Which Health Insurance Policy Is Good For Me?
Published On Jul 26, 2021 12:00 PM By InsuranceDekho
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A health insurance policy is essential as it protects the individual against any medical expenses that might incur in case of an emergency. To shield yourself and your loved ones from any unforeseen circumstances, you must invest in an affordable health insurance cover. There are different types of covers like critical illness, maternity, individual, family floater, etc. You can choose any of these plans and if the coverage is not sufficient, you can add extra benefits by purchasing top-up covers at an affordable cost.
To choose a suitable health insurance cover for yourself, you must compare it with other available health insurance policies based on certain factors like coverage, benefits, claim settlement ratio, sum assured, network hospitals, and a lot more. Before investing in a health insurance cover, you must carefully go through its documents to make sure your demands have been met.
How To Choose A Suitable Health Insurance Policy?
As discussed above, there are several factors that must be considered while purchasing a health insurance policy. Therefore, let us look at some of the prominent points that should be considered to buy the best health insurance cover for yourself and your loved ones:
- Make sure your plan has sufficient coverage and includes medical expenses for daycare treatments, in-patient costs, ambulance charges, etc. If you are buying a family floater plan, then you must make sure that the plan has enough benefits to cover all the members within the family included under the plan.
- You must always go for a policy that offers lifetime renewability of policy as it helps you to renew your previous policy without affecting the benefits. There is no limit on the maximum age of renewal of the policy under this benefit, and it maintains the contact between the insurer and the policyholder.
- You as a customer must do your own share of research and compare the quotes of various plans that are available in the market. This gives you a plethora of options to choose from and enables you to select a policy that can meet your demands.
- When confused between the insurance providers, go for the one that has a good claim settlement ratio and a decent record of claiming the policies on time. Also, choose an insurer which has a wide network of hospitals linked to it, as it can help you get cashless claim benefits.
- You must get a family floater plan, when purchasing health insurance cover for multiple people in the family. Make sure that within the plan, there is enough coverage for all the members of the family and the sum assured is high enough to meet all of their needs at time of an emergency.
- You must not purchase a health insurance policy which is too cheap or too expensive. Instead, go for a plan that is appropriate for you and perfectly tunes with your financial budget.
Types of Health Insurance Policies
There are different types of health insurance covers that are available in the insurance market based on the diseases, conditions, and finance of the customers. Some insurers can customize the health insurance plans to meet the needs of the policyholders effectively. Following is the list of the different types of health insurance plans that are available in the market:
- Individual health insurance plans
- Family floater health insurance plans
- Senior citizens health insurance plans
- Critical illness insurance plans
- Women- specific health insurance plans
- Top-up and Super top-up health insurance plans
- Disease-specific health insurance plans
Therefore, from the above list of health insurance plans, you can choose the right one for yourself or your family based on your age, medical history, pre-existing diseases, financial budget,and other requirements.
You must do enough research on the types of features and benefits that are available in the health insurance market for the customers. The choice of health insurance policy should depend on the factors discussed above keeping in mind your requirements as a policyholder. To make sure that your demands have been met by the insurer, read the policy-related documents carefully.
Also Read: Tax Benefits In Health Insurance
Reasons to Review your Health Insurance Plan Every Year
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.