The pandemic has taught the world the importance of health and health insurance coverage to protect ourselves and our loved ones in case of a medical emergency. When you spend your hard-earned money on a health insurance policy, ensure that you get an array of solid features and maximum benefits to protect you from unforeseen events.
There are various types of health insurance plans in India, and choosing the best one can be daunting. The guide below will assist you in picking the best plan for you and your family.
Importance of Health Insurance
Medical emergencies usually hit you or a loved one when you least expect them, and without proper health insurance coverage, you can find yourself in a difficult financial situation. Family health insurance or any other type of medical insurance is a shield that empowers you to get necessary medical treatment without worrying about excessive medical bills.
Listed below are some crucial reasons why having health insurance is important:
1. To Fight Lifestyle Diseases
The modern, sedentary lifestyle, unhealthy eating habits as well as rising stress levels have led to a rise in lifestyle diseases like obesity, respiratory problems, and heart disease, even in people under the age of 45.
The right type of health insurance plan ensures that you can afford the medication, treatment, and assistance required to manage and prevent the progress of such diseases.
2. To Access Quality Healthcare
Medical health insurance allows you to access the best healthcare solutions without worrying about compromising the quality of physicians and healthcare centres.
- To Deal with Medical Inflation
Medical expenses are rising, and surgery that previously cost ₹200,000 could now cost you ₹500,000. Without health insurance, managing these inflating costs may be challenging.
4. To Safeguard Your Family
Health insurance plans for families can help protect your loved one’s well-being. Whether you want to safeguard your dependent children, your ageing parents who are prone to contracting illnesses, or your spouse who needs protection during her pregnancy, health insurance covers them all.
5. To Protect Your Savings
Even with considerable savings, medical emergencies can leave you financially drained. Medical health insurance can help you manage your expenditures without dipping into your savings.
Types of Health Insurance
Depending on your requirements and budget, you can check and select different types of health insurance plans based on your needs. These include:
| Types of Health Insurance | Suitable For |
| Individual Health Insurance | Covers only individual/insured person under the plan |
| Family Health Insurance | One plan covers the entire family, spouse, children and parents |
| Group/Employee Health Insurance | Employers or organisations buy this type of medical insurance for employees enrolled under them. |
| Senior Citizen Health Insurance | Covers citizens aged 60 and above and caters to all medical- related expenses at that age. |
| Critical Illness Insurance | Provides coverage against life-threatening diseases like cancer, kidney failure, heart diseases, etc. |
| ULIPs | Provides dual benefits of insurance and investment |
| Personal Accident Cover | Secures you and your family financially to tackle medical expenses arising out of an accident |
| Top-up Health Insurance | Lets you scale up your insurance coverage at an affordable cost. |
| Maternity Health Insurance | Covers expenses incurred in prenatal, delivery, and post- natal stage |
| Hospital Daily Cash | Covers daily hospital expenses as long as the insured person is hospitalised |
| Mediclaim Insurance Plan | Covers In-patient Expenses |
| Disease-specific | Includes plans like M-care, Corona or Kavach and is suitable for those seeking coverage for a specific health condition |
Smart Tips to Choose the Best Health Insurance Plan
The different types of health insurance plans in India can be confusing when choosing the best coverage. Here are certain intelligent tips to help you choose the best plan.
1. Look for the Right Policy Coverage
Always choose a health insurance plan that provides coverage against a wide range of medical problems while also providing benefits, including pre and post-hospitalization cover, ambulance charges, critical illness cover, maternity benefits, cashless treatment, daily hospital cash benefits, in-patient hospitalisation, etc.
2. Choose an Affordable Plan
You must choose a plan that meets your needs; however, it is also crucial to choose a plan that is easy on your pocket. Always go for a health insurance plan within your budget while providing adequate coverage.
With time, you can review the plan and increase the coverage appropriately with the rise of income.
3. Compare Quotes Online
You can compare health insurance online to see what is available and choose a plan that meets your needs. Collect several quotes and then compare them to make a decision.
4. Look For Flexibility to Add New Family Members
Before you make your final choice, make sure that your health insurance coverage allows you to add a new family member.
- Go for Family Instead of Individual Health Plans
Individual plans are only beneficial if you do not have a family to support. In case you are buying a health insurance plan with your family in mind, go for family health insurance, so that you can enjoy maximum benefits at an affordable price.
6. Choose a Plan with Lifetime Renewability
You require a health insurance plan the most during your later years, and this is why lifetime renewability is an essential factor to consider. Go for a plan that enables you to continue with the same plan in the years to come without any hassle of buying another policy after you reach the age limit.
7. Check The Waiting Period
Check the duration of the waiting period in health insurance plans that will cover pre-existing diseases, maternity expenses, and certain specific treatments like hernia, varicose veins, etc. Choose a plan with a minimal waiting period.
- Check the Hospital Network Under the Coverage
Once you have a list of shortlisted plans, check whether your preferred doctors and hospitals are included in their network. Always choose an insurance provider with a wide network of hospitals.
Conclusion
Choosing a health insurance plan is an important task, and you must pay close attention to the benefits and terms and conditions of the policy. Hopefully, the tips mentioned above will help you choose a cover with maximum benefits at an affordable price.
Being cautious and well-informed will help you make the right choice. Moreover, you would not need to run from pillar to post at the time of claim.
