Health insurance is an essential part of our life. It is very difficult to bear the exorbitant costs of medical treatments without a health insurance policy. Health insurance is the only option that 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 premium. But the bad part is there are hundreds of companies selling health insurance policies and all policies look alike.
So what can be done for the selection of the 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 2025.
What is Health insurance?
Health insurance is a medical 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 a tax exemption under section 80 D.
Types of Health Insurance
Individual Plan – An Individual plan provides coverage to a single person against basic medical care costs. These plans offer a fixed sum insured, which can be used for hospitalization, surgeries, and other medical treatments. This type of plan is suitable for an unmarried individual.
Family Floater Policy – The 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. These plans are ideal for families as they provide comprehensive coverage for all members without the need for multiple policies.
Senior Citizen Health Insurace Plan – Senior citizen health insurance plans are specifically designed for individuals above the age of 60. These plans offer higher coverage for age-related health issues and may include features like cashless hospitalization, higher sum insured, and coverage for pre-existing conditions. They ensure that elderly individuals receive adequate medical care without financial strain.
Top Up & Super Top Up Plan – Top Up plan means an 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 a 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 illnesses. This plan can be purchased as an extra on the top of health policy. This type of insurance helps cover the high costs associated with treating severe illnesses and can be used for medical expenses, lifestyle changes, or any other financial needs during recovery.
Group Health Insurance – Group health insurance plans are offered by employers to their employees as part of their benefits package. These plans provide coverage for a group of individuals under a single policy and are generally more affordable than individual plans. They ensure that employees have access to essential healthcare services, promoting a healthier workforce.
Also Read – Buying Health Insurance Policy in India – Information Guide
Important Points for the Selection of the Best Health Insurance Plan
Protection against a wide range of medical problems
The first point for the selection of the best health insurance is plan should provide coverage for all types of diseases and illnesses. You should not cut costs by limiting the number of diseases or illnesses. Select a plan with a wider range of coverage against medical problems.
Pre and Post Hospitalization Cover
Pre and post-hospitalization cover includes medical expenses incurred before and after hospitalization, typically within a specified period. This feature ensures comprehensive coverage for all related medical expenses, not just those incurred during hospitalization.
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 a lifetime renewal facility.
Minimum Exclusion
Another important point for the selection of best health insurance is minimum exclusion. If the exclusion list of policy is long you should avoid buying. A policy should cover pre-existing illnesses.
No Claim Bonus
No claim bonus (NCB) is a benefit offered by insurance providers for each claim-free year. It usually results in an increase in the sum insured without a corresponding rise in premium. NCB rewards policyholders for staying healthy and not making claims.
Cashless Claims
A Cashless Claims facility is extremely important when selecting a health policy. When you or your family member is suffering, your worry is to arrange the best treatment and not arrange money. A cashless claim facility is one which settles all the expenses with the hospital directly.
Also Read – How to Claim Benefit for Multiple Health Insurance
Maximum Hospital Coverage
The hospital network is the next point of consideration. A health policy should cover maximum hospitals. They should have tie-ups with almost every hospital so that cashless facilities 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 the insurance premium amount while selecting the best health insurance plan. It is recommended to compare various policies online before making any purchase decision.
Lifetime Renewability
Lifetime renewability ensures that you can renew your health insurance policy without any upper age limit. This feature is crucial for ensuring continuous coverage, especially in old age when medical needs are higher.
Claim Settlement Time
You should also consider the time taken by a health insurance policy for the settlement of mediclaim. In addition to that, you should also consider the claim settlement ratio.
Recommended – Health Insurance Plans for NRI in India
Best Health Insurance Plan
HDFC ERGO Optima Secure
Key Features
- 2x Coverage from Day 1 with a 400% increase in cover after 2 renewals.
- No Room Rent Limit
- ₹2.5 lakh No Claim Bonus
- Restoration of cover once a year
- 400+ cashless hospitals
- 98.5% of claims were paid in 3 months
ICICI Elevate
Key Features
- Claim Unlimited Amount once in a policy lifetime with rider
- Single Private AC Room
- ₹1.5 lakh No Claim Bonus
- Unlimited Restoration of cover
- 286+ cashless hospitals
- 100% of claims paid within 3 months
Reliance Health Gain
Key Features
- Additional 30% discount on premium
- Option to fully customize plan
- ₹1.66 lakh No Claim Bonus
- Restoration of cover once a year
- 323 cashless hospitals
- 98.7% of claims were paid within 3 months
Niva Aspire Gold
Key Features
- Get maternity coverage for both mother & newborn baby
- No Room Rent Limit
- ₹5 lakh No Claim Bonus
- Unlimited Restoration of Cover, Forever
- 268 cashless hospitals
- 100% of claims paid within 3 months
Care Supreme Direct
Key Features
- Guaranteed 7x increase in cover amount over 5 years with Cumulative Bonus Super Rider
- No Room Rent Limit
- ₹10.5 lakh Renewal Bonus
- Unlimited Restoration of cover
- 231 cashless hospitals
- 100% of claims paid within 3 months
Conclusion –
In conclusion, it can be said by commenting that finding the 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 the plan purchased by you is not listed in the 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 a single individual may not be good for others.
It is recommended to consider all points described above for the selection of a health insurance policy.
Make sure to select the best health insurance policy based on your requirement and enjoy tension free life.
