There are numerous health insurance companies in India. It is very tough to choose between different plans and policies while opting for health insurance. The best health insurance policy will appropriately benefit you. In case you choose an unsuitable policy, it will be a financial loss for you during medical emergencies. It is important to choose the best health insurance policy by comparing multiple plans using various factors.
- Major factors to be considered while comparing health insurance policies.
- Claim process: Look for an insurance company, which provides you with a quick and less time-consuming claim settlement process. Every aspect of the claim should be simple to follow.
- Maternity cover: Pregnancy costs are increasing day by day. Maternity expenses are rising and the health insurance for women must have better maternity benefits. There should be benefits like a short waiting period, fewer expenses on delivery, etc. One must compare all the maternity benefits in multiple policies and choose the best plan possible as it will help you save money and cover you adequately.
- Hospitalization expenses: You should check the pre-hospitalization expenses as well as post-hospitalization expenses. The policy that covers up both the expenses tackles your medical expenses with ease. Sometimes a follow up medical treatment is required after being hospitalized. Thus, it is important to choose a policy that covers the post-hospitalization expenses.
- Lifetime renewal: You must go through several lifetime renewal plans before choosing the one. Select the health insurance policy that offers lifetime health insurance renewal at affordable costs.
- Free health checkups: Choose a policy that provides annual medical checkups. It will help you to keep a track of your overall health issues. Medical checkups will be beneficial in understanding your current health condition.
- Claim settlement ratio: You should always select an insurer with the highest settlement claim ratio. Emergencies are uncertain and uninvited. Therefore, you need a supportive insurance policy.
- Cumulative: If you do not make any claim in your policy tenure then you receive a cumulative bonus. This bonus is carried forward each year and the corresponding percentage of bonus is subtracted from your premium during insurance renewal. The selection of a policy with a higher value can be beneficial because you end up paying more premium and vice-versa. The upper limit to the cumulative bonus is 50%. You get incentives for maintaining your healthy life throughout the year.
An important point to note while purchasing health insurance policies is understanding the extent of each cover.
A health insurance plan has different covers. The extent of coverage varies accordingly. It is proportionate to the sum insured amount. You must have a proper understanding of the extent of what your policy includes before availing the plan.
If you compare health insurance policies it is easy to find the best affordable policy that suits your needs and budget. Moreover, you can save your expenses simply by comparing various policies. You may come across a lot of companies that offer extensive features for a medical crisis. However, see to it that you buy a policy with suitable and useful coverage.