Most of you avoid investing in health insurance plans as they do not provide benefits if you don’t fall sick. And, undeniably, nobody wants to fall sick. We all want to live a healthy and happy life. But how would you make financial arrangements if you are unfortunately diagnosed with an acute disease? The treatment cost might wipe away all your savings due to inflating medical costs and other expenses. Therefore, it has become more important than ever to stay financially covered under one of the best health insurance plans, so that you can reduce your additional worries during such challenging times.
As the insurance market is overflowing with health insurance plans, it is important to choose the right health insurance policy for yourself.
- Keep Your Requirements in Mind
Firstly, it is important to work out the reasons for health insurance requirement while considering the members of your family. If you are the sole breadwinner of your family, it is advisable to choose one with comprehensive coverage so that your family members can manage all the expenses if you are diagnosed with any disease. If you do not have children and dependent parents, you can start with a basic health insurance policy and make changes to it later. It is important to look for the right coverage.
- Keep it Affordable
As buying a health insurance plan is important, keeping it affordable is equally important. Before choosing one of the best health insurance plans, calculate your regular expenses to evaluate the amount of premium you will be able to pay at every interval. Strike a balance between the policy’s benefits and its cost. A policy with an extremely low premium and sum assured might not provide adequate coverage.
- Check Renewal Conditions
After working out the premium amount, check for how many years will the policy provide coverage and till when can you renew it. As you might need it more in the later years of your life, it is advisable to choose one of the health insurance plans that provide a lifetime renewability option.
- Check All the Inclusions and Exclusions
The specifications, inclusions and exclusions vary across different health insurance plans. Depending on your requirement, it is wise to carefully check through all the terms and conditions to be aware of the same in advance. You can choose one with maximum inclusions and coverage while considering your financial capacity. It should include benefits like in-hospitalization expenses, pre and post-hospitalization expenses, consumable expenses, etc.
- Check Network Hospitals
To avail of the cashless benefit, it is important to check out the insurance provider’s list of network hospitals in advance and try to choose one with the maximum number of network hospitals. This way, you can have a number of hospital options for your treatment.
- Claim Settlement Ratio
Lastly, to ensure the credibility of the insurance provider and be confident about your claim settlement, you should unavoidably check their record of claim settlement ratio. You can shortlist a few providers with a good ratio and select from them.
- Compare Quotes Online Using An Online Calculator
After gathering all the information about different health insurance plans, you can compare their quotes using an online premium calculator. You just need to put in your basic details to get the approximate cost of the shortlisted health insurance plans. After comparing their benefits, features and premium, you can buy one of the best health insurance plans.
After making a fair comparison, it is preferable to choose a credible insurance provider like TATA AIG. This is to stay assured of uninterrupted services and 24*7 customer assistance if you require any help throughout the policy’s tenure. They also put in all their efforts to provide speedy claim settlement to their clients.