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Tips for Finding the Best Health Insurance Policy in India

Posted On : 08 May 2023, 11 Months Ago. Health-Insurance

Getting the best health insurance policy for family is crucial because health care is expensive, especially in the private sector. Hospitalisation might drain your bank account and wreck your finances. It will be considerably more complicated if the sole breadwinner of the house suffers from an illness. This can be avoided by paying a small annual premium, which will reduce your stress in a medical emergency. Best health insurance policy will typically cover doctor consultation fees, medical test costs, ambulance charges, hospitalisation costs, and even post-hospitalisation recovery expenditures to some extent.

 

What is Health Insurance?

Health insurance is a contract in which an insurance company agrees to reimburse medical expenditures if the insured becomes ill or is involved in an accident that necessitates hospitalisation. Insurance companies partner with premier hospitals to provide their consumers with cashless care. If the insurance company has no affiliation with the hospital, they reimburse the insured's expenses.

 

What are the Various Types of Health Insurance?

 

Individual Health Insurance

An Individual Health Insurance plan is designed for a single individual. It can be purchased by a single person, as the name implies. The individual who enrols in this plan is compensated for the expenses incurred due to illness and medical expenses. Such medical insurance plans cover all hospitalisation, surgery, and pre and post-medication expenses up to the insured limit.

 

Family Health Insurance

Also known as the Family Floater Plan, this policy protects your entire family under a single policy. Family health insurance policies cover all family members, including spouses, children, and elderly parents. Only one family member is required to pay the payment, and the entire family is insured.

 

Critical Illness Protection

The Critical Illness Insurance plan protects the individual by providing a lump sum of money for life-threatening diseases. The chosen health problems are included when you purchase the insurance, and if any of the pre-selected diseases impacts you, you can claim your insurance.

 

Advantages of Health Insurance

Best health insurance policy possess several qualities and provides the below-listed advantages:

 

Cashless treatment:

If you have insurance, you can receive cashless treatments because your insurance provider collaborates with multiple hospital networks.

 

Pre and post-hospitalisation cost coverage:

Depending on the health plans bought insurance policies cover pre and post-hospitalisation expenditures for up to 60 days, depending on the health plans bought.

 

Medical exam:

Health examination alternatives are also included in insurance coverage. Based on your previous NCBs, some insurers will provide a free health evaluation.

 

Accommodation rent:

Depending on the insured's premium, the insurance policy can also cover room expenses.

 

Tax benefits:

Health insurance is tax deductible under section 80D of the Income Tax Act.

 

No claim bonus:

This is a bonus element granted to the insured if they do not file a claim for any treatment in the previous year.

 

Picking the Best Health Insurance Policy in India

It is tough to choose the best health insurance policy because different insurance companies offer different features, which are feasible to some of us but not others. Although there are specific criteria which should always be looked upon before buying health insurance. Everyone should consider critical aspects before purchasing health insurance plans such as:

 

Look for appropriate coverage:

Choose a health plan that protects you against a wide range of medical issues and offers advantages such as pre and post-hospitalization, daycare expenditures, transportation, illnesses and so on. When purchasing health insurance for your family, make sure that the policy matches the needs of each member.

 

Maintain affordability:

While purchasing a health policy that fulfils your demands, it is also critical to fit your budget. The budget is critical when obtaining health insurance. However, before you look at the plan pricing, you should look at the plan benefits. It is simple to obtain a low-cost health insurance policy to ensure that you are adequately insured and that your premiums are also low. 

 

Go for a plan with maximum benefits:

Prefer family insurance over individual plans that are appropriate for people who do not have a family to support. However, if you are purchasing health insurance for your family, consider purchasing a family health plan to enjoy maximum advantages at a lower cost.

 

Choose a renewable plan:

When purchasing a health plan, examine how many years the plan will cover you and whether or not it offers restricted renewability. This is because you will require a health plan the most in your later years. Select health insurance that is renewable indefinitely.

 

People must buy a health policy for themselves and their family members due to the steadily escalating price of medical procedures. To guarantee that you choose the best health insurance policy, you must first understand the intricacies of each type of policy. As a result, a buyer must invest time and effort in learning about health insurance and the many types of health insurance policies accessible in the market.

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