SELECT A RIGHT HEALTH INSURANCE POLICY FOR YOUR FAMILY

Choosing the right health insurance policy in India involves carefully considering your needs and comparing available options. Here’s a step-by-step guide to help you make an informed decision. Here are 8 aspects you should look into before choosing the right one for you and your family

1. Assess Your Healthcare Needs:

    

• Individual vs. Family: Determine whether you need a policy for yourself or your entire family.

• Age and Health: Are senior citizens to be covered ? Consider the age and health conditions of those to be covered. Older individuals or those with pre-existing conditions may require specific coverage.

• Medical History: Evaluate your family’s medical history to identify potential health risks.

• Coverage Requirements: Decide on the type and extent of coverage you may need, including hospitalization, surgery, critical illness, maternity benefits, etc.

2. Understand the Types of Health Insurance Plans:

Apart from basic health policies , various other policies are issued by the insurance companies

• Individual Health Insurance: Covers medical expenses for a single person.

• Family Floater Plans: Provides coverage for the entire family under a single policy with a shared sum insured.

• Senior Citizen Health Insurance: Designed for individuals aged 60 and above.

• Critical Illness Plans: Covers specific life-threatening diseases.

• Top-up Plans: Supplements an existing health insurance policy to enhance coverage.

3. Compare Coverage and Benefits:

    

• Sum Insured: Choose an adequate sum insured amount that can cover potential medical expenses.

• Hospitalization Coverage: Check for coverage of room rent, ICU charges, surgery costs, etc.

• Pre and Post-Hospitalization Expenses: Look for coverage of medical expenses incurred before and after hospitalization.

• Day-care Procedures: Ensure coverage for medical procedures that don’t require overnight hospitalization.

• Maternity Benefits: If needed, opt for a plan that includes maternity coverage.

• Critical Illness Coverage: Consider a separate critical illness plan or a rider for coverage against specific diseases.

• Outpatient Coverage: Check if the plan covers OPD consultations, diagnostic tests, and prescription costs.

• Additional Benefits: Look for features like annual health check-ups, ambulance charges, and no-claim bonus.

4. Review Network Hospitals & Cashless Facility :

• Network Hospitals: Choose an insurer with a wide network of hospitals, especially those near your residence or preferred healthcare facilities.

• Cashless Facility: Opt for a plan that offers cashless hospitalization at network hospitals.

5. Evaluate Costs:

• Premium: Compare premium rates for similar coverage across different insurers.

• Co-pay and Deductibles: Understand the co-pay (percentage of claim amount you pay) and deductible (amount you pay before insurance coverage starts) clauses.

• Sub-limits: Check for any sub-limits on room rent, specific treatments, or procedures.

6. Check Additional Benefits and Services:

   • Wellness Programs: Some insurers offer discounts or rewards for maintaining a healthy lifestyle.

   • Value-added Services: Look for features like telemedicine consultations, health check-ups, and ambulance services.

    

7. Compare Insurers:

• Claim Settlement Ratio: Check the insurer’s claim settlement ratio, which indicates the percentage of claims settled by the insurer.

• Claim Processing Time: Opt for insurers with a quick and efficient claim processing system.

• Customer Reviews: Read online reviews and testimonials to get insights into the experiences of other policyholders.

8. Seek Professional Advice:

    

• Insurance Agents/Brokers: Consult with insurance agents or brokers to get personalized recommendations.

• Financial Advisors: Seek advice from financial advisors to integrate health insurance into your overall financial plan.

After buying the policy ,

Read Policy Documents Carefully:

• Terms and Conditions: Understand the policy terms, conditions, exclusions, and waiting periods.

• Grievance Redressal Process: Check the insurer’s process for handling complaints and disputes.

Some Popular Health insurance policies :

We are not commercially connected to any of the insurance companies . You may independently verify the claims made by the insurance companies about the quality and reliability of the insurance :

1. Max Bupa Health Companion Plan

2. Apollo Munich Optima Restore Health

3. Cigna TTK ProHealth Plus

4. Royal Sundaram Health Lifeline Supreme

5. Star Senior Citizens Red Carpet Health Insurance Policy

6. HDFC ERGO Senior Citizen Health Insurance Policy

7. Bajaj Allianz Senior Citizen Health Insurance Policy

In case a senior citizen is to be covered , please check our linked article