With the insurance market flooded with various health insurance plans, choosing an adequate health plan is not a cakewalk. Which is why, the question arises, how to compare and buy the most optimal health insurance?
Here in this article, we shall share parameters that not only help you to compare health insurance policies in India but also let you know the main area of focus while comparing policies by various health insurance providers.
Check for Sub-limits
Consider health policies that offer the highest and most comfortable sub-limits (monetary cap) on health care expenses like room rent, doctor’s consultation fees etc and/or on specific treatments like cancer treatments. This will ease out your hospitalization and claim procedure, making it simple and hassle-free.
Look for Plans that has a Wide Network of Hospitals
No matter whether you are staying in metropolitan, small town or in interior India, if you are buying a health policy for yourself or other family members always consider taking a plan that has a wide network of hospitals in those areas. There is absolutely no point in buying a plan if you have to struggle to find the associated hospital to avail the health insurance benefits.
Check and Compare Premium
While comparing health insurance plans it is very important to compare the premium. This can let you avail all the benefits at a comparatively cheaper premium rate.
Look out for Exclusions
Some policies may exclude certain illnesses, like joint replacement, cataract, hernia etc in the starting period. While few others might exclude expenses incurred on certain treatments like STD, dental treatment, cosmetic surgery etc. While comparing health plans you should closely look out for such exclusions and choose a policy with lesser exclusions.
Check for Higher Claim-settlement Ratio
Always go for a health insurance policy from a health insurance provider that has a high claim settlement ratio. This will ensure that your claim will have fewer chances of getting rejected.
Opt for Health Insurance Plans with Minimum Waiting Period for Pre-existing Illness
When it comes to pre-existing diseases, every insurer has its own set of terms and conditions. In most of the policies, the waiting period ranges between 2 to 4 years but there are plans that have a lesser waiting period. While buying a health insurance policy, always opt for the one with less waiting period.
Look Out for Reviews
To get thorough insights of the plan especially the pros and cons, it is quite essential that you go through the customer’s review on the health plans that you are comparing and considering for yourself and/or your family. This will help you in making an informed decision.
Lastly, when you compare policies, make sure you make a special note of things that are not covered in the health plans.