Medical expenses are increasing at an alarming rate in India. High treatment costs coupled with lifestyle diseases have compounded the issue even further. To cope up with such ordeal, health insurance policies seem to be the only way out. However, finding the best health insurance in India is not easy as there is a plethora of health insurance plans available. If you are on the lookout for the best health insurance in India, here are some crucial aspects that you have to consider.
Pick The Right Provider Of Health Insurance In India
There are over 25 health insurance providers in India and all these insurers differ in terms of many vital facets. Therefore, you have to compare health insurance providers on the basis of various parameters like financial stability and background of the insurer, claim settlement ratio and network of hospital for cashless facility. This way you can locate the best health insurance company in India. Ideally, you should opt for a standalone health insurance company in India.
Chose The Right Type of Health Insurance in India
There are different types of health insurance plans available in India and you need to select the right type to suit your needs. In case you have a family to look after you should pick from the best one from family floater health insurance policies. But if you are single, you need to select the best health insurance plan which is meant for individuals. In case you have elderly parents at home you should focus on senior citizen health insurance plans available in India.
Select The Right Coverage
Medical treatment expenses vary from one place in India to another. If you live in metro cities that health insurance providers consider as tier 1 cities, treatment costs will be more expensive than other places in India. And, you have to select the coverage amount accordingly. A coverage of Rs. 5 Lakhs is good enough for an individual health insurance if you live in a tier 1 city. However, if you belong to any other places, a coverage of Rs. 3 Lakhs will suffice.
Don’t Settle With Health Insurance Plans with Lowest Premiums
Many people tend to buy costly health insurance in India whereas the rest look to grab health insurance policies with lowest premium. However, none of the these two approaches are right as you should try and ensure that the your chosen policy consists of all the features you need. For you, the best health insurance policies are those that meet your needs without hurting your budget. You shouldn’t compromise with the premium as you might miss out on some significant features in a bid to save a few hundred rupees.
Network of Hospitals With Cashless Treatment Facility
Most health insurance policy seekers prefer health insurance plans with cashless facility as reimbursement claims are bothersome in many ways. You have to keep all the related documents and bills handy to make a successful reimbursement claim. More importantly, many people fail to arrange adequate money to get the best treatment facility in time of an emergency.
For all these reasons, your best bet is those health insurance plans that facilitate policyholders with cashless claims. You also have to compare health insurance companies in terms of the network of hospital with cashless facilities. For you, the best health insurance policies are those that come with highest number of hospitals with cashless treatment facility in your locality.
Steer Clear Health Insurance Plans with Sub-Limits
This clause of sub-limit is not at all advantageous for policyholders. Even if you avail the best health insurance in India with high coverage you will still have to pay for expenses from your own pocket due to sub-limits. Suppose, you have a coverage of Rs. 3 Lakhs but the plan comes with sub limit of 1% of sum insured on room charge. In that case you cannot admit in a hospital room that costs more than Rs. 3000 per day. And even if you do that you have to pay the additional cost from your own pocket. Sub -limits are applied on various significant expenses such as doctor’s fees, diagnostic tests and the likes. You should make comparison among only those health insurance plans that don’t come with any sub-limits.
Check Out The Maximum Renewal Age
Best health insurance in India come with lifetime renewal option and you should look to settle with such health insurance plans. It is difficult to get a new health policy after a certain age and even if one gets one, one has to pay exorbitant amount of money for premium.
Therefore, health insurance plans that remain valid are your first preferences.
Waiting Period For Pre-existing Diseases
All health insurance policies impose a waiting period on policyholders before covering pre-existing conditions. Best health insurance in India come up with lowest waiting period and you should avail any one of those health insurance policies.
If you keep these 8 points into account you can easily find the best health insurance in India which will help you cope with medical expenses better.