Buying Health Insurance In India? Heres What To Keep In Mind!

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Buying Health Insurance In India? Here's What To Keep In Mind!

The innumerable health scares can possibly drain our savings if we do not make informed investment in the health insurance policies in India.

It is often said that health is the real wealth! These trying times have made us understand the importance of good health. The emotional and financial consequences of ill-health can be more than just distressing.

However, in this fast-paced world, not everyone has the time and the discipline to maintain a healthy lifestyle. We just cannot seem to find the time to exercise regularly or inculcate healthy eating habits, which can invite innumerable health scares in our lives and possibly drain our savings too if we do not invest in the best health insurance in India.

Without an effective policy, it could quickly become extremely challenging to maintain a financial balance during any medical emergency. Hence, it is crucial to take the time to select the best health insurance in India and make a well-informed decision to avoid any such difficulties in the future.

Here is a checklist that can ensure you are buying the best health insurance in India:

Lifetime Renewability Option

It is important to check how long a health insurance plan offers to cover you before buying one. If you buy it at a later stage in life, most health insurance plans offer inadequate coverage. Besides, most people end up needing coverage when they are older, and hence, it is advisable to opt for the best health insurance in India with a lifetime renewability option.

Family Health Insurance Over Individual

It always makes more sense to opt for a family health insurance plan over an individual health insurance plan as the rising medical costs can be very burdening on an earning member. Besides, if you buy the best health insurance in India to cover yourself, your family members may not be adequately prepared against medical emergencies, leading to abrupt exhaustion of savings.

So instead, opt for a family health insurance policy that will offer maximum coverage and benefits for affordable premiums.Opting for a trusted insurance providers such as Care Health Insurance may be in your best interest as they offer plans with several valuable benefits.

Look for The Right Coverage

The best health insurance in India should secure you and your family members against multiple medical problems and have an add-on that can customise the insurance to suit your needs.

An ideal coverage should include pre and post hospitalisation benefits, any illnesses that run in your family from generations that you may be prone to, transportation expenses, and many such aspects.

Hospital Coverage Network

Once you narrow down on the insurance plans and providers of your choice, check the list of network hospitals with the insurer. It would be wise to go for an insurance policy with a wide network of hospitals in its coverage. You can enjoy convenient and quick cashless claim settlements at these hospitals upon showing your health insurance card and following the claims procedures.

High Claim Settlement Ratio

The number of claims that have been settled by an insurance provider against the number of claims they have received from their policy holders is the claim settlement ratio of the insurance company. Therefore, always try to pick an insurance provider with a high claim settlement ratio, which can ensure that you get a smooth and hassle-free claim process.

Here are some other covers you can look for, which some of the best health insurance in India also offer as either in-built benefits or additional riders in their plan, depending on the insurer and the policy:

  • Routine check-ups: When you are comparing health insurance consider plans from different providers in India, try to go for the ones that not only offers annual free health check-ups at regular intervals but also covers your vaccination costs.
  • Daycare procedure charges: The best health insurance in India will be able to cover your daycare procedures as well, i.e., medical emergencies and treatment that does not require hospitalisation for more than 24 hours.
  • Ambulance charges: It is extremely important, especially in the jam-packed streets of India, to get timely and safe transportation to the hospitals during an emergency. As this can be quite an expensive affair, it is ideal to look for the best health insurance in India that will cover your ambulance charges and guarantee you safe transportation as well.

With the help of an income tax calculator, you can calculate the tax returns applicable to your health insurance premiums. According to the Income Tax Act, as per the old tax regime, you can get tax deductions on the premiums paid towards health insurance.

All in all, it is easy to find the best health insurance in India if you do your due diligence and compare health insurance policies from different insurance providers. Ensure that you safeguard yourself from the burden of rising medical and healthcare costs early in life by choosing the right health insurance policy.

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Creatives : Vijay S Hegde
Guest Author : Susmita Tarun SinghaRoy