Tips and recommendations to find best health insurance in India
Discover the best health insurance along with tips on evaluating insurers, customizing coverage, ensuring financial security and getting comprehensive protection.
3 min read
August 20, 2024
Simmran Sharma
How to buy best health insurance
Navigating the world of health insurance can be challenging, but securing the best plan for your needs is crucial for ensuring comprehensive protection and financial security. To make an informed decision, it's essential to understand the key elements that contribute to a high-quality health insurance policy. From evaluating the reputation of insurance companies to customizing coverage based on your specific requirements, every step in the buying process plays a significant role in finding a plan that offers the right balance of affordability, coverage, and service. This guide provides essential tips and insights to help you make well-informed choices and select the best health insurance policy tailored to your needs.
Compare thoroughly
Comparing health insurance plans is crucial for finding the coverage that best suits your needs and budget. By evaluating various policies, you can identify differences in coverage options, premiums, benefits, and claim processes. This careful comparison helps you make an informed choice, ensuring you secure a plan that offers comprehensive protection and value for your money.
> Compare between companies
Comparing different insurers involves assessing their overall reputation, financial stability, and customer service quality. We will understand this in detail further.
> Compare between policies
Within each insurance company, various policies offer different coverage options, benefits, and features. Comparing policies helps identify the plan that provides the most comprehensive and suitable coverage for your needs.
> Seek expert advice
Industry experts can provide valuable insights and personalized recommendations.TPAs can analyze your health profile, financial situation, and coverage needs to recommend suitable policies. Further they can cut through complex insurance terminology within the terms and conditions of different plans. They stay updated on the latest market trends, policy changes, and new offerings to be able to catalog the latest products and features that might be beneficial for you. Seek unbiased recommendations based on your needs. Consult Oneassure on their toll-free number right now.
Find the right insurance company
Determining if an insurance company is reputable and offers good services is key to buying the best health insurance in India. A reputable insurer not only ensures robust coverage but also delivers exceptional service when it matters most. To evaluate this aspect, consider the following factors:
> Regulatory compliance - check for IRDAI registration of the company to confirm that it meets regulatory standards and adheres to legal requirements.
> Good financial health - ensure that the company has a high solvency ratio, which measures its ability to meet long-term obligations. Check for high ratings from agencies like CRISIL, ICRA, or CARE.
> High claim settlement ratio - ideally above 90%. Look at the historical claim settlement ratios over multiple years to assess consistency. Review the company’s claim settlement process, including the ease of filing a claim, required documentation, and timelines for settlement. Ensure that the company is transparent about the claim process and any potential hidden charges.
> Streamlined customer support - ease of reaching customer care, responsiveness, and effectiveness in handling queries and complaints. Read customer reviews and feedback on platforms like Google Reviews, Trustpilot, or insurance forums to gauge the company’s reputation and service quality. Assess online policy management, digital claim submissions, and customer support apps that enhance customer experience.
> Extensive network of hospitals and partners - Look for partnerships with reputable hospitals, clinics, and service providers. Additionally, a wide network of hospitals offering cashless treatment for flexibility in choosing healthcare providers.
Customize your health insurance
Once you discern a good insurance company you discover they offer a diverse range of insurance products with features like coverage, exclusions, and flexibility of their insurance terms and conditions. Customizing a health insurance plan allows you to tailor it to your specific needs, preferences, and financial situation. Here’s a step-by-step guide on how to customize your health insurance plan:
a) Financial customization
> Adequate sum insured amount - sum insured should reflect the average cost of medical treatments you might require. If you live in an area with high healthcare costs opt for a higher sum insured to ensure adequate coverage.
> Affordable premiums - premiums should be manageable to avoid financial strain but should not compromise the quality of coverage. Some insurers offer discounts or incentives for healthy lifestyle choices or bundling multiple policies.
> Balance deductibles - deductibles are the amount you pay out-of-pocket before the insurance coverage kicks in. Higher deductibles typically result in lower premiums, but they mean higher out-of-pocket costs when you make a claim. Choose a deductible level that you are comfortable with and can afford in case of a medical event.
> Minimize out of pocket expenses - look for plans that offer to cover most of your medical expenses through lower copayment or coinsurance percentages to minimize unexpected financial burden. Understand copayments here.
b) Customization of coverage
> Pre existing conditions - waiting period for coverage of pre-existing conditions varies between plans. Opt for plans with shorter waiting periods and comprehensive coverage for pre-existing conditions to ensure that you’re protected from the outset.
> Family cover - if you need coverage for your family, choose a family floater plan that covers all members under a single policy. Consider the health needs of each family member, including children and elderly parents. Additional benefits like maternity coverage or newborn care can be chosen as well.
> Add ons - choose add-ons based on your specific needs. For example, if you want extra protection for serious illnesses, a critical illness rider that provides a lump sum payment in the event of serious illnesses might be beneficial.
> Exclusions and Limitations - review the exclusions and limitations in each policy to understand what is not covered. This helps in avoiding surprises when making a claim.
c) Review and update regularly
Regularly review and update your health insurance plan to ensure it continues to meet your changing needs and life circumstances.
