Health Insurance

Health Insurance: How to choose the best plan


The purpose of a health insurance policy is financial protection from the expenses incurred on the treatment of diseases.

Today, there are bundles of options available for the family floater health insurance plan in India. There is a need to perform small research and go to every possible website and find out a favorable plan for you.

Benefits of a Health Insurance Policy

Are you confident about your health condition? Do you believe that you could never go ill? When a person goes ill and admitted to the hospital, s/he suffers; physically, financially and psychologically.

Statistics from the Central Health Department show that 80 percent of cases in medical emergency cases go bad due to money problems.

Best Health Insurance 2020

In the event of an accident, not only do you have to spend money on treatment but during the recovery phase your earning capacity also decreases.

Health insurance proves helpful for you in such a situation. You can arrange medical expenses for yourself by paying a small premium for health insurance at regular intervals. This is necessary for today’s era. Health insurance helps you deal with the financial burden of illness and hospitalization.

If you take cover before the age of 30, you will have a low premium and would get the maximum benefit of the policy in the long run. Young people usually have fewer illnesses. In this sense, insurance companies keep premiums low for them.

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Compare the Health Insurance Policy

Compare the health insurance policy details with other policy providers‘ plans, and then buy. Carefully understand its terms and conditions before taking a health plan.

Comparison is available on the online site and details of the plans of all companies. Understand every clause in the health insurance policy, then proceed to purchase. Buy the plan by understanding the liability of the company in case of critical illness, pre-existing disease and accident.

Health Insurance

Remember, a health insurance plan that is good for one person is not necessarily good for another. If you are in contact with any insurance agent requesting you to buy a health insurance plan or having the first thought to buy such, here is a list of factors that can help you compare and choose the best health insurance plan and decide how cheap and beneficial it is for you:

Hospital Room Charges Capping

Some health insurance policies have no capping on room charges, whereas few policies cover the 5 to 10 percent of coverage amount of policy as room charge per day. For example, if you have a policy of Rs. 6 Lakhs, considering 10% of the coverage amount, the company would reimburse not more than Rs. 6000/day against room charges. You should look into the policy for room charges capping.

Pre and Post Hospitalization Covers

Health insurance policies also cover Pre and Post Hospitalization medical expenses of the policyholder. Few policies offer 180 days post hospitalization medical expenses cover. It means all your pre-hospitalization expenses up to 90 days of admission and post-discharge expenses till 180 days should be covered.

No Claim Bonus

In case of no claim for the year, are your getting increments in sum assured of your policy while renewing the policy for next year?  For example, the sum assured of your policy is 3 Lakhs. In the no claim and policy renewal situation, with the rate of 10%, the sum assured should be 3 Lakhs 30 Thousand in the new policy.

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Installment Benefit

Does the insurance company offer you the facility of paying the premium in installments? Many insurers break-up the premium in monthly and quarterly installments.

Cashless Home Health Care

If your doctor recommends, you can get yourself treated at home and avail cashless medical facilities then this feature would be of utmost help. It covers, doctor consultation expenses, medicines and other home-based medical services.

Ayurveda Treatment Benefits

You can compare the cover of Ayurveda, Unaani, Siddha and Homeopathy treatment in your policy. See if the policy also covers hospitalization expenses for AYUSH treatment as well.

Organ Donor Expenses

Check is your policy covers the medical and surgical expenses of the organ donor when harvesting a major organ transplant.

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Recovery Benefit

If you stay in a hospital for more than 10 days at a stretch then does the insurance company pay for other financial losses that might have happened due to your absence at home? It helps to take care of other expenses during your hospitalization. One should refer policy wordings to find such details.

Mental Healthcare

Check is the policy covers hospitalization expenses incurred for treating mental illnesses.

Free Renewal Health Check-up

Will you get a free health check-up after the renewal of your policy? What tests will that check-up include?

Daycare Procedures

Find the minimum hospitalization time in the policy to claim the expenses. Since medical advancements help in wrapping up important surgeries and treatments in less than 24 hours few policies offer minimum hospitalization time of less than a day time.

Covered Diseases

Check the diseases covered in the policy. Few diseases are covered after a certain period of time in the policy. For example, one can claim kidney stone treatment expenses only after continuous renewals of the policy for 3 years. After the corona pandemic, people are also looking at the coverage of COVID-19 in the policy.

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What is generally not included in Health Insurance?

Adventure Sport Injuries

Adventure sports can give you an adrenaline rush, but when coupled with accidents, they can be hazardous. Most of the policies do not cover accidents encountered while participating in adventure sports.

Self-Inflicted Injuries

You might think of causing injury to your precious self, therefore many policies do not cover self-imposed injuries.

War and Participation in Defense Operations

War can be disastrous and unfortunate. However, health insurance policies do not cover any claims that are caused due to wars. Health insurance policies do not cover accidents while you are participating in defense (Army/Navy/Air Force) operations.

Venereal or Sexually Transmitted Diseases

Insurer understands the criticality of every disease. However, few policies do not cover venereal or sexually transmitted diseases.

Treatment of Obesity or Cosmetic Surgery

Treatment of obesity or cosmetic surgery is not eligible for coverage under most of the health insurance policy.

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Wrapping Up

The above given factors will definitely help you put the question on the agent’s desk while purchasing the policy. Knowing these factors, you will be confident enough to take a fairly good decision.

Every insurance company has its own rules and accordingly designs that company policy. Before buying a health insurance policy, understand what it covers, what not? 

While taking health insurance, inform the insurance company about your medical records accurately. If you give some wrong information, then the health insurance company may refuse to give you the claim, due to which you will face problems during the treatment.

It is wrong to hide chronic diseases while taking a health plan. Tell the insurance company clearly even if you have to pay more premiums. Take all the information and then make a decision with thought.

Do not take a policy on an already ongoing disease. If you have taken a critical illness plan that requires long-term treatment, then claiming in this situation means that your premium is constantly increasing. Prefer the policy that can be renewed at any time in life.

So, are you going to buy a health insurance policy??


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