In the modern world, living with health security is the most important concern for everybody. At any moment in life, a sudden medical emergency may come up, and health care costs are inexplicably skyrocketing day by day. This is the reason why comprehensive health insurance policy has now turned into not a luxury but an essential need. With numerous variants available in the market, choosing an apt health insurance policy has now become an uphill task. We take you through all you need to know in finding the best health insurance policy that best suits your needs and why being well-informed is important before making any decision.
What is Health Insurance?
It is the policy held between the insurance company and the policyholder, wherein the former promises to pay the costs brought about by the insured for illnesses, injuries, or even hospitalization. It may cover all pre- and post-hospitalization expenses, surgical expenses, and even daycare procedures included in the policy coverage.
A good health insurance policy will provide comprehensive insurance cover at an affordable premium price. You would be guaranteed protection from any sudden attack of ailments or diseases and are covered financially. There is a number of health insurance policies in India, like individual health insurance, family floater plans, critical illness insurance among others. Clearly, the right choice would depend on your need, health condition, and financial capacity.
Why You Need the Best Health Insurance Policy
It is not just about paying bills inside the hospital; health insurance policies are much more than this. Here is why you need the right health insurance policy:
Financial Security: With the growing cost of health care, even a minor surgery may dent your wallet. In this respect, health insurance will cover you monetarily in case of unforeseen medical issues.
Extensive cover for a wide array of medical expenses- from hospitalization and outpatient treatments to post-hospitalization care.
Good health insurance will also cover a network of hospitals, thus giving you choices in some of the best health care providers.
Tax Benefits: The premiums payable for health insurance policies attract a tax deduction as provided under Section 80D of the Income Tax Act in India, hence financially viable.
Preventive Care: Most health insurance policies are designed to offer regular check-ups that are preventive in nature. By acquiring health insurance, you always create room to notice health issues in their early stages.
Key Features to Look out for in the Best Health Insurance Policy
When you are in the pursuit of the best health insurance policy, there come many factors into consideration while choosing one or the other. The key features that you must look for in buying a health insurance policy include:
1. Cover
Most importantly, any health insurance policy has to be considered with the coverage it is providing for. A good health insurance policy should cover the following features:
Day care expenses pertaining to hospitalization, like room rent, ICU charges, doctor’s fees, etc
Pre- and post-hospitalization expenses
Daycare procedures
Ambulance charges
Maternity benefits-applicant only
Critical illness insurance
Mental health therapies
Ensure your policy covers sufficiently to meet the requirements in case of you or your family.
2. Network Hospitals
One of the major reasons people buy health insurance is for cashless treatment in network hospitals. The best health insurance policy will be able to provide the largest number of network hospitals across the country, so you get access to quality health care without any hassle for paying the deposit amount upfront.
3. Waiting Period for Pre-existing Diseases
Most health insurance policies have a waiting period for pre-existing diseases that usually starts from two to four years. The best health insurance policy will have a lesser waiting period, which means you will be able to avail the benefits much sooner.
4. Claim Settlement Ratio
The claim settlement ratio simply explains the number of claims settled by the insurance company out of the total claims it receives. A higher claim settlement ratio is indicative of the reliability of the insurer. You must always choose an insurance provider with a high claim settlement ratio for an experience that would be hassle-free at the time of emergencies.
5. No Claim Bonus
The no-claim bonus is a gift for the policyholder if they do not file any claim during the policy period. It may be in the form of a discount on renewal premium or increased sum insured. The best health insurance policy will offer a substantial no-claim bonus that will benefit you in the long run.
6. Add-on Covers
The best health insurance policy should extend your protection with additional covers. Few popular add-on covers include:
Critical illness cover
Personal accident cover
Maternity cover
OPD or outpatient department cover
Daily hospital cash allowance
Some of these features facilitate you with a method to tailor-make your health insurance policy according to your needs.
7. Lifelong Renewability
Health insurance is a long-term investment. Hence, it is very important to choose a policy that offers lifelong renewability since this ensures that your health cover remains valid right into old age when the medical expenses are bound to be much higher.
8. Cost of Premium
Though this may be the most affordable policy, keep in mind that with decreasing premiums, the scope of cover reduces. The best health insurance policy strikes a balance between being affordable yet covering many areas as well. You can compare a couple of policies with each other, in order to arrive at one that you can well afford without losing out on its benefits.
Types of Health Insurance Policies
The best health insurance policy given to an individual or his family is all about understanding the types available:
Individual Health Insurance: One policy for only one individual. This kind of policy is ideal for any particular individual who needs personalized coverage.
Family Floater Health Insurance: The whole family falls under a single policy. The sum insured is shared by all the members of the family.
Critical Illness Insurance: This covers the critical illness like cancer, heart attack, kidney failure, etc. A lump sum amount is paid upon diagnosis.
Senior Citizen Health Insurance: It is covered purely designed for citizens above 60 years of age. Thus, the age-related ailments come in the limelight.
Group Health Insurance: It is provided by the employer covering the employee and at times his entire family.
Maternity Insurance: As the impregnation stage requires care, that is, prenatal and postnatal stages, so delivery-related expenses are accounted for and hence are covered under the insurance policy.
How to Choose the Best Health Insurance Policy
The selection of the best health insurance policy requires one to analyze his or her own needs and screen various types of policies. Here’s a step-by-step guide that would help you make just the right choice:
Assess Your Needs: Consider your age, case history, and family needs. If you have dependents, then a family floater plan works for you, or if someone has serious ailments, you can go for a critical illness plan.
Compare Plans: There are a number of online comparison tools to check policy features, premium, and exclusion.
Check for Reviews and Ratings: Go through customer reviews. Also, check the claim settlement ratio of the insurance company to ascertain the reliability of the service provider.
Understand the Terms of the Policy: Read the fine print. Understand what conditions are covered and not covered, apart from the waiting period for pre-existing diseases or conditions.
Take professional advice: It is recommended that if one is still not sure of the selection of any policy, then a health insurance expert can be consulted regarding certain custom needs and requirements.
Role of Aapkapolicywala
Aapkapolicywala’s role does not confine to selling health insurance policies; they help people and families in selecting the best policy suited for their needs. Aapkapolicywala is an e-trusted platform that makes it very easy to compare insurance policies from top providers. Right from selection of a suitable plan, taking them through the documentation process, and then to claims, each step is introduced by expert advisors.
The policy aggregator at Aapkapolicywala is sure to have a wide network of insurance associates that ensure one gets the best health insurance policy with competitive pricing. Their commitment to transparency and customer satisfaction makes them one of the go-to platforms for comprehensive yet reasonably priced health insurance coverage.
Conclusion
A suitable health insurance policy thus represents one of the most feasible manners in which you can guarantee your health and that of your family while giving attention to their financial security. You should select a policy that best suits your needs through making correct judgments, comparing the different available plans, selecting a good provider to finally come up with a comprehensive policy offering coverage and assurance. Be it individual health insurance, family floaters, or critical illness policies-rest assured you will find just the right policy.
Aapkapolicywala makes it quite easy with expert advice and user-friendly comparison platform so that you can be rightly assured about your choice on healthcare needs.