At least one member of around 41% of Indian households is covered by a health insurance plan in the country, according to the 5th survey released by the National Family Health Survey, India.
The number shows a great improvement in the country’s outlook toward health insurance, which has been fairly optimistic since the outbreak of the Covid-19 pandemic in late 2019.
So, are you someone who is looking to buy a robust health insurance plan for their family but is not sure how, to begin with? Worry no more, we have got you covered. In this article, we bring to you the ultimate guide on how to select the best health insurance in India.
How to Select the Best Health Insurance In India For Family?
Below are the steps which you can follow to select the best health insurance in India for your family:
1. Know Your Requirements
The first and most crucial step is to assess your requirements for the family health insurance plan. These types of plans help you cover your entire family under a single plan. Thus, it is highly important to check what are the health insurance requirements of your different family members.
This is necessary because as an individual your health requirements would be different from say your dependent parents and spouse. They would be different for your children too. Thus, it is wise to first analyse what you are looking for and then begin the plan search.
2. Plan Your Budget
Once you know your requirements, the next step is to check how much it costs and how you will be accommodating it out of your income. You must plan your budget for the coverage practically, as it will be an annual cost.
At this stage, it is highly imperative to compare plans offered by different insurance providers so that you can get the best health insurance in India. As a rule of thumb, don’t consider only the premium of the plan, but also its coverage, the claim settlement record of the provider, plan features, etc.
3. List Down Preference For Network Hospitals
Once you have matched the premium amount and the coverage preferences, the next step is to look for the network hospitals of the insurance provider. Network hospitals are those hospitals with which the insurance provider has a tie-up for settling claims in a cashless manner. That is the insurance provider settles the bill directly with these hospitals on your behalf as per the terms of the health insurance plan.
This is important because the cashless settlement of claims comes in very handy when you are seeking treatment, especially in an emergency. Moreover, it adds greatly to your convenience.
4. Check Covered Critical Illnesses
Critical illnesses are becoming very common day by day owing to the growing sedentary lifestyle culture. The lack of activity in our lives is exposing us to risks of various critical illnesses such as heart attack, kidney failure, lung diseases, diabetes, hypertension, etc.
Thus, when choosing the best health insurance in India, you must check the list of critical illnesses covered by the insurance provider. This small step can help you keep your finances safe as well as your access to quality treatment open in the future given these critical illnesses.
5. Research About the Insurance Provider
Checking only the coverage is not sufficient. You must also research the insurance provider. This includes checking for how long they have been in the business, what is their track record, their claim settlement ratio, and testimonies about their customer services.
It is always wise to go with an insurance provider that offers you quality services and not just a lower premium. Besides the plan coverage, customer service, ease of claim settlement, and the strength of the network hospitals are some features that make a health insurance plan the best health insurance in India.
6. Choose the Type of Plan
Based on usage, there are three types of family health insurance plans available in India. You must choose the type of health insurance plan that meets your requirements in the best possible manner:
- Indemnity Plans – As the name suggests, these plans pay compensation as per the medical expenses incurred by you. The maximum compensation payable is subject to the sum insured chosen under the plan. Under a basic indemnity plan, you get coverage for things like pre and post-hospitalisation, in-patient hospitalisation, ambulance charges, etc. You can extend the coverage of these plans by opting for rider options like accidental coverage, room rent waiver, etc.
- Fixed Benefit Plans – Unlike indemnity plans, fixed benefit plans pay a fixed amount on the occurrence of the unfortunate event covered under the plan. For instance, on the diagnosis of a critical illness, an accidental disability, etc. The compensation, under these plans, is paid in full as a lump sum.
- Top Up/Super Top Up Plans – These plans help you meet medical expenses incurred over and above the coverage of your basic health insurance plan. For example, if the sum insured under your basic plan was Rs. 15 Lakh, but you incurred a medical expense of Rs. 20 Lakh, then only Rs. 15 Lakh would be covered by your base plan. However, if you take up a Top Up or Super Top Up health insurance plan of say Rs. 7 Lakh, then the balance medical expenses of Rs. 5 Lakh could be met by that plan.
7. Check for Riders Available with the Plan
Another important aspect to consider very carefully while choosing the best health insurance in India is that of riders. These are extra coverages that help you extend the coverage of your base family health insurance plan for a nominal premium. You can also use riders to customise your health insurance plan as per your needs. Some of the most popular health insurance riders include hospital cash, room rent waiver, and maternity rider.
Choosing a health insurance plan for your family is a big step. You need to consider the requirements of all your family members so that everyone’s needs are taken care of adequately. We hope the above guide helps you select the best health insurance in India. To know more or to find the best health insurance policy check out Turtlemint.