> Periodic review - schedule an annual review of your policy to account for changes in your health status, family situation, or healthcare costs. Adjust your plan as needed to maintain optimal coverage.
> Update for life changes - Notify your insurer about major life events and adjust your health insurance policy in response to significant life events such as marriage, having children, or aging. These changes may require modifications to your coverage levels or the addition of new benefits.
A personalized approach not only enhances your protection but also provides peace of mind, knowing that you have a health insurance plan designed to meet your unique circumstances effectively. By following these steps, you can customize your health insurance plan to suit your specific requirements and ensure comprehensive protection for yourself and your family.
Best health insurance 2024
After assessing your needs, choose the most suitable option from the following recommendations for the best health insurance policies in India, tailored to meet diverse customer requirements.
1) For young adults
When looking for health insurance plans for young, healthy individuals, the focus often shifts to affordability, flexibility, and coverage for unexpected health needs. Here are features and plans available in the market that you should consider:
Desirable features | Top plans |
> Affordable premiums including high deductibles if necessary.
> Comprehensive coverage for medical treatments including emergencies and planned procedures.
> Flexibility in sum insured with the possibility to increase the coverage as needed.
> Lifetime renewability to lock in a low premium and continue the same coverage as you age.
> Annual check-ups and preventive health coverage for timely detection of health issues. |
Care health insurance - Care supreme
Niva bupa health insurance - Aspire gold plus
|
2) For family
When selecting a family health insurance plan in India, the most important thing is comprehensive coverage for all members of the family. Here are some desirable features and plans that you should consider:
Desirable features | Top plans |
> Flexible sum insured option for adequate coverage of all potential medical expenses for the entire family without financial strain.
> Family floater option to consolidate coverage of all members into one cost-effective plan and simplify management.
> Maternity benefits and newborn coverage including vaccinations and post-natal care. Valuable for families planning to expand or expecting a new member. |
Care health insurance - Care supreme
Niva bupa health insurance - Reassure 2.0 Platinum
|
3) For seniors
Senior health plans should cater to the specific health concerns of older individuals while providing financial protection. Here are some desirable features and plans that you should consider:
Desirable features | Top plans |
> High sum insured option to cover major medical expenses which can be common in older age.
> Pre and post-hospitalization coverage and coverage for ambulance charges ensures comprehensive financial support for all related medical costs.
> Chronic disease management for targeted support towards long-term health conditions. |
Care health insurance - Care supreme
Bajaj Health Ensure
|
4) For lifestyle-related illnesses
Some health insurance plans are tailored to address health issues that arise due to modern lifestyle factors, such as obesity, diabetes, hypertension, and cardiovascular diseases. Any condition that the insured suffers from before purchasing the policy is a pre-existing condition. Here are some desirable features and plans to consider:
Desirable features | Top plans |
> Preventive and wellness benefits such as regular health check-ups and screenings for early detection.
> Chronic disease management like lifestyle modification programs.
> Coverage for pre-existing conditions to reduce out-of-pocket expenses for ongoing treatments.
> Short waiting period for pre-existing conditions (commonly 1-2 years) for quicker access to coverage.
> Alternative medicine options (AYUSH) such as ayurveda, homeopathy, and naturopathy if needed or preferred for lifestyle improvement. |
Niva bupa health insurance - Reassure 2.0 titanium
Care health insurance - Care supreme
Aditya birla health insurance - Activ one max
Star health insurance - Star diabetes safe plan A
Care health insurance - Care heart
|
5) For maternity healthcare
Maternity health insurance is a type of health insurance coverage specifically designed to cover the costs associated with pregnancy, childbirth, and postpartum care. It typically includes:
> Prenatal Care: Visits to an obstetrician or midwife, routine tests, and ultrasounds during pregnancy.
> Labor and Delivery: Hospital or birthing center fees, labor and delivery charges, and potentially the costs for a cesarean section (C-section) if necessary.
> Postpartum Care: Follow-up visits after childbirth to ensure the mother’s recovery and the newborn’s health.
Coverage for maternity expenses often excludes pre-existing conditions related to pregnancy, so it’s important to clarify this with the insurer. Check for any exclusions or conditions, such as specific complications that may not be covered.
Desirable features | Top plans |
> Comprehensive coverage including pre- and post-natal care, no sub-limits on room, delivery costs and newborn care.
> Low waiting period ideally 2 years or less to access maternity benefits sooner.
> Cashless option to avoid upfront payments and simplify the process.
> Coverage for pre-existing conditions related to maternity, as some policies may exclude them.
> Renewal options for easy renewability without restrictions after childbirth. |
Bajaj My healthcare
Niva bupa health insurance - Aspire diamond plus
Star health insurance- Women’s care |
Bottomline
In 2024, selecting the best health insurance plan requires careful evaluation of the diverse offerings available in the market. With evolving healthcare needs and rising costs, the top policies stand out for their comprehensive coverage, affordability, and enhanced benefits. With careful consideration and research, you can secure a health insurance plan that provides the right balance of affordability, coverage, and reliability for you and your loved ones. Head over to Oneassure to find the right health insurance for you and your family now.