Health insurance plans are widespread in India. To find out the best health plan one needs to resort to some proven tricks. This article aims at discussing about those ploys in details.
Company goodwill matters
There are more than 25 health insurers in India. Prospective policy buyers need to pay attention to the reputation of the insurers along with a host of other significant facets such as hospital network, claim process, ratio of claim settlement prior to settling with a particular insurance provider.
Look out for exclusions
Most health insurers in India come up with certain restrictions in terms of offering coverage. They usually exclude a set of diseases from their coverage. Hence, those who want to close a good deal on health cover should look out for those exclusions. Typically, per-existing ailments along with some specific other treatments such as hernia and dental surgery are excluded in fist couple of policy years.
Steer clear of sub-limits
Most health insurers, in a bid to curb claim rate, have come up with a cap on some particular facets of medical expenses. In simple words, insured people can get coverage only up to a certain limit on those expenditures such as room rent, fees for diagnostic and doctor consultation. This clause is not at all beneficial for policyholders; it is prudent to look for health plans that don’t have sub-limit restrictions.
Recognize which diseases are under the co-pay condition
Co-pay clause essentially means that insured people have to pay a certain amount of the sum insured at the time of claim settlement. The percentage of co-pay varies from one insurer to another and usually it is in the range of 10% to 20%. Prospective policy buyers should, therefore, gain information on which diseases this co-play clause is applicable.
Find out health plans with lifetime renewal option
The chance of falling sick and medical expenses are higher in older age. This is why most health insurers in India have imposed an upper limit on entry age and renewal. Usually, policy buyers can renew their health insurance policies up to 70 or 80 years of age. However, there are some insurers that offer lifetime renewal option which is beneficial for policyholders. Therefore, those who look to avail a suitable health cover are better off looking for plans that come with lifetime renewal option.
Choose coverage as per your requirement
The coverage on offer by health insurers is determined by some important parameters. People those who are single are ideal for individual health policies while married people are better off opting for a family floater health plan. Parents of married people should be provided with a senior citizen health plan.
Use no-claim bonus to good effect
Almost all health insurers reward their customers for not making claims in a particular policy year. The reward, however, comes in two ways; either they reduce the premium in subsequent year or they increase the sum insured amount. Prospective policy buyers should look for a health insurance plan that offers increase in sum insured amount for each claim-free year. Medical expenses are increasing rapidly with each passing year and an increased sum insured amount will help serve them better in the long run.
If people that are on the hunt for the best health insurance plan in India implement these tips, they can surely secure a beneficial health plan for themselves.