The biggest reason for delaying your health insurance plan is procrastination! Most people keep “thinking” about the best health insurance without actually taking an action. Once the basic purpose of the health insurance plan is established, it’s much easier to choose the plan based on your needs.
So, here are the top 5 questions which you need to determine which would help you to opt for the best health insurance plan for yourself and your family.
- How much health insurance should you buy?
Health insurance plans allow coverage from Rs.50,000 to Rs.2 crores or higher. As such, choosing the right coverage amount might stump many. Ideally, the choice of the sum insured should depend on your lifestyle, size of the family, estimated hospitalisation and treatment costs, age, etc. However, as a ready reckoner, there is a thumb rule for determining the optimal coverage amount. This thumb rule is as follows –
Optimal coverage = 50% of your annual income + hospitalisation costs incurred over the past 3 years
Many experts also recommend 50% of the income to be the starting point. So, if you earn Rs.20 lakhs a year, you need coverage of at least Rs.10 lakhs. Higher coverage is better as you can get sufficiently covered against rising medical costs.
- How to buy the policy?
There are more than a dozen health insurance providers in India. As such, you might be spoilt for choice when it comes to finding the right plan and buying it. The ideal way to buy a health plan is to compare and then buy. There are leading online platforms that allow you to compare the health plans of leading companies. Assess your coverage needs and then compare the plans offering the desired coverage. Compare the coverage features vis-à-vis the premium and choose a suitable plan.
As far as buying is concerned, the online mode allows you to buy the policy instantly, without hassles. So, you can easily compare on https://www.turtlemint.com/health-insurance/ and buy the policy online.
- Would the premium be affordable?
Many individuals are concerned with the affordability of health insurance premiums. Truth be told, the premiums are affordable. You can also avail of different discounts that insurance companies offer and reduce the premium further.
Furthermore, to make the premium even more affordable, insurers allow you the facility of instalment payments. You can pay the premium quarterly, monthly or half-yearly so that it becomes affordable in your pockets. So, avoiding a health plan by simply worrying about its affordability is no longer an excuse to skimp on health insurance coverage.
- What benefits to choose while opting for your health insurance plan?
Health insurance plans can have a variety of benefits for you to choose from. This is the problem of abundance and you might get confused. Choose your plan according to your needs.
For example, if you suffer from any illness before you buy the policy, such an illness would be called a pre-existing illness. The illness would usually be covered under the policy but after a waiting period. Health insurance companies usually impose a waiting period ranging from 12 months to 48 months after which your pre-existing illnesses get covered.
So, if you suffer from any illness, you can opt for a plan with a low waiting period so that you can avail of the coverage quicker.
Along with the regular hospitalisation benefits, here is a list of benefits that you can opt for:
- Must-Have benefits:
- Good coverage of pre-and post-hospitalisation expenses
- Maternity coverage for a young family
- Low waiting period for any pre-existing ailments
- Day-care coverage
- Annual health check-ups
- No copay, especially zonal
- Home care treatment or domiciliary cover
- AYUSH (Ayurvedic, Homeopathy, Unani, Siddha treatment coverage) benefit
- Good-to-have benefits:
- No room rent capping where there are no sub-limits for claim
- Restoration benefit, where the sum assured would be restored in case of claim
- Hospital cash benefit
- Critical illness benefit
- Would your claims be settled?
Wondering if your health insurance claims would be settled or not? If you are, you can relax. Health insurers have simplified their claim processes so that you can get your claims settled quickly.
You just have to follow some claim-related steps and your claims get settled easily. You can also seek expert help for claim settlement for a smoother experience. So, if you make a valid claim on your policy, your claim would be settled else the experts at Turtlemint would assist you with the same.
Once you have answers to these 5 questions, you will have an idea of which type of health insurance plan you need. Then all you need to do is opt for the plan at your earliest without contemplating further. In case you come across a better plan later, you can always choose to port it while continuing the benefits. Thus, it is wise to opt for a comprehensive plan so that your out-of-pocket expenses are minimised and you can avail all-round protection.