Top Tips to Choosing the Correct Health Insurance Plan

More often than not, your health is something that is partly not in your hands. If you think that you are healthy enough and that you don’t need any health insurance Plan for you will never fall sick—you surely need to think twice. In the absence of a proper health insurance, you may have to clear a mammoth bill from your own pocket—especially in the case of a chronic medical emergency.

Importance of Comparing Health Insurance Plans

It’s true that some of these plans have their own unique features, but then there is a common thread that runs through most of them. It is important to invest some time in a health insurance comparison and finalize which plan is ideal for you and your family.

The best health insurance policy is designed to cover most of the following medical situations:

Family Floater Medi-claim – This one single plan caters to the health insurance needs of an entire family. A fixed amount of money is insured for all members. Either member can avail of this money or the total sum of money can be used for the treatment of a single member.

Individual – This health insurance policy is designed to cover the medical needs of an individual, and includes several illnesses along with free hospitalization and other added features.

Surgery and Serious Illnesses – You can avail of this stand alone plan for the treatment of serious illnesses such as cancer, cardiac arrest, kidney failure and the likes.

Senior Citizen – This insurance plan is designed to cover the medical expenses of senior citizens. The IRDA has made it mandatory for every insurer to provide cover for every individual, right up to the age of 65 years.

Preventive Healthcare – In case you are concerned about expensive preventive care treatments including consultation fees, medical tests and X-Ray fees, this is the insurance plan that promises to work for you.


Points to be kept in Mind

Pre-existing diseases: Generally, insurance companies do not cover the diseases that you might be suffering from prior to buying a particular insurance plan. They have a waiting period of around 2-4 years during which they cannot be held liable for any medical claims arising due to pre-existing diseases. Therefore, it is well advised to take care when opting for a health insurance plan and go for the one that either covers pre-existing diseases or has the least waiting period.

Cashless treatment: Insurance providers offer a network of hospitals where the insured can procure free medical treatment, unless it is a case of voluntary discount. It’s good to look for cashless treatment opportunities to save on costs and mental hassles.

No-claim bonus: In case there has been no claim in a particular year, the benefit is passed on to the next year. You will either receive a reduction in the premium or an increase in the sum by a certain percentage of the already existing premium.


Way Forward

There are chances that your employer’s group insurance policy is likely to cover you as well. But considering the fact that the cost of medical care has been rising steadily and that you might end up being coverless in between two jobs, it is always safer for you and your family to buy your own family health insurance plans. You can also opt to convert your individual policy into a family floater plan that will cover both you and your partner at a lower premium.

All the best!

Harjot Singh Narula

Harjot Narula is founder and CEO of ComparePolicy.com, an IRDAI approved insurance web aggregator focussed on selling online insurance for companies. Harjot has more than a decade of experience in software development and has also spent 5 years in US working for the mortgage and risk management industry.

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