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Resolution 2021: Buy the best health insurance

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New Year means new resolutions. We are constantly contemplating the right time to buy Health insurance but somehow it materializes later. Not this year! 2021 is full of optimism and feeling secure. Health insurance is the perfect solution for a tension-free future and security of the entire family’s medical expenses. Who would have thought that a pandemic would put the entire world at a standstill? Hence, staying prepared for any medical emergencies is important. Choosing the right health insurance that suits you the best is very easy now.

You must remember that your health insurance plan must include a less waiting period, comprehensive coverage, and faster claim settlement. These are the basic criteria’s before choosing any health insurance plan. There are majorly three categories of health insurance plans: Individual, family, and senior citizen health insurance policies.

• Individual health insurance covers medical expenses for illnesses, injuries, and other medical conditions. But, unlike a plan through an employer, individual health insurance is something that is selected and paid by the insured individual. 

• Family health insurance policy is a kind of health insurance that covers all the family members in a single premium policy under fixed sum insured. Such a health insurance policy for a family provides assured coverage to two or more members of a family at the same time, in case they get hospitalized or an ailment is diagnosed.

• Senior citizen health insurance is a health insurance policy that offers medical coverage to individuals between the age group of 60 and 75 years. It pays for the expense incurred on hospitalization, surgery treatment, daycare procedures, mental healthcare, AYUSH benefit etc.

These health insurance plans can be chosen as per requirement and must be bought at an early age to enjoy lifelong benefits. Once you choose what kind of plan if required then its time for you to look at the following factors for evaluating the policies:

• Claim settlement ratio
  

  Always opt for a company that offers seamless and quick claim settlement. A smooth claim procedure is a boon at the time of settling health claims. You can do some research, read customer reviews online, and select a health insurance provider that is known for its seamless claim settlement services. The higher the claim settlement ratio, the more confidence a policyholder can have in the insurance company.

• Waiting period clause
  If you are aware of the waiting period clause then you would be in a better position to make a decision. The insurer will not accept any claim arising out of pre-existing illnesses or specific illnesses during this period. Usually, the waiting period ranges from 30 days to 90 days. You cannot claim the policy in the waiting period.

• Network hospitals
  Cashless claims are possible at only impaneled network hospitals. Network hospitals around your vicinity will be helpful in decision making. At the time of a medical emergency or hospitalization, the hospitals in the network offer a cashless option, the insurer settles the medical bills directly with the hospital. Opt for insurers that have a high number of network hospitals such as HDFC ERGO, it has over 10000 hospitals in its network. It is essential to check the list of network hospitals. If you prefer seeking treatment in a specific hospital, you should check with them about the insurance providers they are affiliated with. 

• Pre and post hospitalization expenses
  

  Most health insurance plans cover the medical expenses that are incurred during the hospitalization. Buy a plan that covers expenses incurred before and after the hospitalization as well to save expenses incurred on ambulance charges, medical tests, medicines, doctor fees, etc. 

• No claim benefit 
  Discount offered by the insurance company for all the years that you have not filed a claim is called No claim benefit. Your coverage amount is increased at the time of subsequent policy renewals for all claim-free years.  The bonus thus accumulated will result in insurance coverage at a lower premium amount, which will be of advantage later on.

• Preventive health check-ups
  You should look for a policy that offers a free medical check-up.  Medical checkups are very expensive in today’s time. When you can have it covered in your health insurance policy and have your insurer pay for the same, then why not buy that? You can save some money there. While deciding upon a health insurance policy make sure that you check the coverage limit of preventive health check-ups as well. 

• Best coverage amount
  The medical expenses are rising at an alarming rate and it's best to be covered for any unplanned medical expenses. A policy with a lesser premium can be good if it offers extensive coverage at a premium that you can afford to pay. You should buy a policy that offers adequate coverage, without compromising on the benefits and at a premium that you can afford. It is usually said that 2% of your annual income should be the health insurance premium yearly.

Before buying a health insurance policy make sure you keep a note of the above-mentioned checklist. You can easily search for the right insurance plan online and compare the various features as well. Once your decision is made make sure you get your money’s worth. Hurry, buy the most comprehensive health insurance plan today.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.