A Complete Guide to Choosing the Best Health Insurance Policy

Obtaining a health insurance policy is important, especially when you are the sole breadwinner of the family.
However, choosing the right policy is not as simple as it used to be, given the various types of health insurance plans available in the market now.

You need to be diligent when looking at a number of options before finally buying a policy which is comprehensive in nature.

One that will provide security against any unforeseen event, examples of which include medical surgeries, hospitalization for a critical illness, and so on.

Reasons Why You Need a Comprehensive Health Insurance Policy

  • Any unforeseen medical charges are taken care of.
  • Offers protection against high medical expenses.
  • Premiums are relatively lower and hence affordable.
  • The procedure followed by many insurance companies are smooth and hassle-free.

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Mentioned below are a few things that you should keep in mind while buying a health insurance policy:

  • Flexible Policies:

You should invest in a medical cover only after carefully analyzing your needs and the healthcare requirements of your family members. Insurance companies are usually flexible enough to customize a health cover that best suits the buyer.

You should also be honest about your medical condition so that the insurer has all the details at hand before providing you with a health insurance policy.

  • Online Policies with Instant Quotes:

With increased digitization and high internet penetration in India, insurers have also begun to sell insurances online in a hassle-free manner.

However, it is up to you to choose the right insurance company to purchase from. You should be able to get instant quotes from the insurer and make the subsequent purchase with ease. This procedure is most likely to take only a few minutes.

In case the insurance company asks for documents, you may also upload them online. Or else, a representative of the insurance company will collect them from you.

Purchasing a medical cover online saves a lot of time and physical energy.

  • Insurance Experts:

If you are uncertain about which policy to invest in, you can get instant guidance from your insurer, either through an online portal or a telephone call.

The process of selecting a family health insurance plan might get tedious and confusing but with the help of the insurance company’s expert guidance, this problem can be solved in a jiffy.

  • Comprehensive features:

Your health insurance policy should be able to provide a wide array of supplementary features such as cover for critical illnesses, genetic disorders, physical injuries, accidents, and so on.

It should also offer optimal tax saving option under Section 80D of the Income Tax Act, 1961.

Some other features include health check-ups on a yearly basis, maternity benefits, and so on.

  • Cash-free Hospitalisation:

Because medical emergencies are unpredictable, it is important to verify whether your insurer provides the option of cash-free hospitalisation.

When you are admitted in a network hospital, it not only helps speed up the procedure but also allows you to keep your savings such as FD, stocks, etc. intact.

  • Claims Support:

There should be a dedicated mechanism in place for managing claims of multiple consumers. The process should be consumer-friendly and should be able to support the user in any way that is required.

Therefore, the factor of claim settlement ratio must be considered before choosing an insurance company. The advantage of a health insurance policy is defeated if the insurer fails to provide the claim when required.

The above-mentioned points are just benchmarks to help you choose the right insurer. The final factor that one must take note of is the credibility of the insurance company.

It is not a good idea to choose a plan with low premiums if the insurer does not have a stable track record. Instead, look for add-on features, compensation options, and any other benefits that might be favorable to you and your family members.

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