In today’s fast-paced world, prioritising your health is of utmost importance. And the best way to safeguard your well-being is by investing in comprehensive health insurance. It helps you seek quality medical assistance seamlessly without worrying about finances.
However, with multiple health insurance providers and plans in the market, it can be difficult to choose the best one. You must consider factors like coverage, affordability, claim settlement process, network hospitals, and other features.
Selecting the best health insurance plan is a significant decision. But we’re here to help. In this blog, we’ll explain everything you must know to make an informed choice.
What is covered by the best health insurance plan?
The best health insurance companies cover a myriad of expenses under their policy. These include-
–Pre and post-hospitalisation expenses– These include expenses incurred for x-rays, blood tests, and other pre-hospitalisation medical examinations. The insurance also covers the expense of medicines and preventive health check-ups performed after hospital discharge.
–In-patient hospitalisation expenses– The hospitalisation costs for treating a disease or injury if you are hospitalised for more than 24 hours.
–Preventive health check-ups– Expenses incurred during regular health check-ups, like blood sugar tests, complete blood count, lipid profile, etc.
–Ambulance charges– Coverage of emergency ambulance services to help you reach the hospital on time.
–Pre-existing illnesses or diseases– Expenses incurred on treating any pre-existing illness or condition after the waiting period ends.
–Daycare procedures– Daycare treatments like dialysis, eye surgery, and other common daycare surgeries where hospitalisation is not required for more than 24 hours.
–Maternity cover– Expenses incurred during pregnancy and delivery of the baby. Some health insurance policies also cover the expenses of the new-born baby.
–Home treatment cover– The policy covers your expenses for receiving medical treatment at home, provided a medical practitioner advises it.
–AYUSH benefit– This includes medical expenses for alternative treatments like Ayurveda, Yoga and Naturopathy, Unani, Siddha, or Homoeopathy.
How to choose the best health insurance plan?
To select the best health insurance policy, you must consider the following factors:
1. Carefully evaluate different providers and policies
The simplest way to choose the best affordable health insurance policy is by evaluating and comparing different providers and plans. For this, you must assess your needs and lifestyle.
For instance, if you only want insurance coverage for yourself, you can buy an individual health insurance policy. However, a family floater policy would be ideal if you want to buy a plan that covers your entire family.
Additionally, you must consider other factors, such as your age, pre-existing conditions, sub-limits, waiting periods, value-added services, etc.
2. Check the provider’s network of hospitals
When choosing your insurance provider, make sure they offer cashless claims. This helps you avail of medical care without any hassle. However, to avail of the cashless claim facility, you typically have to visit a hospital that falls in the insurer’s network.
Therefore, when choosing the best health insurance, opt for a provider with an extensive network of hospitals. This ensures you can easily access a network hospital during medical emergencies, increasing the chance of a cashless claim settlement.
3. Value-added benefits
The notion of more is less also applies to the health insurance sector. Why should you settle for health insurance that only provides basic benefits?
The best insurance plans offer different types of value-added benefits along with the basics. This includes availing of a second opinion, medical consultations, health check-ups, wellness rewards, ambulance services, etc. You can buy the most affordable health insurance plan and include your desired value-added services to customise the coverage.
4. Opt for a high claim settlement ratio
The CSR or the claim settlement ratio is the ratio of the total claims settled to the total claims received by the insurer. A high CSR means a higher chance of your claim getting settled.
Thus, when choosing the best health insurance, choose an insurance provider that boasts a high claim settlement ratio or CSR.
Benefits of having the best medical insurance
1. Cashless claim benefit
A medical emergency can strike unexpectedly, and arranging for funds during such times can be difficult for most. This is where your health insurance becomes a saviour.
By opting for a network hospital, you can avail of cashless treatment. All you need to do is fill out a pre-authorisation form and show your health insurance card at the hospital. Your insurance provider will take care of all expenses as per the policy.
2. Tax benefits
Financial security during medical emergencies is not the only benefit of health insurance. It also offers tax benefits that can help you save up to Rs. 50,000 annually.
Under section 80D of the Income Tax Act, you can deduct up to Rs. 25,000 of your insurance premium amount from your taxable income. This amount can be extended up to Rs. 50,000 for senior citizens.
3. Portability benefits
The Insurance Regulatory and Development Authority of India (IRDA) provides portability in health insurance. This allows you to transfer your policy from one company to another while enjoying the benefits of the previous policy.
It offers twofold benefits. Firstly, it gives you the flexibility to switch to a new plan if you are unsatisfied with the benefits. Secondly, it gives you an edge over the insurer. This means it ensures you are not taken for granted by the insurance company. This gives you more control over your policy and helps you make informed decisions.
To conclude
When a medical emergency strikes, the last thing you would want to do is worry about arranging funds. With a good health insurance policy, your claim will not only be processed hassle-free, but you can also enjoy value-added services like calling an ambulance, a 24/7 helpline, wellness programs, and more.
Whether you’re looking for a basic plan or super top-up health insurance, you can easily compare different options with Tata Capital and select one that best fits your needs. Visit our website and apply today in just three simple steps.
04 July 2023
5 mins read
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