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Health Insurance Plan Features Comparision

Health Insurance Plan Features – Good health is the most valuable asset that we have. Still, nowadays with increasing levels of stress, negligible physical activity, and changing lifestyles, our vulnerability to diseases is increasing at an alarming pace.

The cost of healthcare is rising every day indirect costs are more than the cost of your treatment, like – hospital room rent, nursing expenses, post-discharge expenses, recuperating expenses, ambulatory charges, etc account for a major part of the overall cost incurred. Lack of sufficient savings or a suitable health policy may force you to compromise on the quality of medical treatment.

Health insurance is a must as it saves money and covers unexpected calamities. Life is unpredictable, insurance can make it safe and secure from bearing huge losses.

Best Health Insurance Plans in India 2024

Despite of the fact that it is extremely important to purchase health insurance still 30% of the Indian population doesn’t have health insurance policies. This is as per NITI Aayog report of 2021. The major chunk of 70% people that are covered with health insurance rely on the health insurance coverage given by their employer. In case of job loss, they are outside of coverage of health insurance. Not only that most people do not purchase job loss cover policy. Although you are covered by a health insurance policy under the employee scheme you should still purchase a separate health insurance policy.

comparison Health Insurance Policy

Health Insurance in India is highly affordable it can be purchased with a click of a button. This policy carries the assurance and freedom from insecurities that threaten life now and then.

If you are planning to purchase health insurance you should compare health insurance policies to get the best deal.

Here are important factors to compare while purchasing a health insurance policy including actual plan comparison.

Health Insurance Plan Features Comparision

Features that you should compare while buying health insurance policy online and offline are given below.

Premium

You should compare health insurance policy premiums offered by various insurance companies. The premium of the policy should be lower. However, the premium is not the only factor for consideration.

Coverage Amount

The coverage amount, or sum insured, is the maximum amount that the insurance company will pay for the policyholder’s medical expenses. It’s crucial to choose an adequate coverage amount that can cover potential medical costs.

Cashless Facility

A cashless facility is a must nowadays. You should consider a plan that offers a cashless facility. Insurers have tie-ups with hospitals where policyholders can avail of cashless treatment, meaning the insurer settles the bills directly with the hospital.

Pre and Post Hospitalization Coverage

Most of the time we end up doing additional expenses after hospitalization. This means you should purchase the plan that offers post-hospitalization coverage. This typically includes diagnostic tests, consultations, and medications.

  • Pre-Hospitalization: Usually covered for 30 to 60 days before hospitalization.
  • Post-Hospitalization: Coverage extends for 60 to 90 days after discharge.

Waiting Period

In the case of pre-existing diseases, coverage is not provided from day one. This is why health insurance plans come with a waiting period instead of offering coverage from day 1. During this waiting period, no claims are admissible. Hence, you should choose a health insurance policy with a minimum waiting period.

Network Hospitals

Availing treatment at network hospitals is very convenient as they allow cashless treatment to the insured. This is why you should check the number of network hospitals an insurance company has. It is recommended to choose an insurance company that has a high number of network hospitals.

Add-on Benefits

Add-ons are additional benefits that you can include in your health insurance policy, for extensive coverage. You can choose them voluntarily by paying an extra premium at the time of policy purchase.

Day Care Procedures

Modern health insurance plans cover daycare procedures that do not require 24-hour hospitalization. This includes treatments like cataract surgery, chemotherapy, and dialysis. Look for plans that cover a broad range of daycare treatments.

No Claim Bonus 

No Claim Bonus is given by the insurers for every claim-free year. It can be in the form of a higher sum insured without an increase in the premium or a discount on the premium. Check the percentage increase in the sum assured. 

Co-Payment

Co-Payment is the percentage of the claim amount you need to pay from your pocket, while deductibles are the fixed amount you pay before the insurer starts paying.

Room Rent Limit 

Many plans have room rent limits and ICU Charges that determine the daily allowance for room and intensive care unit charges during hospitalization. Opt for the plan that has no room rent limit or higher room rent.

Maternity and Newborn Coverage

Some health insurance plans provide maternity and newborn coverage, that includes expenses related to childbirth and newborn care. Few plans come with a waiting period for maternity benefits.

Annual Health Checkup

Many health insurance plans offer annual health check-ups as a part of their coverage. Regular health check-ups help in early detection and management of potential health issues.

Benefits of Health Insurance

Financial Security

Health insurance provides financial security by covering high medical costs. It ensures that individuals can access necessary medical care without depleting their savings.

Access to Quality Healthcare

With health insurance, policyholders can access quality healthcare services, including consultations with specialists, advanced medical treatments, and hospitalization.

Cashless Treatment

Most health insurance plans offer cashless treatment at network hospitals, where the insurer directly settles the medical bills with the hospital. This eliminates the need for policyholders to arrange funds during emergencies.

Tax Benefits

Under Section 80D of the Income Tax Act, health insurance premiums are eligible for tax deductions, providing financial benefits to policyholders.

Additional Benefits

Health insurance plans often come with additional benefits such as ambulance charges, alternative treatments (like Ayurveda, Yoga, Naturopathy, Unani, Siddha, and Homeopathy), and wellness programs.

Challenges in Choosing the Right Plan

Complex Terminologies

The insurance industry is filled with complex terminologies that can be confusing for consumers. Understanding terms like sum insured, co-payment, and deductible is crucial for making informed decisions.

Hidden Clauses

Insurance policies often contain hidden clauses that can affect the claim process. It’s essential to read the policy documents carefully to understand all terms and conditions.

Premium Increases with Age

As individuals age, the risk of health issues increases, leading to higher premiums. Planning for these increases is important to maintain continuous coverage.

Selecting Adequate Coverage

Choosing the right coverage amount can be challenging. It’s important to assess personal and family health needs, potential medical costs, and financial capacity.

Claim Settlement Process

The claim settlement process can be cumbersome and time-consuming. It’s important to choose an insurer with a high claim settlement ratio and a smooth claim process.

Conclusion

Selecting the best health insurance plan in India requires careful consideration of various factors such as coverage, premiums, hospital network, and additional benefits. By understanding your needs and comparing different plans, you can make an informed decision that provides comprehensive protection for you and your family. Invest time in researching and choose a plan that not only fits your budget but also ensures peace of mind in times of medical emergencies.

Shitanshu Kapadia
Shitanshu Kapadia
Hi, I am Shitanshu founder of moneyexcel.com. I am engaged in blogging & Digital Marketing for 10 years. The purpose of this blog is to share my experience, knowledge and help people in managing money. Please note that the views expressed on this Blog are clarifications meant for reference and guidance of the readers to explore further on the topics. These should not be construed as investment , tax, financial advice or legal opinion. Please consult a qualified financial planner and do your own due diligence before making any investment decision.