Having the right health insurance policy for protection against medical emergencies is crucial. With numerous options available, making a fruitful decision becomes imperative. Here are the top 10 tips that can guide you in selecting the best health insurance policy in India:
Appropriate Coverage
When selecting a health insurance policy, consider the coverage it provides. This includes medical expenses like hospitalization costs, ambulance charges, day care procedures, and maternity expenses. Assess your family’s healthcare needs and choose a plan that suits those requirements without over-coverage, which could unnecessarily increase your premium. Customize your plan with add-ons or riders to meet your needs cost-effectively.
Consider Family Floater Plans
Family floater plans can help families secure better premiums compared to buying separate policies for individual members. Under such a plan, the entire family is covered under a single sum insured, which can be utilized by any member during medical emergencies. Most of these plans are cost-effective and flexible in terms of coverage usage.
Select an Adequate Sum Insured
Choose a sum insured that aligns with your actual needs. A higher sum insured will result in a higher premium, while a lower one may not provide sufficient coverage. Consider your personal health risks, family history, and potential medical expenditures when selecting your sum insured. You can opt for a basic plan with a lower sum insured and supplement it with a top-up plan for enhanced coverage.
Lifetime Renewability
Choose a policy that allows lifetime renewability. Since it is difficult and expensive to get good insurance cover at an advanced age, the lifetime renewability feature allows continuation of your policy as one grows older. The policy automatically continues to provide one with financial protection even after attaining an advanced age.
Check the Claim Settlement Ratio:
The Claim Settlement Ratio (CSR) is a key indicator of an insurer’s reliability. It represents the ratio of claims settled to total claims received. A higher ratio demonstrates the insurer’s efficiency in processing claims, increasing the likelihood of your claim being approved. Choose an insurer with a good CSR for hassle-free claim processing.
Check the Network of Hospitals:
First and foremost, seek a provider that has a large number of network hospitals. These network hospitals provide cashless treatment, which means you wouldn’t have to pay the hospital bills in advance. Simply see whether the insurance provider has adequate network hospitals in your area; otherwise, this might create problems in emergency conditions.
Choose Lower Pre-existing Disease Waiting Period
Health insurance policies typically have a waiting period for pre-existing diseases. This is the duration you must serve before claims related to pre-existing conditions can be accepted. Opt for a plan with a shorter Pre-Existing Disease (PED) waiting period to secure quicker coverage for pre-existing conditions.
Avoid Plans with Sub-limits or Co-payments
Sub-limits and co-pay clauses can significantly increase your out-of-pocket expenses when making a claim. Sub-limits restrict coverage for certain treatments, while co-pay requires you to pay a percentage of the claimed amount. It’s best to avoid policies with such restrictions to prevent unexpected costs during claim settlement.
Do compare a few health plans.
Comparing different health insurance policies helps you find the best option within your budget. Utilize online tools to compare policies based on coverage, benefits, premiums, and exclusions. This approach provides insight into what to expect from a particular plan and helps you make an informed decision.
Check the Goodwill of the Insurer:
Research the insurer’s reputation and customer service before purchasing a health insurance policy. Look for customer reviews and ratings to gauge the company’s reliability and the quality of after-sales service. An insurer with positive customer feedback and a strong reputation is likely to offer a better overall experience.
CoverYou: Making Health Insurance Easy with Excellence
CoverYou stands out as a leading insurance broker in India, committed to comprehensive coverage and quality service delivery. With a diverse range of health insurance products, CoverYou caters to varied requirements, offering flexibility and extensive coverage.
The company’s clear and efficient claims process is particularly noteworthy. CoverYou strives to minimize frustrations during claim filing, ensuring customers can access benefits quickly and with minimal hassle. This commitment to customer satisfaction is evident in their transparent processes and responsive support team.
Beyond their user-friendly claims process, CoverYou emphasizes clarity in communication and customer support. Representatives are readily available to assist with policy inquiries, provide detailed information, and guide customers through their insurance journey. For those seeking reliable, comprehensive health insurance solutions tailored to diverse needs, CoverYou offers peace of mind and exceptional service.
