Key Highlights
- Selecting the right health insurance policy can be challenging, considering the many options available. You must choose a policy after considering some important factors.
- Consider the coverage offered by your policy is adequate. The sum assured should be enough to safeguard yourself and your family from major medical emergencies.
- Check the waiting period of your policy before buying it. Also, check the claim settlement ratio of the insurer.
- If you have a pre-existing medical condition, consider getting a policy that covers pre-existing illnesses.
Did you know that the current medical inflation in India is around at 14% per year?
Considering the skyrocketing prices of healthcare, it's important to protect you and your family from medical costs with health insurance. However, picking the right health insurance policy can be difficult. You need to consider several factors including your age, existing diseases, extent of protection required, and so on.
How to Choose the Right Health Insurance Policy?
Choosing the right health insurance policy is essential for ensuring your financial protection and access to quality healthcare. To make an informed decision, focus on these three critical aspects:
1. Sum Assured
The sum assured is the maximum amount the insurer will pay for your medical expenses in case of a claim. When selecting a policy, consider your healthcare needs, family size, and potential medical costs. A higher sum assured can provide better financial protection, especially in the case of serious illnesses or emergencies. Ensure that the sum assured is adequate to cover hospitalization, treatments, and other related medical expenses without placing a financial burden on you and your family.
2. Inclusion and Exclusions
Carefully review the inclusions and exclusions of the health insurance policy. Inclusions refer to the medical services and treatments covered by the policy, while exclusions are specific conditions or situations that are not covered. Understanding these aspects is crucial to avoid surprises when you need to file a claim. Look for a policy that offers comprehensive coverage for essential services, such as hospitalization, outpatient care, and preventive treatments. Pay close attention to any waiting periods for pre-existing conditions and ensure that the policy aligns with your health needs.
3. Premium
The premium is the amount you pay for your health insurance policy, usually on a monthly or annual basis. While it's essential to find a plan that fits your budget, don't base your decision solely on the premium amount. A lower premium may come with higher deductibles or limited coverage, which could lead to higher out-of-pocket expenses in the long run. Compare different policies to find a balance between affordable premiums and adequate coverage that meets your healthcare requirements.
4 Factors to Consider When You Get Health Insurance
Apart from the essentials mentioned above here are the four things that you should focus on while comparing health insurance plans.
1. Track Record of the Insurance Company
Before selecting a health insurance provider, it's essential to evaluate their track record. Check past customer reviews, assess the market reputation, and review their performance in the industry. Additionally, look at the claim settlement ratio, which indicates the percentage of claims settled by the insurer. A high claim settlement ratio suggests that the company is reliable and customer-focused, which is crucial when you need to make a claim.
2. Waiting Period
The waiting period is the timeframe between the purchase of your health insurance policy and the date when your coverage begins. It's important to check the waiting period associated with the policy you are considering. Typically, this period can range from 30 to 90 days, depending on factors such as your age, pre-existing conditions, and overall health status. If you have any pre-existing illnesses, be aware that the waiting period may be longer, as defined by the Insurance Regulatory and Development Authority of India (IRDAI), which considers medical history up to 48 months before purchasing the insurance.
3. Cashless Coverage
Evaluate whether the health insurance policy offers cashless coverage. Cashless facilities allow you to receive medical treatment without having to pay out-of-pocket expenses at the time of service. Instead, the insurance provider settles the bill directly with the hospital. This feature can significantly reduce the financial burden during emergencies and streamline the claims process, making it easier for you to access necessary healthcare services.
Also Read: Misconceptions About Health Insurance That People Have
4. No Claim Bonus Availability
Look for policies that offer a no-claim bonus (NCB). This benefit rewards policyholders for not filing any claims during the policy year by increasing the sum assured or reducing the premium for the following year. An NCB can provide added value to your health insurance policy, offering financial incentives for maintaining good health and reducing overall costs in the long run.
Choose Your Health Insurance Policy Wisely
Before you get
health insurance, you must ensure that the policy's coverage, cost, and features are compatible with your needs. You must choose a policy after considering the coverage, premium amount, sum assured, and claim settlement ratio of your insurer.
Reliance General Insurance has a claim settlement ratio of 100%. Explore the various policies covering pre and post-hospitalisation expenses, alternative healthcare benefits, and preventive healthcare like vaccines and screenings. The insurance premiums start at just ₹243 a month.
Also Read: A Guide to Comparing and Choosing the Perfect Health Insurance