5 Tips to Choose the Right Health Insurance Policy

Today, especially after the pandemic, people have become very cautious about their health. More people have also started to understand the importance of a health insurance policy. Health problems, diseases & illnesses are not only seen amongst the elderly or senior citizens but increasingly among younger people as well. With the increase in the cost of medical fees, medicines, and treatments, choosing the right health insurance policy can turn out to be a boon.
How do you choose the right health insurance policy in India?
Here are five tips to help you choose the best health insurance policy coverage in India:
Get the right coverage: It is very important to check the coverage offered by the health insurance company. Coverage includes all the medical expenses that will be covered under the health insurance policy. For example, expenses like hospitalization expenses, ambulance charges, cashless treatment, daycare expenses, maternity expenses, etc
You can choose the right & suitable coverage for you & your family by analyzing your health needs & hence get the health insurance policy that offers the suitable coverage. Keep in mind, that the higher the coverage higher will be the premium. Therefore, it is best to customize your plan according to your needs.
Check the waiting period clause: The waiting period of a health insurance plan varies from one insurer to the other. Many insurance companies offer a shorter waiting period and many offer a longer waiting period. It is very crucial to check the tenure after which the pre-existing illness will be covered. For example, maternity expenses are usually covered after a waiting period of 2-4 years from the date of policy initiation. It is best to choose the health insurance plans that come with a very less waiting period.
Prefer family over individual health plans: Purchasing a family floater plan is usually more affordable than buying an individual health insurance plan for each member separately in the family. Generally, not everyone in the family gets ill at the same time therefore as per the requirement, the sum insured available on the floater basis can be used by any member of the family. Therefore, if you are buying a health insurance policy for the entire family, it is best advised to choose a family floater plan instead of buying individual health plans for each member as you can enjoy maximum benefits at a more affordable price.
Go for a High Claim Settlement Ratio: The number of claims settled by the insurance company over the total received claims is known as the claim settlement ratio or CSR. A higher CSR indicates that you have a higher chance of getting the claims settled. Therefore, while purchasing a health insurance policy always choose an insurer that provides a high claim settlement ratio.

Choose a lifetime renewability plan: One of the most important aspects to consider while purchasing a health insurance policy is its renewability plan. This is because a health insurance policy is the most important & required during the later stages of life. And buying a new policy during that time will have a higher premium rate. Therefore, to avoid the last-minute hassle of policy renewal, it is best to check the renewability tenure of the plan.
Purchasing a health insurance policy is not a choice but a necessity these days. Use the above tips to get the right insurance policy for you and your family.