Having health insurance is the most imperative thing in the first place, but more significant than that is to check if you have the right health insurance plan. Wondering what could be right or wrong in health insurance? Yes, there are a lot of variations available in the market and these make big difference too. The right health insurance is one that gives you the maximum coverage and covers most of the illnesses. Of course, that is why each of the policyholders opts for a health insurance plan. So, you have to choose the one that gives you the maximum coverage.
A Health Insurance policy provides coverage for the cost incurred due to any medical treatment/procedure. It covers medical expenses, in the event of hospitalization due to any illness, injury, or medical condition. Buying a health plan ensures the complete cover against treatment expenses.
There are many health insurance service providers available and you need to compare & analyze the policies and pick the right health insurance policy. The policy terms may seem complex to some of you and if you feel so, you can always take help from insurance experts that will help you to make the right decision.
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Tips to Pick the Right Health Cover
When choosing a health insurance plan, the first thing you have to do is to choose the right service provider and product. Then check for the features and the benefits you are eligible for, as part of the insurance. You are advised not only to compare the premium amount but also to assess what the policy gives you as a return.
Let’s go through the key aspects that will help you to choose the right health coverage.
- Assess Needs
When you are seeking to buy a health policy, it’s imperative to evaluate your needs by checking the health condition of your entire family and then pick a health plan that will ensure to fulfill all your healthcare needs.
- Pick Right Sum Assured
You need to choose the right sum assured to obtain complete coverage for your family against health treatment expenses. If you are not properly covered, you will have to pay bills from your pocket. It’s wise to be prudent in choosing the right sum assured under the health policy.
- Choose Top-up & Super Top-up Cover
With rising inflation, the healthcare costs are rising sharply, and to cover the medical cost, you must consider buying top-up and super top-up health covers which will be helpful, in case of exhaustion of your base health plan. These health plans are available at a nominal premium and offer an extended health cover.
- Claims Settlement Efficiency
When you are seeking to pick an insurer for buying a health policy, you must check the incurred claims ratio (ICR) that will ensure the smooth & quick settlement of claims under the health policy. During medical emergencies, you seek immediate financial support from the insurer. You are thus advised to choose an insurance company having high ICR.
Top Health Plans to Choose From
| Plans | Sum Insured | Pre/Post Hospitalization | Refill Benefit | Claims Settled | Premium Amount |
|---|---|---|---|---|---|
| Niva Bupa Health Companion | 3 lacs to 1 cr | 30 days/60 days | 100% of sum insured | 89.79% | Rs834/ month |
| Care plus NCB Super | 4 lacs to 6 cr | 30 days/60 days | 100% of sum insured | 82.90% | Rs865/ month |
| Aditya Birla Activ Assure | 5 lacs to 2 cr | 30 days/60 days | 150% of sum insured | 77.30% | Rs872/ month |
Premium is calculated for sum insured 5 lacs, 2 adults (older member aged 25 years) & policy term of 1 year.
Note: The health plans specified above are just for illustrative purposes. You are advised to assess your health insurance needs properly and then pick a suitable plan.
Final Words
Compare each treatment-wise benefit that the policy gives you, the ones that are diagnosed before and after the policy is purchased. Almost all policies cover major diseases and surgeries done for their treatment, but it is important to make sure that the policy covers medical treatment, scans, x-rays, and other checkups that you undergo as part of your treatment. Also compare the hospitals that are eligible for cashless claims, because unless the policy covers major specialized hospitals, there is not much use in purchasing a health policy.
Most health insurance policies provide comprehensive coverage but compare between the service providers and you should choose one to get the right coverage and avail full benefit of the policy.