How To Compare Health Insurance Plans In India

While most people appreciate the importance of health insurance, it is rarely given adequate thought. It is crucial for every individual to buy a good health policy to cover medical costs, lab tests expenses, hospitalization costs, and so on.

There are several health insurance service providers in the country, which makes it difficult for people to make the right choice. Several plans are offered by insurers to cater to the various medical needs of the population. Considering some factors, as discussed below, will help you make the right choice.

Different Types of Plans:

Before deciding what to look for when you compare health insurance plans, it will be useful to learn about the different covers that are available.

• Individual health plans
• Family floater covers
• Preventive healthcare
• Senior citizen health policies
• Pre-existing medical conditions cover
• Critical illness and surgery insurance coverage

Factors to Consider

• Cashless treatment — Every insurer has tie-ups with healthcare centers and when you are admitted to these facilities, you can enjoy the benefits of cashless treatment. Check the network of hospitals provided by the insurer to help make a decision. It helps to have network hospitals in your area, as treatment at these locations will eliminate the stress of filing claims for reimbursement.
• Ambulance charges — Several insurance companies provide free ambulance services in case the need arises. This is an additional feature and ensuring it is available with your chosen health policy will help considerably.
• Pre and post hospitalization charges — Check the number of pre and post hospitalization days that are covered under the health plan and opt for a plan that offers more days.
• No claims bonus — When you compare health insurance plans offered by different insurers, this is a crucial consideration. Most insurance companies offer no claims bonus for every year the insured does not make a claim on his or her health plan. The benefits could include an increased sum assured for the same premium amount or a discount on the premium at the time of renewing the policy.
• Co-payment — With this feature, individuals are able to lower the premium amount. Health insurance providers offer policyholders a co-payment option, whereby a predetermined amount of voluntary deductible is incurred by the insured, before the insurer pays any claims under the policy.
• Tax benefits — The Income Tax Act provides tax benefits under section 80D, up to a maximum amount of INR 25,000 per year, paid as health insurance premium. This amount increases to INR 30,000 per annum for seniors.

Now that you have a fair understanding of health insurance policies and features that you need to consider in a policy, do not delay purchasing coverage. While you need to give the decision adequate thought, it is important not to procrastinate, as these policies get more expensive as you age and may not be available after you suffer a major illness.