A healthy body equals a healthy life, which is becoming more evident with time. After the pandemic and a couple of covid variants, most of us have been putting more and more emphasis on our everyday lifestyle and habits. While being careful is imperative, falling unwell cannot always be averted. And there’s no denying that a trip to the hospital can be heavy on the pocket. The hospitals are on a good run for charging the patients as much as possible with multiple tests, possible surgeries and frequent consultations. To avoid a massive expense category for health purposes, health insurance is a must these days.
What is health insurance, and why is it important?
Before further discussing selecting the best health insurance, it is important to get a brief idea about what health or medical insurance is in the first place. Your insurance is a contract between you and the insurance company. You pay a certain premium to the company, which in turn covers the costs of medical care, like stay in the hospital, medicines, surgical treatments, etc. There are many major companies in India offering health insurance packages, however, choosing the best-suited policy is crucial.
Today when medical inflation is at its peak, health insurance is something that will save you from digging deep into your savings because of medical expenses. Finding the most suitable health insurance package for yourself among the numerous options available out there can seem like finding a needle in a haystack. While most of them might look the same, from a bird’s eye view, you would be able to spot some major differences that make one better than the other.
Choosing the best health insurance company in India
There are more than 2 dozen health insurance companies in India that claim to be offering their version of the best health insurance plans. However, selecting the right one will depend on your needs and expectations. As no two people may have the exact same medical conditions, their insurance needs may also be different. What may be best for one may not be very well-suited to the other as different individuals will have different coverage requirements, hospital requirements, claim settlement expectations, etc.
Once you have figured out your needs, it is important to know about certain criteria based on which you will be selecting the health insurance plan as well as the company most suitable for you. The following pointers will assist in figuring out your version of the best health insurance company in India. If the company can provide a plan that meets the below requirements, then it would be safe to proceed with that one.
- The right coverage
Every health insurance plan comes with a detailed list of incidents that will get covered within the tenure. If you’re looking for health insurance for your family, then it is important to pre-determine how many members will be covered by the company. Comparing the companies on the basis of the coverage that is being offered can be easily done online. You can explore different companies as well as the coverage that they are offering.
- Keeping things affordable
As important as it is to buy health plans as per your requirement, it is also important to determine the premium value before confirming anything. Any plan that you select should fit your budget. Every health insurance company promises to be pocket friendly, so you should do your analysis and select the one that covers most of the treatment costs. It is important to remember that if a company is offering the most expensive health care plans, it does not imply that it is the most beneficial one, and vice versa.
- Claim Settlement Ratio
You should always check the company’s claim settlement ratio or incurred claim ratio while selecting a health insurance plan. A higher number implies the company’s willingness and approach to clearing claims.
- Waiting period
The waiting period is one of the most crucial aspects that you need to check when planning to buy a health insurance plan. Generally, there is a 30-day waiting period from the date of policy purchase for every hospitalisation except accidental injuries. Other than that, there is a waiting period for specific treatments and diseases that you need to serve, ranging from 24 months to 48 months. Try to pick a company with lesser waiting periods. - Network of hospitals
Another crucial thing to consider when choosing a company is to explore the network of its hospitals. A bigger number reflects a bigger network and thus easy accessibility, but you need to check if there are enough good hospitals in your vicinity so that in case you need treatment, you can choose a hospital that is easy to reach. - Add-on covers
There is an array of options that health insurance companies offer when it comes to add-ons. A company that offers the add-ons that you feel are most suitable to your needs should be considered. Even though you may have to pay a little more, the extra coverage benefits that you will get will be worth it. - Ratings and Reviews
In the digital world, finding out details about health insurance companies is a matter of minutes. You can get first-hand info from existing customers, as well as internet ratings and reviews. - A name that you can trust
There are a number of veterans in the health insurance sector that have a strong reputation. You can look for one that offers the best benefits. Many new companies are mushrooming and are striving hard to build a name. In case it is a new/ upcoming company, make sure you do enough research. First and foremost, ensure that the company is recognised by IRDAI.
Conclusion:
There are many health insurance companies in India, and choosing the right one for you is the motto here. The above-discussed criteria will come in handy when selecting a plan for your whole family. Choosing an expensive plan will not be effective if it does not cover the most benefits. Therefore, it is important to keep checks in place when choosing the best health insurance company in India.
