How to choose the best health insurance plan out of the insurance plans available at the present time means choosing the one that can offer the maximum benefits of health insurance at the lowest premium.
How to choose the best health insurance plan
To know this, it is important to know some terms and conditions related to health insurance, such as-
1. Claim Payment
While planning for a health insurance policy, it is better to opt for a cashless facility instead of a reimbursement facility for possible claim payments.
Because this option provides the facility to start treatment immediately.
2. Co-payment and Sub Limit for Best Health Insurance Plan
Although the insurance premium comes down considerably by opting for co-payment and sub-limit options in the plan, in reality, it is a loss-making deal.
Because in this, a certain part (% part) of the money spent in the treatment has to be paid by himself.
Therefore, a policy with such a clause should not be chosen.
Example –
If you have opted for 20% co-payment while taking the policy, then in case of a claim bill of Rs.10 lakh, the insurance company will pay Rs.8 lakh and you will have to pay Rs.2 lakh.
3. Deductible
In the deductible option, some amount has to be paid from your side, which is already fixed.
Therefore, even a policy with such a clause should not be chosen.
Example –
If as per the policy, the deduction amount is already fixed at Rs.10,000/- and the medical bill claim is Rs. 25,000/-, then the insurance company will pay only Rs.15,000/-, you will have to pay Rs.10000/-.
4. Rider and add on coverage
While choosing the best health insurance plan, riders and add-on coverage should be specially kept in mind-
a. More riders related to critical illness in the policy means lesser financial burden in future
b. While taking rider or add-on coverage, it should be seen that the disease for which the rider or coverage is being taken, is not already included in any old policy or policy currently taken.
Ignoring this, there is no additional benefit to be gained, even though you incur higher premiums.
5. Topup and Super Topup
After the health insurance plan expires, top-up and super top up plans are used to pay the remaining medical bills for any one disease.
Due to their low premium, a higher amount gets insured at a lower premium.
Therefore, such a policy should be chosen, in which top up and super top up facility is available.
6. Room Rent Capping
Adding room rent capping in the clause of any policy means, by the insurance company, the room rent has to be tied within a certain range.
Therefore, such a policy should be chosen, in which there is no room rent capping.
Example –
If the per-day room rent limit in your policy is Rs.3,000/- and you opt for Rs.5,000/- per day room rent, the insurance company will pay the room rent of Rs. 3,000/- per day only.
The remaining Rs.2,000/- per day as the room rent will have to be paid by you.
7. ICU charges
Like the room rent capping, many insurance companies also set a limit on ICU expenses for ICU Charges as a percentage of the sum insured or a certain amount of money, in case expenses exceed that amount. You have to pay.
Therefore, such an insurance plan should be chosen, in which there is no capping on ICU Charges.
8. Low waiting period
In the initial time after taking the insurance plan, the different waiting time has been fixed by different companies, which ranges from 2 years to 4 years, to give the benefit of the insurance claim on chronic diseases.
It is good to choose a policy with a minimum waiting time.
9. Exclusion
All the insurance companies, in their own way, have kept different types of critical diseases out of the purview of the claim. Therefore, while choosing a policy for insurance, this point should be kept in mind.
The least number of exclusions means the maximum number of serious diseases are covered under the claim.
10. How To Choose The Best Health Insurance Plan To Compare Premiums
It is not necessary that the company whose premium is higher is covering more convenience or risk.
Therefore, before finalizing any plan, comparing the features of the insurance company and its plan, with other companies and their plans, one should choose such a policy, which has the least premium, maximum insurance cover.
While choosing the best health insurance plan, choose the policy keeping the above points in mind.
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The comparative study done here is just the information given to clarify the different situations. The author is neither a consultant registered by IRDA nor the information given here is any kind of advice, invitation, or research work, so before taking any kind of investment or decision, please read the related details carefully. , understand.