in

Best Health Insurance Plans in India

Healthcare has become the most crucial sector in the present world since the outbreak of the deadly Coronavirus. The pandemic situation has unbelievingly transformed the Indian health care facilities, and to cope with these transformations, we need to take necessary measures. The healthcare standards in India have significantly increased due to the whole Covid situation, which significantly tested the capability of the entire country’s medical infrastructure.

Fortunately, even though there has been a significant boom in the cost of health care and medical facilities, many Indians have not realized the importance of medical investments and the need to buy the best health insurance plans. Thus, to help you understand the importance of health insurance, in simple words, we can say that it’s like your safety net. Buying the best health insurance plans for yourself and your family will help you get financial coverage when an unfortunate event occurs. An insurance policy covers all your medical bills from pre to post hospitalization in the present and future years to come.

Diagram

Description automatically generated

Image Source: Shutterstock

Types of health insurance plans available in India:

  • Individual health insurance policy
  • Family Floater health insurance policy
  • Senior citizens health insurance policy
  • Critical illness health insurance policy
  • Women-specific health insurance policies (maternal, pregnancy, and others)
  • Top-up and super top-up health insurance policies
  • Disease-specific health insurance policies (for particular diseases like heart attack, kidney failure, etc.)

How to select the best health insurance plans in India?

Several types of insurance policies are available in the market, and shortlisting the best health insurance plans amongst the many is challenging. So, here are some tips to consider if you are trying to pick the best health insurance plan in India:

Adequate insured amount

The medical insurance plan should offer maximum health coverage to help you meet all your medical bills or hospitalization expense during the treatment of any medical condition. Considering the medical costs are steadily rising every year, you will need a sufficient amount insured to tackle the constant medical inflation. A medical emergency like a kidney failure or heart attack might cost at least 5-7 lakhs, which is a huge amount for many middle-class individuals. Therefore, ensure that you have an adequate coverage amount to support you through any future emergencies financially.

Right insurance type

The individual insurance plans are designed in a way to meet the needs of an individual and not anyone more. So, suppose you have more members in your family and require coverage for them as well. In that case, it is advisable to consider the family floater type of medical insurance that covers your entire family in a single plan itself. The premium amount for the family plan is comparatively lower than the individual plans. In addition, carry out intensive research and compare all the best health insurance plans available in the market and choose the one that perfectly fits you and your family.

Waiting period for every medical condition

Most health insurance policies have their own set of terms and conditions regarding every disease. For example, some might cover pre-existing illnesses, and some might not. Thus, you should ensure what medical conditions are covered in the insurance plan after a defined waiting period. So, select the best health insurance policy with a lesser waiting period to receive your medical claims sooner.

Ensure maximum renewal age

Most insurance companies would allow policy renewal only until the age of 65 and rarely 70 years. However, certain insurance policies also offer a lifetime renewable facility, keeping your parents secured financially even after 65 or 70 years of age. So, select the one among the best health insurance plans meeting your family’s health history, age, and other aspects.

Easier claim settlement process

The claim-settlement process for most insurance companies remains the same but make sure that there are no changes in the company’s functionality of claim processes. So, choose the insurance plan that offers a smooth and easier claim settlement process.

The other significant factors to consider are:

  • Extensive network hospitals
  • Premium rates comparison
  • Policy’s exclusions and inclusions

Comparing all the best health insurance plans available in the market with the above parameters will help you decide the right insurance policy. And also, purchase the plan that meets all your specific needs, budget limit and provide tax exemptions.

This post contains affiliate links. Affiliate disclosure: As an Amazon Associate, we may earn commissions from qualifying purchases from Amazon.com and other Amazon websites.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.