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Choosing the Right Type of Coverage for Your Health Insurance Needs

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In this current day and age, a health insurance policy is one of the most important services that we should opt for. In India, a health insurance policy is traditionally not a prevalent practice. Although nobody wants to think about getting sick, we have to accept that anyone can fall ill, which can lead to various medical expenses and, if we are not careful, can significantly disrupt our finances.

Therefore, investing in a comprehensive health insurance plan for you and your family can be an extremely prudent decision. In this context, it is important to mention that selecting the right health insurance policy suitable for you and your family is as important as buying it.

There are a few things to keep in mind that we will try to address further in this article to get the most out of your health insurance policy plans.

Choose the Adequate Coverage Amount

We buy a health insurance policy mainly to protect our finances during medical emergencies. Hence, we must be careful and opt for the correct coverage amount that is adequate for our needs. We must remember that medical expenses in metro cities are significantly higher than in non-metro cities. Hence, people who live in metros generally require a higher coverage amount for their medical insurance.

Other things to look for are additional expenses like transportation costs, daycare expenses, personal accident insurance coverage and pre-and-post-hospitalization costs.

The Premium Rates Should Be Affordable

While choosing the right coverage amount is necessary, we also have to make sure that the insurance plan is within our budget. Since having a health insurance policy with high monthly premium rates is not viable, it is advisable to opt for a general health insurance policy which covers most of our healthcare needs. With time we can always revisit the policy terms and make suitable adjustments.

Compare

One of the essential things you can do to get a better health insurance policy with affordable premium rates is to compare it with other policy plans. You must have a basic idea of what you are looking for, then select and compare the ones that suit you the best.

Renewability

Insurance plans are mostly a lifetime service; you should look for plans that offer perpetual renewability options since insurance plans are generally much more necessary during old age. Additionally, a recurring health insurance plan has several benefits, which can lower the premium rates even further, like a no-claim bonus, loyalty bonus etc.

Network Hospital Coverage

Another essential aspect to look for when choosing a health insurance policy is insurance companies with the best hospital network coverage. Certain insurance companies have tie-ups with various hospitals across the country. 

Hence, it is important to check if the insurance company has your preferred nearest hospitals included in the hospital network plan. Additionally, this will allow you to choose the cashless features and benefits during the claim settlement process.

Claim Settlement Ratio

All health insurance companies have a certain claim settlement ratio attached to them. It essentially means the number of claims settled by the company against the total claims received. In essence, an insurance company with a higher claim settlement ratio is considered to be better.

Riders or Add-ons 

Riders, or add-ons, are one of the most critical features of an insurance plan. All good insurance companies offer various add-on features to customise the policy to your specific needs. You should first choose a good base plan and then add the necessary add-ons, but here it is important to select the right add-on features since many unnecessary add-ons can amount to a higher monthly premium rate.

Critical Illness Cover:  This add-on covers life-threatening illnesses like cancer, heart disease, or stroke.

Transportation Expenses: Some medical procedures necessitate additional transportation costs. Thus, it is a good idea to include transportation costs as they can be instrumental in emergencies.

Daycare Expenses: Some medical procedures may not require overnight hospitalisation, but that does not mean they are not expensive. Hence, a daycare expense add-on can protect you from additional daycare charges.

Vaccination and Health Check-ups: With the rise of several viral diseases, vaccinations are a regular part of medical procedures. Frequent health check-up costs can eventually take a heavy toll on your finances. Hence, having a medical insurance plan with vaccination and health check-up coverage is beneficial. 

Daily Allowance: This add-on offers daily allowance cover in case of hospitalisation to cover the loss of regular income from the policyholder’s profession.

In conclusion

To conclude, one should be objective about their requirements while choosing their health insurance policy, pick a standard plan, opt for necessary add-ons, and ensure the premium rate is within their budget. These, coupled with the abovementioned points, should get you your desired health insurance policy.