher for a family floater plan as it covers more than one person. But, purchasing a family floater plan is much cost-effective than buying an individual plan for all members. Also, a family floater plan has a higher sum insured, which can be used by anyone (covered under the policy) who needs hospitalisation.
Be smart while deciding the coverage amount
When deciding the coverage amount, you must consider long-term planning for your health costs. Consider your medical as well as financial requirements while deciding coverage amount, monthly premiums, co-payments, deductibles, etc. It will help you evaluate your needs and priorities to know what to look for in a plan. If you have a big family with more than six members, including senior citizen parents, you should opt for a policy with a coverage amount up to 10 lakhs or more.
Compare capping clause for room rent sub-limit
A lot of health insurance plans have capping amount on room rent, which means that you can claim for expenses only up to a specified amount. If you choose room costing more than this amount, then you will have to bear the additional costs.
Don’t ignore the add-ons
Add-ons are additional coverage options that you can purchase by paying extra premium. They help you widen the coverage scope of your regular health insurance plans and provide an additional financial cushion during a medical emergency. Based on the needs of your family members’ needs, you can consider purchasing an add-on cover like critical illness cover. This is especially beneficial for a family that has a history of cancer.
Choose the cashless facility
Cashless facility has become one of the most crucial deciding factors when it comes to deciding a health insurance plan. Many insurers offer the facility. It enables a policyholder to avail medical treatment without having to make a payment from his/her pocket, provided the treating hospital comes under the network hospitals list of your insurer. Therefore, checking the list of network hospitals is important while choosing an insurer.
There are a lot of insurers in the market that claim to offer the best health insurance in India. Hence, it is paramount that you research and compare well before choosing a health insurance plan.
