Health insurance is an essential part of our life. It is very difficult to bear exorbitant costs on medical treatments without health insurance policy. Health insurance is the only option which saves you from financial losses. It also helps you in saving tax.
A good part is health insurance policies are available at a very low-cost premium. But the bad part is there are hundreds of companies selling health insurance policy and all policies looks alike.
So what can be done for selection of best health insurance policy? Well, in this post, I will share information about what attributes you should look for, in a perfect health insurance plan. I will also share Best Health Insurance Plans for 2018.
What is Health insurance?
Health insurance is a mediclaim policy that covers you and your family at the time of medical exigency by paying a treatment cost. An insured has to pay fix premium amount yearly or monthly as agreed while buying a health insurance policy. The premium paid for buying a health policy can be claimed as tax exemption under section 80 D.
Types of Health Insurance
Individual Plan – An Individual plan provides coverage to the single person against basic medical care cost. This type of plan is suitable for an unmarried individual.
Family Floater Policy – Family floater policy provides health coverage to all family members. The premium amount of the family floater policy is low compared to an individual health plan.
Top Up & Super Top Up Plan – Top Up plan means additional plan to increase your existing coverage amount. If you have already purchased a health plan or you are covered under mediclaim by an employer you can purchase Top UP Plan. This plan is useful when you exhaust your sum insured limit. Buying a Top Up Plan is like buying extra safety. Super Top Up Plan is similar to Top Up plan. The only difference is in Top Up you have a limit of a single claim in a year in Super Top Up, no such limit is applicable.
Critical Illness Cover – Critical illness cover is a policy that covers only specified critical illness. This plan can be purchased as an extra on the top of health policy.
Also Read – Buying Health Insurance Policy in India – Information Guide
Important Points for the Selection of Best Health Insurance Plan
Protection against a wide range of medical problems
The first point of for the selection of best health insurance is plan should provide coverage for all types of diseases and illnesses. You should not cut cost by limiting the number of diseases or illness. Select a plan with a wider range of coverage against medical problems.
Life Long Coverage
A second important point to consider while selecting the best health insurance is Lifelong coverage. There is no point in purchasing a policy that does not provide coverage at an old age. The ideal policy is one that provides lifetime renewal facility.
Minimum Exclusion
Another important point for the selection of best health insurance is minimum exclusion. If exclusion list of policy is long you should avoid buying. A policy should cover pre-existing illnesses.
Cashless Claims
Cashless Claims facility is extremely important while selecting a health policy. When you or your family member is suffering, your worry is to arrange the best treatment and not arranging money. Cashless claim facility is one which settles all the expense with hospital directly.
Also Read – How to Claim Benefit for Multiple Health Insurance
Maximum Hospital Coverage
Hospital network is next point of consideration. A health policy should cover maximum hospitals. They should have tie-ups with almost every hospital so that cashless facility can be availed easily.
Less Paper Work & Good Customer Care
The next point to consider is policy should demand less paperwork while applying for the claim. In addition to that company should have good customer care and email support.
Economical in terms of premium
You should also consider insurance premium amount while selecting best health insurance plan. It is recommended to compare various policies online before taking any purchase decision.
Claim Settlement Time
You should also consider the time taken by health insurance policy for the settlement of mediclaim. In addition to that, you should also consider claim settlement ratio.
Recommended – Health Insurance Plans for NRI in India
Best Health Insurance Plan
Based on various factors mentioned above Few Best Health Insurance Plan are given below. The list includes family floater and individual plan both.
Apollo Munich Optima Health Restore
Apollo Munich Optima Health Restore is a unique plan with restoration facility. The basic amount gets restored if it is getting exhausted before the end of the term.
Unique Selling Points –
- Post Hospitalization coverage up to 180 Days.
- Domiciliary Treatment Coverage
- Lifelong renewal
- Restore Facility
- Organ Donor Expense covered
Bajaj Allianz Health Insurance for Individual
Unique Selling Points –
- Policy Term option for 1 year, 2 year and 3 years
- Coverage of all day-care expenses
- Cashless facility with tie-ups to multiple hospitals
- Ayurveda and Homeopathic Treatment cover
- Free Preventive Health Check
Max Bupa Heartbeat
Unique Selling Points –
- Free Health Checkup for every second year
- New born baby cover
- Direct claim settlement without TPA
- Vaccination of children up to 12 years
- Life Long renewal
Religare Care Health Insurance Plan
Unique Selling Points –
- No Maximum age entry limit & Lifelong renewal
- Avail treatment anywhere in the world
- Cashless treatment
- Online option for purchase without paperwork
HDFC ERGO Health Suraksha Plan
Unique Selling Points –
- Large hospital network for cashless services
- Coverage for Ayush (Ayurveda, Yoga, Unani, Siddha and Homeopathy)
- OPD benefit
- Organ cover included
- No health checkup at the time of enrolling for age below 45 years
Recommended – Comparison of 42 Health Plans
Conclusion –
In the conclusion, it can be said by commenting that finding a best health insurance plan is not child’s play. You need to consider multiple factors while selecting a health insurance.
It may be possible that plan purchased by you, is not listed in Best Health insurance Policy list given above. It does not mean that your selection is wrong. Insurance needs differ for every individual. One insurance plan is sufficient for someone, other may need top up or super top-up plan. The plan suitable for the single individual may not be good for other.
It is recommended to considering all points described above for the selection of health insurance policy.
Make sure to select the best health insurance policy based on your requirement and enjoy tension free life.
If you have any query in the selection of health insurance feel free to post it in the comment section.
