Which is the Best Health Insurance Policy?: In Detailed

Choosing the best health insurance policy is essential since health-related risks are accelerating. For example, the recent Covid 19 pandemic outbreak has jolted the world to its core. To protect yourself from such situations, you need a safety net.

Since no individual wants themselves or their family members to be in debt when medical emergencies strike, you should consider getting the best health insurance policy for your family. It will ensure their security as well as yours.

What is a Health Insurance Policy?

A health insurance policy is a legal agreement binding the insurance company to the policyholder. The insurer helps cover the medical expenses in the event of a medical emergency or diagnosis of critical illness. These expenses include surgeries, medication, surgeries, and hospitalization.

A Health Insurance policy is a viable investment because it helps you save on medical bills. Usually, insurers partner with hospitals to provide assistance and health insurance benefits during the need of the hour.

Benefits of Purchasing the Best Health Insurance Plans in India

Choosing the best health insurance plans in India has multiple benefits –

Secure your Family: What better way to show a family member how much you care about them than to look after their health and well-being? As prevention is better than cure, avoiding additional financial stress through the best health insurance plans in India will provide a level of economic security.

Tax Deduction: Under Section 80D, any individual or HUF can deduct medical insurance premiums paid in any given year from their total income.

Medical Coverage Benefits: Investing in the best health insurance in India is a wise decision because it will cover medical transportation, hospital room rents, and vaccination and allow you to make cashless payments.

Source: Shutterstock

There’s No Right Age: Just like there’s no right age to start becoming financially independent, similarly, there is no right time or age to purchase a health insurance policy, the earlier, the better.

Tips for Selecting the Best Health Insurance Policy

• Go with the right coverage policy. Make sure to opt for a Mediclaim policy that covers all your medical expenses.

• Opt for a family floater instead of buying a Mediclaim policy for each family member individually. The assured sum will cover medical expenses for each member as and when needed.

• Choose the right maturity value for your health insurance policy. For example, go for higher coverage instead of a lower coverage Mediclaim policy, as the latter might not be sufficient to cover all your medical expenses.

• Opt for a health insurance policy with provisions of lifetime renewability. This way, you would benefit from the policy for as long as you live without stressing over the big bills.

• Look for a policy with a higher claim settlement ratio. It would ensure that more claims are settled against the overall claims received.

• To make cashless payments in case of medical emergencies, it is advised that you go over the network hospital lists.

• Keep in mind the pre-existing waiting list of your health insurance policy, for it is a period during which the beneficiary can raise a claim against a pre-existing disease, therefore, opt for a short pre-existing disease waiting list.

• There are certain limits to a few Mediclaim policies; therefore, check for any sub-limits. Also, be sure to go through the co-payments clauses very thoroughly.

• Be aware of your budget while choosing your health insurance policy. In addition, you should compare various available policies to make the right choice.

Choosing a Mediclaim policy is easy, given the right information and resources. It is an important instrument since it ensures that the policyholder covers all medical expenses during medical emergencies. The expenses can be covered up to the sum assured.

The policyholder can either make cashless payments or get reimbursement for their medical bills. To avail of reimbursement provision, the policyholder has to submit the medical bills. Mediclaim policy covers hospitalization due to illnesses or diseases and critical illnesses. However, the policy must be renewed if the policyholder wants lifetime medical coverage.

Medical emergencies can be emotionally devastating and financially exhausting. You might end up losing all your savings in such situations. Therefore, you must consider a health insurance policy to prevent these circumstances from happening.