Most of us have heard this common saying, ‘Health is Wealth’, and it makes even more sense with each passing day as the number of people suffering from unexpected medical complications constantly rises. Besides, as medical inflation is high, it is even more challenging to cope with such medical uncertainties.
However, if you stay financially prepared and make arrangements well in advance, it would be easier for you to get through such difficult situations. Therefore, it is important to have a well-sought financial plan, inclusive of health insurance. And, if you haven’t begun your financial planning yet, start with buying health insurance.
Consider the following checklist to buy the best health insurance in India:
- Choosing the Right Type Of Policy
It is imperative to choose an appropriate health insurance coverage based on your needs and other specifications. A few types of health insurance policies available in India are:
- Individual Health Insurance Plan
- Family Floater Insurance Plan
- Senior Citizen Health Insurance Plan
- Group Health Insurance Plan
For example, if have your spouse, children and parents in your family, you can opt for a family floater insurance plan.
- Choose An Optimal Sum Insured
After choosing the type of health insurance, the next step would be to choose an optimal sum insured. This depends on various factors, such as your current health status, lifestyle, financial capacity, etc.
In addition, it is preferable to consider the rising medical inflation and choose a health insurance plan with the appropriate coverage. Otherwise, if any unfortunate medical event occurs, you might not stay fully covered and end up paying out of your pocket despite having health insurance.
- Check and Compare The Coverage Benefits
This is one of the important things to check before you buy health insurance. The extent of coverage and benefits varies largely across different insurers. It is wise to choose one with maximum benefits and a reasonable premium; otherwise, a lower premium might leave you with just a handful of benefits. You can consider looking for benefits such as:
- Pre and post hospitalization expenses
- In-patient hospitalization
- Covid Cover
- Consumable benefits
- Day care procedures
- Check for Coverage Sub-Limits
A number of health insurance plans have certain restrictions or sub-limits on their coverage benefits. For example, the most common type of sub-limit is the room rent sub-limit. It would restrict the coverage of room rent upto a certain amount, thus, leaving you with incurring additional expenses. These sub-limits can also be on ambulance charges, domiciliary treatment, and so on. So, it is imperative to check sub-limits before you buy the best health insurance in India.
- Check For Bonuses, Discount and Health Check-Up Benefits
Bonuses and discounts make these health insurance plans lucrative. If fortunately, you don’t fall sick in the initial years after buying a health insurance plan, you might be eligible for a no-claim bonus or discount. However, it is important to check the same before you buy a health insurance policy.
In addition, a few insurers also offer the benefit of free annual health check-up, subject to certain terms and conditions.
- Cashless Hospitalization
If an insurer offers the benefit of cashless hospitalization, you might not have to pay anything out of your pocket as the insurer would settle your medical bill directly with the hospital. Otherwise, you might have to apply for the claim, submit related documents, and then after a couple of days, the insurer will reimburse your amount. However, to have a maximum number of hospital options for cashless treatment, it is preferable to check the insurer’s network hospitals.
- Check Exclusions
Sometimes, a few exclusions might limit the scope of your health insurance policy. However, as a few exclusions are attached to every health insurance policy, it is advisable to buy a health insurance policy with limited exclusions.