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Best Health Insurance Plans: How to Find the Right Coverage for You

Posted On : 22 February 2023, 1 Years Ago. Health-Insurance
Best Health Insurance Plan

A health insurance policy is a product that protects you from the financial consequences of a wide range of health-related expenses, from minor illnesses and injuries to severe conditions. They are intended to provide coverage for medical expenses that may arise due to illness or injury and can vary in terms of premiums, deductibles, and other coverage. Health insurance plans in India also cover a range of preventive services, such as regular check-ups and vaccinations, to help ensure that individuals and families stay healthy. With so many health plans available, comparing plans and finding the right one that meets your needs and budget is essential.

 

What is Health Insurance?

Health insurance is a means for paying medical expenses by contributions or taxes put into a shared fund to pay for all or a portion of the health services specified in an insurance policy or legislation. 

 

Most health plans have the following components: 

 

  • Prior payment of premiums or taxes 
  • Pooling of funds
  • Eligibility for benefits based on contributions or work.

 

Healthcare policy can cover a limited or complete range of medical services, and it covers the full or partial cost of individual services. Benefits include the right to certain medical services or payment for specific medical costs incurred by the insured.

 

Need for a Health Plan

There is excellent unpredictability around one's health, and it is nearly hard to control health-related expenses. However, by getting insured with an appropriate health plan, you can obtain some control and security over your and your family's healthcare spending. The best health insurance plan provides protection against sudden medical emergencies. There are numerous reasons you should get medical insurance, and here are a few of them:

 

Change in Lifestyle

With the ever-increasing pressures of modern life, the range of health-related dangers we face has dramatically expanded. There is no shortage of disorders that can lead to high medical costs, ranging from lifestyle disorders like obesity and eating disorders to pollution-induced conditions like asthma.

 

Benefits on Tax Deductions

Insurance protects you from the financial consequences of a medical emergency. It also gives considerable healthcare tax benefits. While premiums for medical insurance plans for senior persons are tax deductible up to Rs. 50,000, those paid for individuals under the age of 60 have a tax deduction under Section 80D of the Income Tax Act of 1961.

 

Factors to consider for choosing the best health insurance plan

Premium

The goal of purchasing an insurance plan is to decrease financial hardship in the event of a future medical emergency. You must select a plan with an inexpensive premium to keep your insurance for a more extended period without financial concern.

 

Sum Insured

The sum insured should be carefully determined because it covers medical expenses incurred by you and your loved ones during the policy term. You should consider your income and age when deciding on the sum insured for your medical insurance policy. Check that the sum covered is adequate and the premium is not overly high.

 

Claim Process

Always analyse the number of claims settled by the medical insurance business before purchasing a health plan. The fundamental objective of purchasing an insurance policy is to be financially protected against unforeseen severe illnesses. It is helpful for the insured if the claim settlement process is smooth. You should also search for excellent customer service.

 

Family Members Covered

You must consider the family members the insurance benefits will cover. You can obtain coverage for yourself, your lawfully married spouse, children, parents, and grandparents through family insurance plans. Furthermore, age, current diseases, and family medical history are essential considerations.

 

Add-on Benefits

Add-ons are extra benefits you can put in your health plan to provide more comprehensive coverage. You can freely select them by paying an additional premium during policy acquisition.

 

Benefits of Coverage

Varied plans have different features, which you should select based on your needs. In-patient hospitalisation expenses, pre-hospitalisation and post-hospitalisation expenses, road ambulance expenses, childcare expenses, domiciliary expenses, and other perks are every day, covering benefits under insurance policies.

 

Lifetime Renewability Advantage

Older people are more susceptible to ailments than younger people. You must purchase an insurance policy with a lifetime renewability benefit to avoid purchasing a new one at a higher cost.

 

Exclusions

Conditions that are not covered by your health plan are exclusions. When selecting insurance, choose the one with the fewest exclusions. Treatment due to self-harm, treatment required due to involvement in adventure sports, and so on are some common exclusions even under the best health insurance plans.

 

You wouldn't want your medical expenditures to eat away at your savings or force you into a financial crisis to pay them, would you? Therefore it is necessary to get a decent insurance plan, choose the suitable sum insured, pay the required premium, and get insured as soon as possible. Platforms like Niva Bupa can assist you in providing the best health insurance plan.

Secure your health with comprehensive insurance plans from Nivabupa

Tell us a bit about you

Whom are you buying for ?
Myself Icon Individual
Wife Icon Husband & Wife
Family Icon Family
Enter valid name
Enter Valid DOB
OTP sent Resend OTP
otp icon
OTP Expires in
I authorize Niva Bupa to call me. This will override your existing registry in DNCR. I want to get my quote and policy details on WhatsApp.
FIND MY PLAN