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September 30, 2022 8:16 PM
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Health Insurance Plans

In light of the recent pandemic, we have all realized the importance of good health and the need for access to medical care. Even though you cannot predict the future or control unfortunate, unforeseen circumstances, you can definitely be prepared for them. In order to accomplish this, you should choose the right health insurance policy for your family.

A health insurance plan is a form of insurance that pays for health and medical expenses against a premium. Health insurance purchases have gone from 32% to 55% post-pandemic. A growing number of people are realizing the importance of medical insurance. 

Types of Health Insurance:

The following types of health insurance are available in the market today:

– Individual Health Insurance,

– Family Floater Health Insurance,

– Group Health Insurance,

– Senior Citizen Health Insurance,

– Maternity Health Insurance,

– Critical Illness Insurance.

You can find a suitable health insurance plan for your family through various medical insurance providers. With so many options available on the market today, finding the best insurance plan for your family can be a challenge. Before selecting a plan, let’s understand the benefits of medical insurance and how one determines the best plan.

Benefits of Health Insurance:

1) Cashless Treatment – The majority of insurance plans provide cashless treatment at the hospitals associated with their plans. Having this option can be very helpful in times of need since you only need to visit the hospital and share your details to begin treatment; the amount can be settled with the insurance company later.

2) Free health checkups – All of us know how expensive visits to a doctor can be. Medical insurance not only covers hospitalization but also provides free routine behavioral health analytics platform provider.
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3) Tax Benefits – A health insurance policy not only prioritizes your health it can also help you save money on taxes. You are eligible to make a claim against your premium under Section 80D of the Income Tax Act, 1961.

4) Other hospitalization benefits – Different medical insurance providers offer different benefits with their products. Some have even started covering ayurvedic treatments under the plan. Make sure you go through these and pick a product that caters to your needs effectively.

Below is the list of things to keep in mind before purchasing family insurance plans:

1) Don’t go after the cheapest option:

Buying the best insurance plan for your family doesn’t leave room to bargain. While it is understandable that you should not be overspending where it’s not required, never buy the cheapest plan available, thinking that it will be sufficient for your family in the future. A health insurance plan is not purchased haphazardly; it is necessary to thoroughly review the plans and choose a plan that fits your needs.

2) Customization:

 The majority of insurance companies nowadays offer customized plans that are tailored to your specific needs. Take advantage of this feature when you purchase the plan. Pay attention to the features that make the policy comprehensive and worth investing in.

3) All the inclusions and exclusions:

Ensure you thoroughly read all the inclusions and specific exclusions covered by the policy you’re considering buying. In order to avoid any surprises at the time of making a claim, it is mandatory to do this ahead of time.

4) Hospital Tie-ups:

Make a note of the hospitals that your policy has a tie-up with. It should include the ones that are accessible to you so that you are eligible to raise a claim at the right time if need be.

5) Claim settlement reviews:

It is advisable to run a review check on the claim settlement history of the provider. Has their customer service been effective? How have they served clients with existing policies? Invest your money after thorough research.

6) Sub-limit on the room rent:

Some health insurance companies put a sub-limit on the room rent, which should be enquired about before purchasing the policy so that you can get the most out of your insurance policy when you make a claim.

7) No claim bonus:

Check if the policy has a no claim bonus, i.e., if you haven’t made a claim, you’re rewarded by bumping up your sum insured.

8) Restoration:

Some insurance policies provide the restoration benefit: if you make a claim, will your policy get restored, and how exactly will they go about the restoration. It is recommended to go through these details prior to making the purchase.

Once you are done with the research for the best insurance policy in the market, you are ready to buy one and take a step forward to secure your health.

Comparison of Top Medical Insurance Plans:

Here’s a list of recommendations for the top five best medical insurances for a family that can be taken into consideration while buying a policy:

  • Navi Cure: 

The sum insured amount is between 2 Lac to 1 Crore. They have a network of 10000+ hospitals that offer a cashless settlement. Their claim settlement ratio is 86.98%.

  • Aditya Birla ActivHealth Platinum Plan:

The sum insured is between Rs.1 lakh to Rs.2 Crore. They offer cashless settlements at more than 9000 hospitals. A 99.73% claim settlement rate is achieved.

  • Bajaj Allianz Health Guard Plan: 

The sum insured is between Rs. 1.5 lakh to Rs. 1 Crore.

The cashless hospital chain covers 7067 hospitals. The claim settlement ratio is 98%.

  • Bharti Axa Smart Super Health insurance plan:

The insured amount is between Rs. 50000 and Rs. 5 lakhs. It has a substantial network of 4500+ hospitals that support hassle-free, cashless services. Their claim ratio is 89%.

  • Care Health insurance plan: The insured amount is between Rs. 5 lakhs and Rs. 75 lakhs. With a 92% Claim settlement ratio, they offer cashless treatment in more than 16500 network hospitals.

 Wrapping Up:

It is imperative for people today to buy the appropriate medical insurance policy. The market can be full of tricks and traps, but with a bit of vigilance, you can pick a policy that is right for you and cater to your family’s needs. Doing thorough market research and buying the right plan will ensure that you have one less thing to worry about in times of health crisis.  

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